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Dusk Network(DUSK)

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$0.417726
(-0.77%)
0.00000603 BTC
Market Cap (Rank#305)
$175,931,228
2,541 BTC
Vol 24h
$6,599,916
95.3367 BTC
Circulating Supply
421,164,409.32
Max Supply
1,000,000,000
241 day agocryptodaily
The Dusk Report 2023
The 5th edition of Dusk’s Annual Report lays out its progress over the year as well as its financial position. Albeit a company that aims to provide fully regulated and compliant privacy for companies and individuals, Dusk seeks to be fully transparent itself and provide a clear window into its achievements and finances each year, and by so doing, set an exemplary model for others to follow. The Dusk team wish to mark the occasion of their 5th Report by kicking off a raft of activities with which to celebrate it.
261 day agocryptodaily
Dusk is excited to announce its roadmap: pathway to mainnet
Dusk has just published its roadmap, detailing a precise path towards mainnet. This definitive criterion lays out the various way marks that must be ticked off on Dusk’s journey to a mainnet that can comprehensively support and scale crypto assets that must dovetail perfectly with regulatory requirements and the ever-changing financial landscape.
318 days agocryptodaily
Dusk's Preparedness for MiCA Compliance
The European Union recently approved the Markets in Crypto Assets Regulation (MiCA), which came into force in June 2023, bringing crypto assets, crypto asset issuers, and crypto asset service providers under a single regulatory framework. The MiCA regulations introduce increased transparency and create a comprehensive regulatory framework for service providers and issuers and compliance with anti-money laundering rules. Additionally, the new rules also cover asset-referenced tokens and stablecoins. A Closer Look At MiCA MiCA, or the Markets in Crypto Assets, is the new legislation adopted by the European Union on cryptocurrency, aiming to bring greater clarity to the crypto ecosystem in the EU. The introduction of the Markets in Crypto Assets legislation represents a significant step forward for the crypto industry and is the most significant effort yet to bring transparency to the sector. MiCA will provide stakeholders with a clear set of rules, definitions, and guidelines for companies operating in different spheres of the crypto space, such as custody, trading, and marketing of crypto assets. MiCA also puts significant emphasis on stablecoins, which are digital assets whose value is typically backed by fiat currency, although they could be backed by other assets as well. It introduces heavy compliance requirements for stablecoin operators, thus ensuring that these assets are stable, secure, and not subjected to any fraud. MiCA also requires entities offering crypto assets to provide a whitepaper that contains information about the issuer, obligations, capital raised, and the underlying technology behind the asset. According to MiCA, this would help improve transparency and fuel technological innovation. MiCA also mandates the recording of all sender and recipient information, regardless of the transaction amount. Against the backdrop of this emphasis on regulatory compliance, how will companies that operate with a focus on privacy operate? Striking A Balance Protocols must take a unique and innovative approach to ensure compliance with MiCA, with transactions conducted on their platform being private and secure but also auditable by the concerned authorities. As such, it is important for protocols to strike a balance between user privacy and regulatory requirements. For example, Dusk encrypts the user key with an auditor key. This means only the auditor can decrypt it. Users can utilize zero-knowledge proofs to prove that the auditor key was used to encrypt the user key. This innovative approach ensures compliance by combining digital identity, privacy, and encryption. The new EU regulations are expected to considerably impact those protocols that do not have simultaneous privacy and auditability at the base layer. Protocols that are privacy-focused and do not feature built-in auditability will face considerable difficulties when it comes to gaining traction in the European Union. Many public and anonymous tokens will also face considerable challenges. How Dusk Is Ready To Comply With MiCA Dusk believes that regulatory clarity is critical for the broader adoption of blockchain technology and cryptocurrencies. The approval of the Markets in Crypto Assets Regulation rules by the European Union is a significant step towards achieving greater regulatory compliance and clarity in the crypto space. Through the combination of privacy and auditability, Dusk has put itself in the best position to comply with the new regulations. Dusk is also working on its European Union Digital Identity (EUDI) ambitions and is leveraging Citadel as the underlying technology, allowing the protocol in a much more favorable position when compared to other crypto companies. Dusk uses privacy, a digital identity solution, two custom-made transaction models, and a proxied license to be compliant. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
356 days agocryptodaily
Dusk Network rebrands to Dusk - Regulated and Decentralized Finance
