Introducing UltraNote (XUN)

Introducing UltraNote (XUN)

UltraNote
August 17, 2018 by Desp
61
UltraNote (XUN) will be launched on 1st November 2017 - a new coin for a new start. UltraNote is built on CryptoNote Technology, which in simple terms is the use of cryptography, mathematics and computers to change the current economic paradigm; central banks rule and the minority controls the majority.
blog1

UltraNote (XUN) will be launched on 1st November 2017 – a new coin for a new start.

UltraNote is built on CryptoNote Technology, which in simple terms is the use of cryptography, mathematics and computers to change the current economic paradigm; central banks rule and the minority controls the majority.

Ultranote enables anonymous transactions with a built-in encrypted messaging service and a blockchain deposit facility, at the time of writing, this combination of features is unique to UltraNote.

UltraNote is an open source cryptocurrency that offers you:

  • A decentralised privacy-protected blockchain platform
  • Instant, untraceable, encrypted messages
  • Secure CPU efficient, ASIC resistant mining
  • A dedicated team of developers who give their time up (for free) to improve the currency and provide support to the community.

As UltraNote is open source, it means there isn’t anyone else deciding what to do with your currency. In addition to the high level of encryption untraceable transactions, all users will have privacy at their fingertips.

UltraNote offers a bank-like deposit facility that rewards you with interest on funds that you’ve locked in to secure the network. You can even choose the term of the deposit to suit your needs; the longer the deposit term, the higher the interest rate awarded to you.

With a maximum supply of 85 billion coins mined over 30 years, UltraNotes supply, mining period and emission curve were defined as a result of thorough market research. UltraNote is strategically designed for mass adoption, whilst still offering a steady supply to suit organic growth demand. UltraNotes focus is on price stability rather than hyperinflation, this will enable future generations to mine UltraNote too.

Privacy is a sensitive area for governmental institutions and society. Squeezed by government agencies forcing backdoor policies through to enable monitoring; we have, against our will, given up our fundamental right to privacy. Government prefers transparency, society craves privacy.

UltraNote aims to restore the balance of power in your favour.

Confidential financial transactions are a reality, banking-like facilities and our encrypted messaging technology enable you to communicate freely inside each transaction. The use of smoke-screen technologies like Ring Signatures, One Time Keys and Double Spending Proof all mean that your communication, data transfer and financial transactions are untraceable, unlinkable and undetectable.

With Ultranote, the size and content of a message or a fund transfer remains impossible to identify. UltraNotes blockchain mining is merged with other CryptoNote-based coins. This makes it impossible to detect the cryptocurrency used for the transaction. In the end it becomes impossible to pinpoint either the sender, the receiver or the amount transacted.

Using UltraNote, sending a short video appears the same as sending $1,000,000 or it makes $1 look the same as an “I love you” message to your partner – all transfers are performed in the same encrypted language.

You can send a message with a self-destruction timer or choose to store it on the blockchain. Undetectable file transfer is what makes UltraNote superior to any other CryptoNote currency.

UltraNotes data transfer is cheaper than courier services and the block times take seconds to confirm the transfer of small to medium files, UltraNote gives you that little bit more flexibility for your communication needs whilst saving money over existing services; with the added surety of privacy.

The decision to create UltraNote was made by a group of committed developers who shared common beliefs, interests and goals. The creation of UltraNote was an effort to utilise a portion of existing technology, backed by a larger, more user-aware team of developers who are willing to interact with their community directly.

UltraNote is unique, not only due to the technology behind it but because of the team and their vision for a better world, founded on parity, liberty and confidentiality. True confidentiality has been forgotten, so accustomed are we to being monitored, that we tend to forget what true confidentiality feels like. It is a fundamental right to enjoy privacy in what we do and our mission at UltraNote is to give this back to you, your family and your friends.

An explanation of UltraNotes Interest Rates

Cryptocurrency offers us an exciting arena; one of the main ideas behind this new technology is to enable everyone an alternative to Fiat currencies. At the time of writing, the cryptocurrency market capitalisation is $150bn, although it has a very low market penetration relative to Gold and Fiat markets. Cryptocurrencies are gaining more and more significance in the financial markets and their objective of acting as a Fiat alternative is becoming a reality.

In order to fulfil this objective it is fundamental for cryptocurrencies to offer banking-like services. Bitcoin, for instance, already has ATMs and debit-card facilities which allows users to finance daily activities. This saves money on transfer fees and adds the potential that their funds gain significantly in value, which is something that fiat currency does not offer due to inflation and monetary policies.

A feature that UltraNote offers is interest paid on deposits; more on that later.

Central banks are driving negative interest rate policies which are now being passed on to customers, Swiss banking group UBS is already charging its customers 0.6% for cash on deposit (if they have more than €1 million on deposit). It is only a matter of time before all banks require customers to pay interest on deposits, just wait, it will happen.

