The greatly anticipated DigitalNote network update has launched with immediate successes. Bittrex, a long time supporter of DigitalNote, brought their XDN wallets online at the scheduled time, and trading volumes as well as network transactions have been steadily increasing.
Upbit exchange is expected to follow Bittrex and re-open their wallets soon, and chatter in the official discord as well as posts on twitter indicate HitBTC might also be joining the party.
Our team is working on enabling the full functionality of the XDN wallets, please stay tuned for more updates on the matter.— HitBTC (@hitbtc) April 2, 2019
What's in XDN 2.0?
The list of features (some pending) of DigitalNote are:
- Encrypted Messaging
- Instant & Anonymous Transactions
- Resistance to 51% Attacks
- Masternode Network
- Proof-of-Work + Proof-of-Stake
- VRX v3.0 Difficulty Retargeting Algorithm
- Lightweight/Mobile Blockchain
- Adaptive Block Sizes
PoW / PoS Hybrid
Touted as one of the defining features of the original roadmap for DigitalNote was the ambition to combine Proof of Work (PoW) with Proof of Stake (PoS). This was never achieved by the orginal developers but has been delivered by the new team.
DigitalNote is resistant to the 51% attacks that plague other cryptocurrencies. We have taken a proactive approach verses 51% attacks since they are no longer just hypothetical in today’s environment. The network deploys multiple layers of security to achieve this.
First, the very nature of a PoW + PoS currency implies that an attacker must not only have 51% of the hashrate but they must also have 51% of the total amount of coins to be able to attempt an attack. This alone is very unlikely, but we have gone a step further by incorporating VRX v3.0. VRX v3.0 is a difficulty retargeting algorithm and system designed to keep PoW and PoS balanced, among other things.
This system ensures that neither block type can overpower the other and both miners and stakers can benefit the blockchain equally, eliminating either as a potential 51% attack vector.
Lastly, the new wallet verifies the entire incoming block before ever storing it to your disk, checking the stake difficulty and other parameters to make sure that a 51% attack is impossible.
Users with existing DigitalNote wallets with balances on the old chain will need to download the latest GUI wallet v1.0.18 or the CLI daemon + wallet v7.0.3 in preparation to swap their XDN to the upgraded chain. They will also need to download the new Digitalnote v2.0 wallet to receive their coins on the upgraded chain.
The swap process will be automated using a Discord Swapbot where you’ll send your coins on the old chain and receive coins to your new XDN wallet in return. The swap is 1:1 so you’ll have the same amount of new XDN as you had before the swap.
What about FreeXDN.com
Don’t worry, we are hard at working upgrading out site and our wallets so they can interact with the new XDN blockchain. Integration is progressing nicely thanks to an expanded array of RPC commands available in the new wallet, so we hope to be back online and giving away Free XDN any day now.