Kriptomat has completed the listing of Dusk Network and DUSK is now available to buy here.
Kriptomat now supports Dusk Network (DUSK) at Kriptomat.io and in Kriptomat Android and iOS mobile applications. DUSK is now available in all Kriptomat-supported regions.
Dusk Network (DUSK)
10 June 2021
When Bitcoin burst onto the scene in 2008 to revolutionize finance as the first truly decentralized digital currency, it began a new age of enthusiasm and research in the field. Although Bitcoin brought about much innovation and improvement in the financial sector since its creation researchers have uncovered various issues and deficiencies in Bitcoin’s technology and model.
These include its limited smart contract functionality, the lack of privacy and anonymity for Bitcoin users, the excessive energy consumption that is needed to maintain the security guarantees of data stored on the ledger, and other protocol inefficiencies related to the consensus mechanism. Ten years after Bitcoin’s debut, however, another project was born which aimed to address these problems.
Based in Amsterdam, the Dusk Network was founded in 2018 by tech experts Emanuele Francioni and Fulvio Venturelli who joined forces with business experts Jelle Pol, Pascal Putman, and Mels Dees. The team’s mission was to create a truly decentralized, confidential, and secure blockchain infrastructure for financial applications.
The network is powered by zero knowledge technology and secured by a Segregated Byzantine Agreement consensus mechanism, which improves upon the underlying Proof of Stake mechanism and further promotes decentralization. The technology provides privacy and anonymity to both transactions and smart contracts through the use of its transaction model, known as Phoenix.
The design of the network facilitates safety and compliance as it empowers businesses to comply with the GDPR and financial market directives. The infrastructure is scalable and transactions are settled directly on the network within 15 seconds with immediate on-chain finality. What’s more, anyone can participate in the cost-efficient network with minimal processing power and ordinary IT resources – with no need for approval from a central authority.
The privacy-preserving blockchain infrastructure encourages global collaboration at scale for any size enterprise, allowing companies to streamline operations, tokenize financial instruments, and unlock new business models. Dusk Network has a wide range of use cases, including confidential smart contracts, confidential security tokens, zero knowledge utility tokens, security token exchanges, digital share registries, Smart Bulletin Boards, proxy voting, self-custody, and decentralized finance (DeFi) applications.
The network’s utility token is called DUSK and has a maximum supply of 1 billion DUSK – about 37% of which is already in circulation. The token was launched at the end of 2018 when it raised more than $8 million through an initial coin offering (ICO). The first quarter of 2021 was particularly strong for DUSK’s performance as it saw the token rally by about 775% before setting a new all-time high.
DUSK tokens can be used to deploy smart contracts, as well as to initiate transactions and atomic swaps. Anyone who holds DUSK can participate in the network’s consensus by staking it and the token can also be used as a means of exchanging value. In addition to this, the Dusk Network team plans to expand the use cases of the token in the future by making DUSK a part of the on-chain governance system.
Kriptomat is continuing to list new cryptocurrencies and new tools for our users to improve the overall investing experience. Customers can sign up for a Kriptomat account here to buy, sell, convert, send, receive, or store DUSK today.
This text is informative in nature and should not be considered an investment recommendation. It does not express the personal opinion of the author or service. Any investment or trading is risky, and past returns are not a guarantee of future returns. Risk only assets that you are willing to lose.