Rebranding marks the start of a new era with a focus on pilots and onboarding partners. Amsterdam-based fintech Dusk Network rebrands itself as Dusk. The company has matured over the last 5 years, and after focusing on research and development, it is now time to begin disclosing pilots and partnerships, and ramp up business adoption. The old brand was more associated with technological pioneering, while the new visual branding of Dusk has been designed to appeal to the financial industry without reneging the blockchain foundation. After 5 years of research and development, Dusk Network rebrands into ‘Dusk’ Dusk shifts focus to pilots and onboarding partners A more business-oriented approach and international expansion plans for adoption Dusk was created in 2018 with the ambition to use blockchain technology for financial empowerment and economic inclusion. The vision was to create a ‘network’ - hence the name - where institutions would create instruments inexpensively, and users would harvest them directly. Neither vision nor ambition have changed, but it takes a lot of commitment and a mature legislative framework. In the past years, the focus was on research and development; how to provide the technology to realize all this? Groundbreaking research and codes were one of the results, with the launch of a first testnet in 2022. Regulated and Decentralized Finance By dropping ‘Network’ from the name, and adding the tagline ‘Regulated and Decentralized Finance’, the brand represents both its ambition and vision in a clearer way. The transition into a more mature company blends in seamlessly with three key pillars when it comes to realizing their ambitions; bringing real-world assets to people's wallets, compliance, and privacy. These three pillars underscore everything Dusk has been building and is the driving force behind all decisions made. These pillars are key for everyone to have access to real-world financial instruments and to exert complete control over that which they own. Without compliance, mass adoption remains a fantasy. This is why Dusk is such a strong proponent of Regulated Decentralized Finance (RegDeFi). Without compliance with well-made regulations, crypto can never leave the crypto sandbox. “Dusk Network was founded in 2018 and in that time we’ve worked tirelessly to create the technology to unite the worlds of crypto and real-world assets and to bring financial freedom and inclusion to everyone. With the rebranding of Dusk, it feels like we’re entering a new era, moving forward as a scale-up and can finally trial our tech stack with the onboarding of pilots. Besides that, we focus on new partnerships and business development”. - says Emanuele Francioni, founder & CEO at Dusk. Onboarding partnerships and embarking pilots During an exclusive network and relationship dinner, a sneak peek of the new brand was revealed. It was part of an engaging moment of connection with partners, prospects and game-changers in the industry. During the event, Emanuele Francioni, founder and CEO of Dusk elaborated on recent business developments. Dusk made a strategic investment in the London-based startup OutDID, as part of the development of self-sovereign identity and to tie in with its own KYC products, Citadel and Shelter. All these will contribute to smarter use of and access to data, tying back to the three main pillars of Dusk. A partnership with NPEX, the licensed MTF exchange, to participate in the European Union Distributed Ledger Technology Regime (DLTR). Together with a top-tier financial institution, the aim is to make the first MTF for asset tokenization under this exemption. Also new upcoming partnerships with Mavryk (tokenized real estate), Cosimo X (already an investor), and IPwe (intellectual property-backed debt instruments) were mentioned. The new brand identity accelerates the more mature direction of the company, with a cadence of business development announcements coming up in the next months. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
367 days agocryptodaily
Dusk Network invests $50,000 in Outdid to spur self-sovereign identification
Outdid creates proof-system for passports without revealing personal information AMSTERDAM/LONDON, 24 MAY 2023 - The Amsterdam-based FinTech Dusk Network invested in Outdid. The London-based startup is using NFC and zero-knowledge proof technology to verify passport identities, without revealing any personal information. This helps in reducing identity fraud, as often this information is not securely stored or easily obtained via data hacks. This is Dusk Network’s largest investment ticket to date, helping Outdid accelerate the development of the technology. The Outdid technology allows companies to verify the government-issued IDs of their users, without asking the users to send any of their personal data to anyone, not even the company itself. This is in contrast to the conventional approach of doing identity verification, which requires the user to send their ID data to a third party for verification. The interest of Dusk Network in the identity solution is a very strategic move. The company recently announced Citadel, their own private Know Your Customer (KYC) solution, and would benefit from integrating Outdid’s technology in their own tech stack. “When we announced Citadel, it sparked great interest both within our company but also from the industry. One of the problems many self-sovereign identity companies face is the complexity of the technology to only provide essential information. With our stake in Outdid, we combine two game-changing technologies that would solve compliance issues for entire industries” - says Emanuele Francioni, founder and CEO of Dusk Network. Preventing identity fraud as biggest use case By using zero-knowledge technology and decentralized data storage, the largest use case would be reducing identity theft and fraud, as most of this data is obtained illegally via data leaks. Using Outdid would give the passport owner full control of the data they share and with whom. The founders of Outdid “When we started Outdid, it was meant to be something people really want and care for, today, and not for a distant point in the future. Dusk Network quickly stood out as a partner aligning with this vision, because they are using blockchain technology to aid specific & tangible real-world problems. Receiving an investment was the natural way to form this partnership, align interest, and get mentorship access to Emanuele Francioni and their world-class team of ZK & privacy researchers - technologies Outdid uses. Citadel is the first avenue to explore collaboration, to aid fully private KYC checks.” - says Zvezdin Besarabov, co-founder of Outdid. The investment was announced during an exclusive Dusk networking dinner, with over 50 game-changers from traditional financial institutions, the banking industry, media, and influencers. The event marks a new era for the company, which will hit the five year milestone in September 2023. Disclosing the investment will be the first strategic announcement, followed by upcoming pilots and collaborations in the near future. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
