Dusk Network – Dusk Token

Dusk Network (DUSK)is a privacy blockchain for financial instruments. The network is a security technology with a secure blockchain and an open-source infrastructure to help businesses automate the costly process and tokenize financial instruments. The platform aims to enable any enterprise to meet compliance requirements, collaborate at scale, and ensure the confidentiality of transaction and personal data. Organizations can utilize the Dusk Network blockchain to issue tokens, collaborate, and trade through smart contracts.

The platform realized that the most popular proof-of-work mechanism of Bitcoin and Ethereum cannot address the requirement to provide a clear and final settlement of transactions. Therefore, the platform came up with a proof-of-blind bid consensus to maintain privacy in-network and settle transactions in the network. As the whitepaper suggests, the Dusk Network consensus mechanism allows permissionless participation in state transition execution, addition, and validation to the global state while preserving strong finality guarantees for the state transitions.

The protocolis created to maintain privacy while transacting with a native asset protocol named DUSK, along with the support of zero-knowledge primitives on the generalized compute layer. Also, with the advanced encryption procedures and zero-knowledge cryptography, the platform seeks to empower businesses to comply with financial market directives and enable businesses to engage in global alternative finance safely.

DUSK is the official cryptocurrency used within the network. Businesses can use the token to pay for network services, run or deploy a smart contract, and transfer XSC or DUSK-based security tokens. XSC is a confidential smart contract designed to issue security tokens. The DUSK token aims to compensate the nodes for verification, storage, and bandwidth for each transaction submission in the network.

History of Dusk Network (DUSK)

The infrastructure of the Dusk Network was created in early 2018 along with the whitepaper version 1.0. The latest whitepaper, version 3.0 of the platform, was published on March 1, 2021. The network was invented by Emanuele Francioni, the author of the official whitepaper. Other core members of the team include Jelle Pol, the business lead at Dusk, Fulvio Venturelli, the lead devops, and Mels Dees, the marketing lead at Dusk Network.

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