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Hello everyone, this is Cryptomoonie bringing you another Community Speaks article. For this Community Speaks article, I want to highlight the Dusk Network.
One of the fascinating aspects of crypto Twitter is discovering new projects people are excited about. Twitter is a valuable asset because many people share the messages of companies who are putting in work to make their projects become a reality. One that has come to my attention that I want to share here is a project called the Dusk Network.
A Network Tackling Privacy
It is no secret that there are many individuals out there seeking to steal information and do harm. Some of these “bad actors” team up to achieve a specific privacy infringing goal. That is why Dusk uses revolutionary privacy technology which ensures secrecy and compliance with data privacy laws like the GDPR(General Data Protection Regulation). Thanks to the GDPR EU citizens have data protection and privacy for all European Union and the European Economic Area. Dusk utilizes “bulletproofs”: Bulletproofs provide a robust and fully anonymous distributed ledger, it surpasses ZKsnarks (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge) and requires no trusted set up. Here’s an excerpt that explains what ZKsnbarks is for those that don’t know; “ refers to a proof construction where one can prove possession of certain information, e.g. a secret key, without revealing that information, and without any interaction between the prover and verifier.”
However, bulletproofs take a longer time to verify and is more helpful than ZKsnarks, that is why Dusk adopted a proof of stake algorithm. Proof of stake algorithms provides faster cryptographic processes to take place.
The Dusk Network utilizes Guru, a sophisticated privacy tool. Guru is an advanced algorithm that improves the security of the network by automatically scoring stakeholders in the system. Dusk also conceals addresses of the individuals that transact on its network.
While the main focus of cryptocurrency lies on Bitcoin and other crypto assets, securities are slowly gaining traction. The Dusk Network is focused on providing privacy-focused digital securities. This is why they created something called “XSCs”. The following excerpt is an excerpt from their site that can explain the objective and use of XSC:
“Dusk features a privacy-oriented, programmable framework. This framework is used by issuers of digital securities to represent the conditions of their shareholder’s agreement, statutes, and applicable legislation. We call this novel framework ‘XSC,’ short for ‘Confidential Security Contract.’ XSCs run on a distributed ledger called the Dusk Network, which is immutable and guarantees business continuity.”
The DUSK Network
How is the Dusk cryptocurrency useful its network?
DUSK is the native cryptocurrency, and it has some handy utility. The type of utility that puts other cryptocurrencies to shame. The Dusk token is used to operate the network’s various functions such as transactions of DUSK or XSC-based digital securities. Due to its compatibility and easy usability, DUSK plays a significant role in digital securities’ transactions, dividend payouts, and as a reward for stakeholders.
Are you interested in diving deep about the Dusk Network? Visit their website now: https://dusk.network/
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