Dusk Network is a layer-1 blockchain protocol capable of powering privacy-preserving smart contracts that satisfy business compliance criteria.
It serves as a liberated financial industry that provides equal opportunity for organizations of all sizes to secure capital, trade assets, and access a full spectrum of financial services. They perform this by advancing the first permissionless blockchain for the issuance, trading, and management of programmable digital assets that keeps confidential information private and meets today’s industry compliance standards.
While most Decentralized projects operate solely or partially as a permissioned ledger, the Dusk Network is different and serves as an open-source, public, and permissionless ledger. They uphold the principles that blockchain technologies should be available to companies of any size, enabling businesses and consumers to reap the benefits of a public network for an array of financial applications compliant with legal requirements.
Dusk is more than a decentralized network or project; it is also a platform similar to Ethereum that allows developers to use the privacy-oriented Dusk Network to deploy financial applications with peace of mind. Using their network ensures user- and transaction-related data remain private and anonymous. Nodes play an important role in the network’s consensus algorithm. Prospective node runners can become Provisioners by staking their DUSK tokens and thereafter earn DUSK through a combination of block rewards and gas fees.
Dusk developers implement zero-knowledge cryptography in all of Dusk’s core processes to guarantee strict data privacy, a requirement for the compliant issuance of Security Tokens. Its unique Proof of Blind Bid uses ZK to achieve privacy Proof of Stake, Phoenix uses ZK to guarantee strict data privacy, even for non-obfuscated outputs such as block rewards and gas fee refunds, and RUSK VM uses ZK to achieve zero-knowledge smart contracts.
In 2019, the Proof of Blind Bid consensus mechanism, the world’s first privacy Proof of Stake implementation was released. During the Blind Bid phase, nodes stake an amount of DUSK through the Blind Bid Contract and Staking Contract to participate as Block Generators and Provisioners, respectively.
The business layer is a collegial term used to describe the pieces of technology that are most relevant to issuers and other third parties that use Dusk Network. In simpler terms, the business layer enables the creation of zero-knowledge smart contracts which can be decentralized applications (dApps), or Security Tokens based on XSC. XSC is the abbreviation of Confidential Security Contract and is a standardized smart contract configuration that enables users to adhere to all relevant aspects for the compliant issuance of security tokens.
Who are the founders of Dusk Network (DUSK)?
In early 2018, tech experts Emanuele Francioni and Fulvio Venturelli joined forces with business experts Jelle Pol, Pascal Putman, and Mels Dees to create the Dusk Network privacy infrastructure. This Les the platform to be headquartered in Amsterdam, the Netherlands, allowing the team quickly expanded with renowned developers and industry talents, as they embarked on their mission to revolutionize traditional financial markets with the power of blockchain.
What is the Dusk Network (DUSK) used for?
Build Decentralized Finance (DeFi) applications
Dusk Network is well suited for the creation of privacy-respecting DeFi solutions. Due to the privacy guarantees in confidential smart contracts, DeFi applications such as lending and borrowing platforms can create decentralized applications that adhere to compliance principles and general data protection legislation.
Build confidential smart contracts
Dusk Network is the first blockchain with native confidential smart contracts that allow parties to benefit from our highly scalable infrastructure (one of the major benefits of public blockchain) with the peace of mind that their data remains confidential. In other words, enterprises can make use of our confidential smart contracts with confidence knowing that their transactions are secure and private. Some of the use cases include confidential security tokens and digitization of share registries.
DUSK holders are allowed to stake as staking requires users to lock in DUSK. Provisioners are expected to lock a minimum of 1,000 DUSK for participation, with no staking ceiling present for those who want to exceed this number. This minimum commitment ensures that the network’s nodes are reliable.
What is the Unique Point of Dusk Network (DUSK)?
The Dusk Network Technical framework is the unique feature of the Dusk Network. Starting from the bottom is the blockchain ‘database’, or the System Layer. It includes the Main Node Process and is where the last program state of the Dusk Smart Contract Platform is recorded on the Chain. Also, the Dusk’s Smart Contract Platform has a unique feature which is it leverages PLONK the ZK proof system, the output-based transaction model Phoenix and our in-house developed storage method Kelvin (for modeling optimized data structures). Together, they all culminate into the world’s first zero-knowledge virtual machine (Rusk).
How many Dusk Network (DUSK) coins are in circulation?
Dusk Network has a circulating supply of 399,050,765 DUSK coins and a max. supply of 1,000,000,000 DUSK coins.
How is the Dusk Network (DUSK) secured?
The Dusk Network exhibits security through the XSC. A confidential security contract, or ‘XSC’, is a confidential smart contract specifically designed for the issuance of security tokens. It is a customizable framework for the implementation of the right set of privacy and obligations (think whitelisting, voting, or dividend payments). This is extremely helpful for organizations seeking to issue tokens, as these contracts do not have to be created from scratch. The Confidential Smart Contract platform RUSK opens up the development of a new breed of powerful decentralized applications (dApps) and enables anyone to program privacy-enabled smart contracts. This sets Dusk Network aside from existing privacy blockchains such as Monero and Zcash, which can only cater to private transactions due to the lack of smart contract functionality.
Also, the succinct Attestation is a unique Proof-of-Stake (PoS) consensus mechanism that delivers much-needed settlement finality. This is essential for regulatory compliance in financial applications. On Dusk Network, completed transactions are final and irreversible as soon as they are processed, providing legal certainty of ownership.
How do I buy Dusk Network (DUSK)?
The DUSK token can be used for a wide range of uses like staking and building decentralized applications.
DUSK tokens can be easily purchased by the following steps.
* Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and buy DUSK through your trading account.
Which Cryptocurrency Wallet Supports Dusk Network (DUSK)?
The PTPWallet platform supports many cryptocurrencies simultaneously, such as Dusk Network (DUSK). Because of its vast use case, it has grown to become one of the most used platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. Users can easily use PTPWallet as their DUSK wallet because it offers a simple and interactive interface, making it easy for people to navigate its system.