DuckNote was selected as today's Random Coin of the Day as it makes ASIC mining infeasible due to its use of CryptoNote technology. DuckNote is also blockchain analysis resistant and employs similar distribution methods as that of Bitcoin. The team is marketing DuckNote with humour in the same fashion that DogeCoin did previously.
While DuckNote is trading for very little right now, it has features that not many coins on the market have, and they aim to help the little guy through making ASIC mining infeasible. Will DuckNote grow to be a major currency because of this? Only time will tell.
DuckNote Exclusive Interview
I interviewed "dNote" from the BitcoinTalk forums who is in charge of the main DuckNote thread. He appears to be an international character who's first language is not English. To ensure that you hear his message, I tried to keep the sentence structure corrections to a minimum. Please don't let the language barriers fool you, this guy knows his stuff and I even had to ask him to "dumb down" his answers as I was even having a hard time understanding what the things he was talking about even meant.
Market Cap: ~150,000 USD
Maximum coins issued: 8,589,869,056 XDN
Hash algorithm: CryptoNight
PoW or PoS: PoW
Is it able to be mined: Yes
Exchanges: HitBtc.com, Poloniex.com, Bittrex.com
Block explorer: MinerGate, CryptoStats
Launch date: 30 May 2014
- Anonymous cryptocurrency
- Unlinkable transactions
- Untraceable payments
- Blockchain analysis resistant
- CPU-only efficient mining
- Classic Bitcoin-like reward structure
- Small block-chain size with maximum transactions capability
- Smart duckNote economy & smart emission curve
What is the coin's purpose?
duckNote was made with fun and inspiration; it is based on [the] CryptoNight [algorithm and] CryptoNote technology and is a fork of its first implementation, Bytecoin. duckNote (XDN) is one of the earliest CryptoNote implementations, like QuazarCoin, FantomCoin and Monero, but unlike others duckNote [has a] smart emission curve similar to Bitcoin. [It has] lots of new features (CORS support, single HTML page GUI wallet) and [perfectly] scaled [specifications] (block time, block size, difficulty adjustment parameters, etc.). The main purpose of duckNote cryptocurrency is to provide fair started decentralized blockchain with anonymous and untraceable transactions in perfect adjusted network. It is smart in terms of network scaling and terms of economy structure.
Here are some facts:
- duckNote's first block was generated on the new Moon 30 May 2014 and announced on major cryptocurrency resources right after first-block generation.
- duckNote's maximum coin supply is 8,589,869,056 (that is [the] 6th perfect number discovered by Pietro Antonio Cataldi in [the year] 1588.)
- duckNote's initial base block reward is 320,000 XDN, [and] minimum base block reward is 150 XDN
- duckNote's block target time is 4 [minutes] and block-reward halving interval is 11,000 blocks ~[one] month
- duckNote's maximum block size is 32,000 bytes
- duckNote's block_reward = (base_block_reward+fee) – big_sized_block_penalty
- duckNote, unlike any other CryptoNote coin, has its own emission curve that is similar to Bitcoin. In other words, duckNote = Bytecoin + Bitcoin.
- duckNote has [the] fast difficulty adjustment; difficulty is counted every single block.
What problem does it solve?
- First and the main! - ASIC resistant. CPU efficient mining. Our egalitarian proof-of-work algorithm makes no performance gap between GPU and CPU. duckNote is a CPU coin; it can be mined with GPU, but it is not energy efficient & not hardware cost efficient.
- Smart Emission - [most of the] coin amount [will be] in circulation after 1 year since first block-generation. Bitcoin-like, well known block reward structure with "classic" reward halving.
- CryptoNight [algorithm] and CryptoNote technology feature unlinkable transactions, untraceable payments, blockchain analysis resistant.
Who are the developers?
Developers are the XDN community, [and an] international team, with strong understanding of cryptocurrency and great developer skills.
What is so unique [about] duckNote, [are] there any duckNote only features?
Yes, duckNote is a unique cryptocurrency, and it has unique duckNote-only features. duckNote is the only cryptocurrency based on CryptoNote technology that has:
- [A] classic Bitcoin-like block-reward structure. Halving block reward every N block. E.G.: [For] blocks from 0 to 11,000 [the] reward [is] 320,000, [for] blocks from 11,001 to 22,000 [the] reward [is] 160,000. Other CryptoNight based coins have different emission logic.
- [the] minimum block reward value [is] 150 XDN. [That's the lowest reward for miners.] At the same time duckNote [has a] maximum coin value that means that duckNote is still a deflation cryptocurrency and that [the] blockchain [mining] should exist at least 77 years.
- Smallest blockchain size and biggest transaction capability. Just look here: Average duckNote "generation transaction" size [is] 178 bytes vs. more than 300 bytes [for] other coins with [the] CryptoNight [algorithm], like Bytecoin or Monero. XDN [has the] smallest “generation transaction” size because XDN base rewards are integer numbers. On [the] other hand, duckNote [has the] biggest default Effective transaction median size [at] 32 kb vs. BCN's 10 kb. Also, duckNote [has a] bigger block target time. duckNote's 4 [minute] vs. Monero's 1 [minute] (bigger value means more cryptographic valuable blocks and less orphaned blocks). E.G.: Expected number of duckNote blocks per one year [is] 121,000 vs. 518,400 Monero's (lower value means less blockchain size). In real life [the] XDN blockchain, size costs 3-4 times less disk space.
duckNote is one of the earliest well known implementations of [the following] technology:
- Privacy protection in every possible way [including] anonymous payments, unlinkable transactions, untraceable payments, blockchain analysis resistant
- Egalitarian Proof-of-work – the [fairest], [only] CPU efficient.
What is so special in duckNote's smart economy?
duckNote's initial block reward is 320,000 XDN. Reward halving occurs every 11,000 blocks or every month in terms of time. Approximately after one year since first block-generation, [the] duckNote base block reward will reach 150 XDN per block and stay like this forever. There will be about 7,038,281,250 XDN in circulation at that moment. That is [the majority] amount of duckNote supply – more than 80%.
duckNote's maximum coin amount [is] 8,589,869,056, and minimum base block reward is 150 XDN, so it will take about (8,589,869,056 - 7,038,281,250)/150 ~ 10,343,918 blocks to reach [the] maximum [amount of] coins, or more than 77 years.
duckNote's supply table (for the first 14 months):
Is it a joke?
Well, there is a part of [a] joke and fun in every action. While [the] duck and rabbit illusion is fun itself, it is a perfect explanation of [the] XDN concept. Everyone sees what he used to see, but regardless, [the] "duck" is a symbol of freedom and it is cute, while [the] "white rabbit" is a symbol of dozens of things, and it is cute too. :)
Someone can [think of] XDN [like] DOGE to Bitcoin; others can dig deeply and find [a] smart economy, awesome marketing and [the] latest technologies.
Disclosure: I do not possess any DuckNotes and am not part of their operations in any way.
Photo courtesy of Shutterstock.