Banks already generate massive profits from the loan-deposit spread, while leaving customers with a meagre interest rate on their cash deposits. With UltraNote offering deposit-like features to reward its loyal users, the paradigm is shifting towards cryptocurrencies as an alternative to banks.

Ultranote is an anonymous cryptocurrency offering a deposit feature that pays interest, which truly sets UltraNote apart from its competition. In addition to this, UltraNote also offers you, faster confirmations and the ability to send encrypted messages, documents and video content.

As you can observe from the screenshot below, when you click on the ‘Deposits’ tab of the wallet you set the specifications of the deposit you would like to create and lock your coins onto the blockchain. It’s entirely flexible and you can choose the deposit amount and deposit length to suit your circumstances. The wallet will automatically compute the annual interest rate depending on how long the deposit is locked on the blockchain and it shows you how many XUN you will receive when the deposit is released.

With the official Ultranote wallet, you can lock any amount of UltraNote holdings as a deposit on the blockchain and earn interest on it.  The annual interest rates are currently set at:

  • 0.25% (min. rate), 22,000 blocks, locked for approximately 1 month

  • 3.00% (max. rate), 264,000 blocks, locked for approximately 1 year

On later updates, the dev team will have the opportunity to vary interest rates, depending on the conditions within the market – keep an eye on the UltraNote Roadmap for these interest rate updates. Compounding this interest can be a real game changer for any investor, like reinvesting dividends into stocks – the interest earns interest!

It is the objective of the UltraNote development team to make sure that UltraNote gets the attention and position it deserves in the cryptocurrency arena. Whilst we fulfil our objective, we want to reward our users for their loyalty by giving them more UltraNote when they secure the UltraNote network.

UltraNote (XUN) release

Release date: Wednesday 1st November 2017, 00:00 GMT

Name: UltraNote
Annual interest rate: 0.25% to 3.00% (depending on deposit term)
Total coins: 85,000,000,000 (8 decimals)
Block time target: 120 seconds (10x faster than Bitcoin)
Block reward: 150 XUN dynamic
Algo: Cryptonight, Proof of Work (Proof of Activity at a later update)

Mining type: CPU efficient, ASIC resistant

Ticker: XUN

The UltraNote team will never run an Initial Coin Offering (ICO); the only way to acquire XUN is by mining it or buying it on a cryptocurrency exchange.

UltraNote features

  • Anonymous, instant transactions based on Ring Signatures and Double-Spending Proof.
  • Instant, untraceable, encrypted messages based on cryptography, involving use of One-Time Keys.
  • Fair CPU-efficient ASIC-resistant Proof of Work (PoW) mining process with a dynamic base block reward = 150 XUN.
  • Classic Open Source QT GUI wallet. Full network node inside.
  • Multi-signatures technology in DigitalNote core.
  • Blockchain deposits with interest based on multi-signatures technology.
  • Proof of Activity (PoA) in future. Based on term deposits locked into the UltraNote blockchain. Deposits open the possibility of integrating PoA with UltraNote.
  • UltraNote will always have CPU efficient PoW mining process, as an element of main XUN distribution.
  • Minimum transaction fee of 0.001 XUN makes micro-payments possible.

Pre-mining has not been allowed on the UltraNote public blockchain, it goes against the libertarian economic mantra of the Dev team. Anybody can mine from 17th November 2017 @ 00:00 GMT.

The constant base mining reward for UltraNote makes it simple for miners building CPU-mining infrastructures to calculate their efficiency.

Mining Pools

UltraNote can be mined very simply through the wallet. Just select the mining tab, select a pool and then click on start mining – it’s that simple. Currently each block needs 60 blocks to confirm or share, so that is when you will see the mined coins in your wallet. The dev team are contactable for any mining-related advice at the UltraNote forum and will they make an FAQ available as questions arise.

You can mine with any dual-core CPU but you are strongly advised to seek use of a system with an i5, i7 or better CPU. Your system must have AES support, should run with xmrstak-cpu with false affinity on all 8 cores, it is best to turn off hyperthreading.

Exchanges

UltraNote will initially be available to miners and we will be looking to list on major exchanges as soon as possible. Listen out for updates but in the meantime, get your CPUs mining hard.

As for now XUN listed on 3 exchanges. TradeOgre, StocksExchange and MapleChange.

Development Team

Although there is a veil of anonymity associated with the identities of the dev team, they are open, approachable and contactable through the XUN forum, Discord community (XUN Republic) or the main website support address. The dev team look forward to interacting with you, making your experience of UltraNote the best it can be and potentially incorporating your ideas and inmprovements into UltraNotes future.

Future development

Refer to the Roadmap for the very latest information from the UltraNote dev team. At this current time, the following updates are planned:

  • POW fork to CryptoNight V7 Lite v1
  • Updated version for GUI wallet with more features.
  • Update CLI wallet and adding more features.
  • XUN stand alone mining APP.
  • Building UltraNote Wiki.
  • Update UltraNote web wallet.
  • Mobile wallet App with integrated messenger and file sharing.