Like Harmony, the Dusk Network project is quite new since it was born in 2018 in the Netherlands. Among the creators we find people who have worked in a lot of recognized companies such as Mozilla, TomTom or Amazon.
It is an open source and secure blockchain that companies can use to tokenize their financial instruments and automate usually quite expensive processes. And this while respecting as much as possible the existing international and local regulations. Dusk also presents itself as “the future of finance”.
The idea is that transactions are carried out quickly (a few seconds) and completely confidentially . They therefore quickly put aside the principle of Proof-of-Work (Bitcoin, ETH, etc.) to validate transactions and created their own concept of “ Proof-of-Blind Bid ”. The latter is based on the zero-knowledge proof method , which not only allows faster processing, but also allows less information to be shared on the network. I’ll let you dig the Wikipedia page because it’s quite dense and interesting.
So it should also be noted that the project, if it is well advanced, is still in the experimental phase. The public testnet was supposed to start in early February, but was postponed for a few days/weeks. It should make it possible to test the complete infrastructure including the wallet and the transaction explorer. In short, if all goes well, the official launch (mainnet) could take place in the following months and then we will see the ecosystem flourish with new features, new apps, other projects that will be added to it, a better decentralization, etc.
The DUSK token
For the moment the $DUSK only allows you to do the basics. Due to the fact that the blockchain is not yet really in place, the token only has ERC-20 (on Ethereum) and BEP2 (on the Binance Smart Chain) versions. You can do simple buying/selling, storage on a wallet (like your ledger ) or even staking or providing liquidity on certain platforms (PancakeSwap for example).
It is possible to become a validator on the network (called here Provisioner) if you have more than 10000 $DUSK (which is still around 5500 € today). If this is not your case, it will take a little patience before the classic options arrive: staking for all, governance, liquidity pools…
Why is Dusk Network an interesting project?
Blockchain technology is taking more and more space, it will replace less efficient systems over time, create new business models, optimize returns… And this will not spare financial companies, official institutions , etc. who do not necessarily want everything to be public like on other blockchains. Having an option allowing on one side to maintain the complete confidentiality of the data while strictly respecting the laws in force on the other is interesting for them (RGPD & co).
But other uses can be considered, such as decentralized finance or the creation of utility tokens. One can easily imagine a token that would be used to perform various actions (pay transaction fees, do staking, voting rights, provide liquidity, etc.) within an ecosystem made up of several applications. A bit like $ONE for the Harmony blockchain, $CRO for Crypto.com, etc.
We can also think of the storage and exchange of sensitive information such as the digital identity of citizens, the holding of digital financial assets… Companies (regardless of their size) that use Dusk Network can create tokens according to their needs.