What is Dusk Network (DUSK)?
Dusk Network (DUSK) is a privacy-oriented blockchain platform for financial applications. It combines innovative technologies such as distributed ledger technology to tap into the rising potential and diversity of financial applications and create new and exciting financial services.
Dusk Network is primarily designed to allow tokenization of securities that are compliant with regulations. That is how Dusk achieves its own standard of tokens that can be used to create programmable security tokens with decreased automation costs. These tokens can represent votes or dividends, as well as other values that can be easily integrated with enterprise-grade operations.
Dusk Network emphasizes business adoption, which is why the dev team behind the project considers privacy to be an important part of the future of regulatory compliance and general adoption of alternative financial applications. The network provides a fully functional and private ecosystem for enterprise-grade financial applications and introduces private smart contracts ahead of similar blockchain-based projects.
Dusk Network represents a layer-1 blockchain that facilitates the use of native confidential smart contracts and offers a scalable public ecosystem that satisfies the need for business-oriented financial applications. It is decentralized and open for public use, but it is also private and designed to offer instant finality, scalability, and functionality.
How Does Dusk Network Work?
Dusk Network is a blockchain-based privacy-oriented platform for enterprise-grade financial applications that plans to expand its offerings of financial services suitable for business use and enterprise adoption. The platform achieves privacy and decentralization through the use of native confidential smart contracts in the system, which is run by an innovative Private Proof of Stake extraction-based consensus mechanism and powered by Zero-Knowledge Proofs.
The layer-1 network powers the Confidential Security Contract standard. XSC is designed to offer compliance with security regulations and a multitude of functions that can be used by businesses and enterprises. This standard allows users of the network to offer, issue, exchange, and manage tokenized security assets. The standard is supported by a transaction model known as Zedger. In addition, Zedger is supported by the Phoenix transaction model that extends privacy and anonymity to transactions and smart contracts.
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Dusk Network has a utility token, DUSK, that can be used to initiate transactions and use atomic swaps. You can also use DUSK to deploy smart contracts and participate in staking, while the token will have more functionalities in the future, starting with network governance. DUSK is also the main means of payment on the network.
Who Are the Founders of DUSK Network? (History of DUSK Network)
Dusk was founded by Jelle Pol, the business director of Dusk Network, and Emanuele Francioni in 2018 with the idea to offer the first confidential native smart contracts and privacy for financial services. Emanuele Francioni also holds the position of tech lead for the Dusk Network project.
The project is based in Amsterdam, Netherlands and should expand to more functionalities and use cases for the network and the native token in the future as the project continues to develop and upgrade to set new standards in the financial sector and respond to the growing demand for private and distributed financial services for business use.
What Makes DUSK Network Unique?
DUSK draws its uniqueness from its use cases and utility, which include providing a private and secure environment for enterprise-grade financial services and its XCS standard for tokenizing security assets. With Dusk Network, enterprises, as well as commercial partners of the network, can issue and manage tokenized assets within a highly secure and private environment that provides a permissionless blockchain.
DUSK Network is also the first blockchain infrastructure to offer confidential native smart contracts that facilitate privacy, while users can also enjoy transactions with privacy features and near-instant finality. The entire network is designed to tap into the potential of business adoption for financial applications and services.
What Gives DUSK Network Value?
The value of the DUSK Network lies in its technical capacity, the technology behind the project, and its utility. These elements define the intrinsic, i.e., the real-life value of DUSK as a project, which often doesn’t coincide with the market value of DUSK. As a tradable token that belongs to the cryptocurrency market, the market value of DUSK is often subject to frequent and radical changes.
The intrinsic value, as well as the market value of DUSK expressed in price, may rise with the increasing demand for financial services available on the DUSK Network, which is how the real value of the project can be reflected in the market price of DUSK in the future as the project achieves greater adoption and mainstream use.
How Many DUSK Network (DUSK) Coins Are There in Circulation?
There are currently DUSK in circulation out of a total of . DUSK has a limited supply of coins expressed by its capped max supply. Many cryptocurrencies, including Bitcoin, use a finite max supply to regulate the value of tokens in the long run. A capped supply acts as an anti-inflation mechanism that controls the overall supply of DUSK tokens and prevents inflation.
The number of DUSK coins in circulation multiplied by the current price of DUSK in the market equals the market cap of DUSK Network. The market cap ranks DUSK in comparison with its crypto peers and also defines its market share and dominance. The market cap changes with the changing number of coins in circulation and with DUSK price changes.
Other Technical Data
DUSK, the project’s utility token, is compatible with Binance Smart Chain and Ethereum, which means it is available as BEP-2 and ERC-20 token standards. DUSK is a multi-purpose token that can be used for atomic swaps, transactions, and storage fees, while it also serves as the main means of payment on the network.
When it comes to other technical specifications, the DUSK Network consensus is designed to have three phases: Block Generation, Block Reduction, and finally Block Agreement. To enable the three-phase consensus, DUSK Network uses the Segregated Byzantine Agreement protocol. In the first phase, SBA generates a block with multiple participants proposing blocks per round. The second stage reduces blocks by narrowing the choice down to a single block that could potentially be chosen.
