Dusk Network (DUSK): The Confidential Chain for dApps
Dusk Network is a blockchain protocol designed to prioritize confidentiality, enabling the development of dApps that utilize zero-knowledge proofs. This solution is built on a proprietary L1 network, which boasts an asset tokenization platform, a virtual machine, and smart contract functionality.
Exploring the basics of Dusk Network
In 2018, the initiative was born in Amsterdam, the Netherlands.
Dusk Network is posited by its developers as a blockchain designed to enable the issuance of programmable and confidential security tokens. Its foundation rests upon zero-knowledge proofs and a novel consensus protocol akin to Private PoS. Specifically geared towards preserving privacy in the realm of financial applications, the L1-based Dusk Network facilitates the use of both the XSC security token standard and native smart contracts.
Dusk Network's focus is to meet the demands and needs of various stakeholders in financial markets. Hence, significant emphasis is placed on constructing a publicly accessible infrastructure and ecosystem, fast transaction processing, and stringent data confidentiality.
Fast transactions. The distributed financial market infrastructure (dFMI) is designed to facilitate swift settlements between counterparties. Thanks to speedy confirmation by network nodes, transactions are executed nearly instantaneously within Dusk Network.
Privacy. Dusk Network ensures full confidentiality of user data and allows for the integration of smart contracts within dApps.
Accessibility and transparency. Connecting to the Dusk Network and contributing to its operation is easily achievable for everyone. The process of setting up a node is straightforward and requires only minimal computing power and modest IT resources.
User and company categories that can benefit from Dusk Network utilization.
Privacy-preserving technologies
By utilizing a transaction model named Phoenix, Dusk Network places a strong emphasis on providing confidentiality and anonymity for both transactions and smart contracts. Furthermore, tokens issued on Dusk Network can be created on Zedger, a hybrid confidentiality-preserving model based on Phoenix, which is specially designed for security tokens.
To preserve anonymity, the project has implemented:
- private addresses;
- anonymous transactions;
- specific IP address encryption.
Additionally, users have access to confidential file-sharing services:
Secure Tunnel Switching is a service that facilitates the swift and completely anonymous transfer of information between users through automatic tunnel switching;
On-Offline File Transfer is a tool that enables confidential file transmission by means of a decentralized intermediary storage system. The sender encrypts the file using a key and then transmits it to the blockchain storage. The receiver, equipped with the matching key, can then download the file at their leisure during a thirty-day window.
Next-gen consensus algorithm for rapid and private transactions
Most users require either instant transactions or ones that are completed within a short timeframe (preferably, within 15 seconds). However, the popular consensus mechanisms of Proof-of-Work and Proof-of-Stake used by Bitcoin and Ethereum fail to meet these expectations and demands.
Thus, to ensure the confidential transmission of data within the network and achieve 15-second transaction times, the developers of Dusk Network have implemented the more efficient consensus algorithm known as the Succinct Attestation agreement (SA).
Exploring the core elements of the Dusk Network
Rusk Virtual Machine (VM)
Rusk надає можливість програмувати смартконтракти, створювати та налаштовувати нові децентралізовані застосунки (dApps). VM Rusk повністю покладається на криптографію з нульовим знанням. Вона є першою у світі реалізацією віртуальної машини такого класу, як (ZK-VM).
Zero-Knowledge Proof (PLONK) cryptography
Dusk Network utilizes PLONK, one of the latest and most advanced cryptographic algorithms for zero-knowledge proofs. It ensures that any form of collaboration in the blockchain is safeguarded, and transactions are secure and confidential.
Microkelvin Data Immutability
The implementation of Microkelvin has hastened the process of data recording and storage within the blockchain. Microkelvin is a collection of tools that enable the creation of bespoke data structures that can be seamlessly incorporated for use within smart contracts.
Succinct Attestation consensus
The Dusk Network supports the next-generation consensus algorithm, the Succinct Attestation agreement (SA). Developed by the Dusk Network, this algorithm is designed to create a decentralized blockchain network based on a modernized Proof-of-Stake mechanism.
DUSK Native token
Users of the Dusk Network ecosystem utilize the native DUSK token to pay for services within the network such as deploying and executing smart contracts, or transferring security tokens based on DUSK or XSC. DUSK is also used to reward node owners for validating transactions. Additionally, node deployment requires a minimum balance of DUSK tokens to be held in the user's wallet.
XSC Security Token Standard
The purpose of XSC 2.0 is to enable organizations of any size to easily utilize the standard and issue security tokens.
Tokenomics
Currently, more than 421 million DUSK tokens have been issued, representing 40% of the maximum supply of 1 billion coins. According to CoinMarketCap, the DUSK token is ranked 323rd in terms of market capitalization, with a volume of nearly $87 million. Daily trading volumes fluctuate between $10-15 million.
DUSK tokens can be purchased on various CEX exchanges (Binance, Huobi, KuCoin, HitBTC, etc.) and DEX platforms (Uniswap, PancakeSwap, etc.). They can be stored on any wallet that supports the Ethereum network.
