What is Dusk Network?
Dusk Network is a privacy-focused blockchain designed for financial platforms. It provides decentralized, organized financial services such as lending and trade automation through smart contracts and off-chain computation for cost-intensive corporate operations. The project aims to become a blockchain protocol designed for deploying programmable zero-knowledge dApps, thus establishing it as the foundation for an open, decentralized dApp ecosystem.
Dusk Network offers protocol mechanisms that help enhance transaction speeds and reduce liquidity fragmentation (when trading occurs across multiple platforms or markets, leading to a lack of centralized liquidity). Its users will be able to access a full suite of financial services, such as capital protection and commercial assets. They can access these assets directly from their wallets while maintaining self-custody.
Dusk Network provides a privacy layer for financial instruments such as securities and bonds. One of its core objectives is to facilitate the tokenization of securities according to regulatory standards. As a result, Dusk Network establishes its own token standards that can be used to develop programmable security tokens with reduced operational costs. These tokens can represent voting rights, stock dividends, and other values that can be easily integrated into large-scale business operations.
How does the Dusk Network work?
Dusk Network is operated by the Separate Byzantine Agreement (SBA) consensus protocol, which is an upgrade to the basic Proof of Stake (PoS) mechanism. It combines decentralized features such as separate stake amounts, random encryption shuffling, and a traceable ledger unit to increase the likelihood of selecting good nodes.
An interesting feature of the SBA protocol is that once a certificate is created, it cannot be reversed. This is because voting power continuously flows through all verifiers in the Dusk Network, ensuring every transaction is finalized in under 10 seconds.
Instead of relying on computational power, verifiers on the Dusk Network lock their own DUSK tokens. In return, they can vote on blocks to be added to the blockchain. Voting is divided into three stages: block creation, reduction, and agreement.
Block creation involves determining the round leader and proposing a candidate block. Then, block reduction is used to reach agreement on the candidate block, and block agreement finalizes the consensus round to start a new one, provided the block reduction was successful.
Dusk Network verifiers work together to agree on a specific block they can issue a certificate for, proving the block does not violate any rules. This contrasts with typical blockchain layers that create blocks after each transaction, just like Bitcoin. This approach forms the foundation of the Dusk Network project.
What makes Dusk Network unique?
🔥What are the key features of the Dusk Network?🔥👇👇
🚨1 - PIECRUST A new virtual machine designed to improve transaction performance and simplify smart contract development.
🚨2 - Brief Certificate Consensus (SA) An innovative and fast consensus mechanism based on Proof of Stake (PoS) with finality guarantees.
🚨3 - PLONK A zero-knowledge encryption technique that enables verifying complex computations in an untrusted manner.
🚨4 - CITADEL A knowledge-free KYC solution for controlling personal information sharing.
🚨5 - Secret Security Contract (XSC) The native standard for creating private smart contracts.
🚨6 - Microkelvin A toolkit for improving data structures tailored for smart contracts.
🚨7 - Zero-Knowledge Encryption enables verifying the validity of numerous network operations in an untrusted manner.
🚨8 - Decentralized Consensus A permissionless framework for participating in the consensus protocol and earning DUSK tokens.
🚨9 - Trustless Identity Hiding allows transaction verification in an untrusted way without revealing transaction details or participants.