The three-stage consensus process is completed once the block has been verified for honesty and fairness. Once the block is verified, it is added to the chain. Each round has three stages, while multiple rounds make an epoch in the SBA system.
How is the Dusk Network Secured?
The Dusk Network is secured by the use of the Segregated Byzantine Agreement protocol. DUSK Network uses SBA to ensure that the mechanism has more chances for choosing honest nodes, which improves the overall decentralization of the project.
SBA is generally seen as an improvement in comparison with the Proof of Stake protocol that powers the underlying infrastructure of the project. SBA also facilitates private transaction amounts and ensures this by combining innovative ideas like the use of cryptographic sortition.
How to Use DUSK Network
DUSK Network creates an environment for enterprise-grade financial services that are suitable for business use. The network is optimized to allow enterprises and businesses, including their own commercial partners, to tokenize security assets that are compliant with the XCS token standard.
The DUSK token can be used to pay for atomic swaps, as well as to convert gas and transaction fees at lower operational costs, and initiate transactions. DUSK is also the main payment method on the network and is used for rewarding network participants. DUSK can be traded in the market of cryptocurrencies.
How to Choose a DUSK Network Wallet?
ERC-20 DUSK can be stored in any wallet that supports Ethereum while BEP-2 DUSK can be stored in wallets that support the Binance Smart Chain. The type of wallet you choose will likely depend on how much DUSK you need to store and what you intend to do with it.
Hardware wallets or cold wallets like Ledger or Trezor provide the most secure option for storing cryptocurrencies with offline storage and backup. However, they can require more technical knowledge and are a more expensive option. As such, they may be better suited to storing larger amounts of DUSK for more experienced users.
Software wallets provide another option and are free and easy to use. They are available to download as smartphone or desktop apps and can be custodial or non-custodial. With custodial wallets, the private keys are managed and backed up on your behalf by the service provider. Non-custodial wallets make use of secure elements on your device to store the private keys. While convenient, they are seen as less secure than hardware wallets and may be better suited to smaller amounts of DUSK or more novice users.
Online wallets or web wallets are also free and easy to use, and accessible from multiple devices using a web browser. They are, however, considered hot wallets and can be less secure than hardware or software alternatives. As you are likely trusting the platform to manage your DUSK, you should select a reputable service with a track record in security and custody. As such, they are most suited for holding smaller amounts of cryptocurrencies or for those making more frequent trades.
Kriptomat offers a secure storage solution, allowing you to both store and trade your DUSK tokens without hassle. Storing your DUSK with Kriptomat provides you with enterprise-grade security and user-friendly functionality.
Buying and selling DUSK, or trading it for any other cryptocurrency, is done in mere moments when you choose our secure platform as your storage solution.
DUSK Network Proof of Stake
DUSK combines different protocols such as Private Proof of Stake and Segregated Byzantine Agreement. Thanks to an elaborate combination of consensus mechanisms, DUSK Network achieves decentralization, security, and privacy.
Proof of Stake is generally considered a more efficient and cost-effective choice when compared with Proof of Work, while the SBA protocol represents an improvement in comparison with the PoS protocol.
DUSK Network is among the top players in enterprise-scale financial services that offer a distributed financial market infrastructure with a high level of privacy. As such, DUSK may become the stepping stone towards the business adoption of blockchain-based financial services.
With near-instant finality and a wide range of upcoming features and financial services, DUSK may become one of the most prominent projects in the sector of distributed finance. The price of DUSK tokens may also rise in the long run as a result of relevant utility and strong technology.
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DUSK Network FAQ
What is RUSK?
RUSK is Dusk Network’s smart contract platform, where users can build smart contracts, decentralized applications, and parameters for control and compliance.
What type of token is DUSK?
At time of writing, DUSK is available as two placeholder token standards, namely ERC-20 and BEP-2. Once the Dusk Network sandbox mainnet has been thoroughly tested, a token migration will take place, when all ERC-20 and BEP-2 DUSK will be swapped for native DUSK.
How to buy DUSK Network?
Buying DUSK is as easy as visiting Kriptomat’s how to buy DUSK Network page and choosing your preferred method of payment.
How to sell DUSK Network?
If you already own DUSK and hold it in a Kriptomat exchange wallet, you can easily sell it by navigating the interface and choosing your desired payment option.
DUSK Network price?
DUSK Network price is in constant flux and may change frequently and radically due to the volatility in the crypto market. DUSK price is also affected by a multitude of specific factors that can push the price to new highs or pull it to new lows.
As well as traditional factors such as market sentiment, the flow of assets on exchanges, and the economy in general, the price of DUSK is also influenced by the amount of tokens locked up by stakers and generators, as well as the number of enterprises building on Dusk Network.
The current DUSK Network price is EUR.
The 24-hour trading volume of DUSK is EUR. DUSK is currently ranked of all cryptocurrencies by total market capitalization, with a market cap of EUR. It has a circulating supply of DUSK and a max supply of DUSK.
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