We have had a few people post interesting questions for the team to answer. The objective was to find out what the community wanted to know about the development and progress we are making with DigitalNote. We have 10 people raise a number of questions so we answer selected ones and cover common questions that were raised.
A user with the tag name ‘DuckNote’ asked a few questions:
Q1 Why is the 2XDN erc20 token liquidity so low on Uniswap? Is there going to be some events to add liquidity in near future? Will there be 2XDN liquidity farming or 2XDN staking on Uniswap?
Answer: 2XDN on Uniswap has become extremely expensive to run a liquidity pool for anyone right now. We have exchanges such as WhiteBit, Coinsbit and Vindax that are more economical to trade on. Once we finalise 2XDN on the BSC chain, we will set up a pool on one of the DEX’s such as Pancakeswap. This will allow our US community to trade more freely.
Q2 What is the use case of 2XDN? What is 2XDN’s utility? What is 2XDN’s roadmap?
Answer: 2XDN was originally created to allow freedom of choice on the ERC-20 network and give the opportunity to our community to take advantage of the numerous DApps and Wallets available on the ERC-20 network such as Metamask, Trust wallet etc. An enhanced use case for 2XDN that is being considered it using it as a governance token. We need to stress that this is under consideration only.
Q3 Is there a separate website or sub-website in the works for 2XDN?
Answer: Check out the Wiki on 2XDN.
Q4 Will there be XDN liquidity farming or XDN staking on Binance smart chain BSC?
Answer: We are investigating options for this.
Q5 Will there be 2XDN token on BSC?
Answer: We are looking at the most practicable way of getting 2XDN onto BSC.
Q6 What is the roadmap for XDN on BSC?
Answer: At the moment we are finalising the testing of wXDN on BSC. That will be accomplished to tick off this quarter.
Fishy posed the following questions.
Q7 As I understand it this Crypto is built on a Community platform — Will DN ever reveal the real names behind this project?
Answer: There is a bag of mixed reasons. While on one hand it helps keep the project truly decentralized by making it independent of named individuals, on the other hand a few members of the team have geographical and other constraints because of which they can’t reveal their true identities.
Q8 As XDN has mining options to ever build on the Blockchain. What mining ways would you suggest are most profitable — CPU or GPU rig set ups?
Answer: You can use a CPU to mine if you were the only miner on the block. With so much hash rate mining XDN right now the only effective way is to use a GPU on a mining pool.
Q9 We have all been directed to your Digitalnote Website to download the latest DN Wallet Program — what confidence and proof can you give our users that its safe and has no vulnerabilities?
Answer: The links that you get the wallets from are directly from our Official Github and have been tested by our development team. In the past we added SHA’s to the files for security which took a lot of effort and most people did not use them anyway.
Q10 What’s the best option to take backup versions of my wallet?
Answer: Alway keep your private keys for each account that you have. Keep a backup of your wallet on a flash or external drive as well. https://wiki.digitalnote.org/wallet-functionality/qt-wallet/backup-and-security/wallet-backup
Q11 Where can I find my Private Keys to my wallet?
Answer: There are two commands that you can use in the wallet to allow you to retrieve your private keys. They are run in the console. We will prepare a Wiki page on how to do this. dumpprivkey <DigitalNote>
Q12 Can the wallet be designed with a 2 step authentication process?? If your PC gets compromised and the DN wallet is already unlocked and open — the unsuspected user has full access to send the contents of the wallet to his address! 2 step would be well cool!! ??
Answer: The wallet can be encrypted right now with a password. Yes a 2FA would be a cool feature and make us unique. Will raise it with the devs.
Q13 Will the DN wallet soon have messaging options available?
Answer: This is already working. However we will need to raise funds to develop a better product that can compete with Signal and other solutions. We have set up a DigitalNote Foundation account that will be used for donations to help fund the project. So this is vital that we get the funds from the community on order to do the development to the level that we need. This is the Foundation account for donations in XDN: dLRrHYcx8uSaN9Ln6udbgjMTaAkUDehoBr
Q14 When will the website get updated? it makes the currency look cheap and flawed at the seams!!
Answer: New look and feel on the way.
Andre posted the following question:
Q15 Coinmarketcap lists this sentence: A number of joint ventures are developing for 2XDN. Can you please list which and what are developing for 2XDN?
Answer: We are still investigating joint ventures and will only announce when a partnership is forged.
Q16 Second: What are or will be XDN + 2XDN real-world use cases?
Answer: This is an interesting question. If you look at coins like Doge and Bitcoin, the use case is for payments. DigitalNote is the same. We do not promise to save the world of plagues or holding mass storage on the blockchain. In the real world these will not work properly in a decentralised environment. Blockchain has its place in the world as a means of securely and swiftly exchanging value from one user to another. We do not believe that it will be effective in 95% of the coins that are claiming flashy use cases just to make them popular. XDN has passive income generation using Masternodes, or Staking. It offers encrypted messaging in the QT wallet and is ideal for fast payments using our InstantX technology. 2XDN will start to develop more based on the partnerships that we are still investigating.
Q17 Did xdn apply for The Most Valuable Builder (MVB) Accelerator Program of binance?? If not yet then, The first round of MVB program applications will be open from February 8–28, 2021, UTC+8. All applicant projects must register with the BUIDL Reward Program to participate and meet specific requirements.
Answer: Good question, we are in the process of finalising the application. For those interested in finding our more about this follow this link: https://www.binance.org/en/blog/open-registration-for-buidl-reward-program/
A few questions raised by the other participants were common questions:
Q18 When will DigitalNote be adding new exchanges?
Answer: We are currently looking to get more DEX Exchanges for DigitalNote so that people can trade at low fees. Pancakeswap is one we are already testing right now. At this point it is too difficult to meet the demands of more Central Exchanges right now. With us offering the community a bridge to swap XDN between the BSC network will open up these doors and hopefully give us more opportunities to get onto someone like Binance.
The team would like to thank the community for posting their questions. We will do this AMA on a more regular basis to keep you informed.