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What is Dusk Network?
Dusk Network is a public, permissionless, and privacy-oriented blockchain protocol. Its mission is to tokenise financial services, securities, and other assets, creating a platform where they can be securely and confidentially traded by both retail and institutional investors. By addressing the transparency issue of traditional blockchains, Dusk Network leverages Zero-Knowledge Proofs (ZK-proofs) technology to conceal transaction details. This ensures that while transactions on the network can be verified, the identities of the parties involved and the transaction amounts remain private.
The Role of the DUSK Token
The DUSK token is the native cryptocurrency of the Dusk Network. It plays a critical role in the network’s operation and serves several key functions:
- Transaction Fees: All transactions on the network are paid for using DUSK.
- Staking: DUSK token holders can contribute to the network’s security by locking up their tokens (staking) and, in return, earn DUSK rewards.
- Governance: In the future, DUSK holders are expected to be able to vote on proposals regarding the network’s development.
Technological Infrastructure and Key Features
Several core technological features set Dusk Network apart from other blockchain projects:
- Zero-Knowledge Proofs (ZK-proofs): ZK-proofs technology enables the verification of a piece of information’s authenticity without revealing the information itself. This forms the foundation of privacy on the Dusk Network. While transactions are validated by verifiers, sensitive data related to the transaction (identity, amount, etc.) remains hidden.
- Segregated Byzantine Agreement (SBA): Dusk Network uses a unique consensus mechanism called SBA. This mechanism enhances the network’s security and decentralisation by randomly and privately selecting verifiers to process transactions. SBA provides high efficiency and scalability while being resilient to Sybil attacks.
- SPARTAN Virtual Machine: SPARTAN is the virtual machine that allows for the execution of privacy-focused smart contracts on the Dusk Network. This empowers developers to build confidential and secure decentralised applications (dApps).
Solutions Offered by Dusk Network
By combining privacy with efficiency, Dusk Network provides solutions to many of the problems plaguing the financial world:
- Confidential Securities: In the traditional financial system, privacy is of paramount importance to institutional investors. Dusk Network enables the tokenisation of stocks, bonds, and other financial assets, allowing them to be traded confidentially.
- Institutional Adoption: Privacy and regulatory compliance are among the biggest hurdles preventing institutional entities from adopting blockchain technology. The privacy-oriented nature of Dusk Network makes it easier for these corporations to securely integrate with blockchain.
- Private Payments: Dusk Network allows users to make payments without their identities and transaction history being revealed, addressing major privacy concerns.
