In a recent announcement, duckNote revealed plans to reinvent and re-brand itself as “DarkNote,” a name that more closely aligns with its privacy-based mission. Upon news of the change, the duckNote price rose by nearly 50%, vaulting the coin up the market cap charts. CCN examines this altcoin price increase and the announcement which sparked it.
DuckNote Reinvented as DarkNote
On September 19, duckNote announced a complete overhaul of their coin. The Bytecoin fork, which offers anonymous transactions via ring signatures, will henceforth be called “DarkNote” (it will retain the XDN ticker symbol). From the BitcoinTalk announcement:
With the new name XDN received new DarkNote-only unique features, like encrypted messages, encrypted transaction comments, GUI wallet transfers aggregation, lots of source code and network improvements. That made DarkNote look like a familiar Internet banking system, but decentralized and privacy protected…
Freedom is a heart of DarkNote. You, and nobody else know your DarkNote address balance, incoming and outgoing transfers, and only receiver of your transactions can decrypt your transaction messages. DarkNote blockchain has an analysis resistance, unlike Bitcoin, DarkNote is a fully anonymous and you stay protected against hackers, gangsters and any kind of censorship. If fact only you know how many XDN funds you have and nobody can stop you to spend it, but all transfers are confirmed by decentralized Proof-of-Work network.
DuckNote Price Launches
Investors responded quite positively to the news. Following the DarkNote announcement, the duckNote price climbed by almost 50% (The coin will continue to be referred as duckNote in this article since coin exchanges have not updated to the DarkNote branding). The duckNote price spent most of the last week at 29 satoshis, giving the coin a market cap of ~$850,000 (as the bitcoin price fell, so did duckNote’s market cap).
On September 19–the day of the DarkNote announcement–the duckNote price leaped from 29 satoshis to 43. Since the rapid increase, the duckNote price has cooled off slightly, currently resting at 39 satoshis–a 34% increase over its pre-announcement value (but an 8% decrease over the past 24 hours). DuckNote now has a market cap of just over $1 million, ranking it 30th among cryptocurrencies.
The most significant announcement DarkNote made was the implementation of an encrypted messaging service into the DarkNote wallet. Several anonymity-based altcoins have launched encrypted messaging services in recent weeks, including XCurrency, Nxtty, and Shadowcoin. The privacy-centric altcoin space is becoming increasingly crowded as new coin’s jockey for a share of the market cap and media attention. Generally, these coins attract the same investors, so their market caps will fluctuate greatly depending on how the community perceives them in relation to the other similar coins. Novice traders would be wise to avoid this subset of coins, as the markets are very unpredictable. Speculative investors should avoid centralizing their investments in any one coin. If they have their minds set on investing in this group of coins, they should consider diversifying their investment among several different coins they believe will rise above the rest.
Disclosure: The author has no duck/DarkNote holdings or affiliations.