377 days agocryptodaily
Regulations Around the World
While blockchain and cryptocurrencies may transcend borders, the regulatory framework varies hugely from country to country and what is permitted in one jurisdiction may be prohibited in another. Dusk Network is dedicated to enabling secure, compliant, and scalable decentralized finance and facilitating the tokenization of securities and other financial instruments. While our focus has largely been on Europe due to its significance for our target audience and the impact of the upcoming MiCA regulations on the blockchain industry in the region, we are actively monitoring and staying up to date with evolving global regulations dealing with blockchain. Ryan King, Head of Business Development, wrote extensively about MiCA in this 5-part series (click here for part one) if you would like a deep-dive into what’s going on in the EU. Though the US typically dominates the news, different countries have different needs and situations and as such are responding to cryptocurrencies and blockchain in different ways, with some making steps towards adopting the technology, others creating business-friendly environments with taxes, and others being HODLers themselves. In this post, we will explore the diverse approaches countries are taking to regulate and engage with blockchain technology, highlighting some key challenges and opportunities this presents for the global community. El Salvador El Salvador, quite possibly the most overtly pro-crypto country, has demonstrated a strong openness toward Bitcoin. President Nayib Bukele goes as far as regularly tweeting about it and even playing along withcrypto Twitter culture. In a groundbreaking move, El Salvador recognized $BTC as legal tender in September 2021, becoming the first country to do so. This means that Bitcoin can be used to pay for goods and services as well as to settle debts. According tothis reportby PwC, the three main reasons for doing so are to increase the efficiency of remittances, reduce the number of unbanked people, and reduce the reliance on the US Dollar. It is important to consider the unique motivations and needs of countries outside the West when examining the impact of cryptocurrencies.t. People all over the world rely on remittances but the process for sending remittances back home can be slow, expensive, and time-consuming. Thevalue of remittances globallyreached $796 billion in 2022, more than the GDP of Turkey, Saudi Arabia, and Switzerland, and if “Global Remittances” was a country it would have the 17th biggest GDP just after Indonesia. Australia Australia has adopted a proactive approach to cryptocurrency and blockchain technology, with regulatory frameworks and innovation from both the public and private sectors, where severely regulated institutions like banks have been venturing into stablecoin experimentation. In Australia, cryptocurrencies aretreated like property, meaning that they are subject to capital gain taxation, and can be used for transactions while being legally traded, stored, and even included in training for KYC and CTF procedures. Unlike El Salvador which has classified $BTC as legal tender, Australia views cryptocurrencies as investments. In a significant development, the National Australian Bank partnered with renowned crypto company Fireblocks to launch AUDN, a stablecoin on the Ethereum and Algorand networks, which wasrecently used for cross-border transactions. Australia seems to be taking great steps by not over-regulating the industry, and even having an environment where national banks feel they can get involved. Portugal Portugal is known for its crypto-friendly tax laws, which have contributed to the growth of FinTech companies and investment in the country. As part of the European Union, Portugal is not only covered by the MiCA regulations, but has also been adopting blockchain technology,using blockchainin the public services, healthcare, and supply chain industries. The Government is at work to put together ablockchain strategy, recognizing the value and potential of the technology. India Home to the world's largest population, India has been cautious in its approach to cryptocurrency regulations, with the government observing international developments before committing to a clear framework. The Minister of State Financedeclared“Crypto assets are by definition borderless and require international collaboration to prevent regulatory arbitrage. Therefore, any legislation on the subject can be effective only with significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards” As it currently stands there are no concrete rules on cryptocurrency in India, with the space currently being unregulated (but crypto profits are taxed at 30%). India recently overtook China as having the biggest population in the world and has already embraced electronic payments for goods, so it might be just a matter of time until India begins to regulate and enter the crypto and blockchain space. China While Bitcoin is classified as a virtual commodity in China, its use as legal tender is prohibited, and there are restrictions on cryptocurrency-related activities. China has had an interesting journey with cryptocurrencies and blockchain and was initially very enthusiastic. However, the Initial Coin Offerings (ICOs) mania led to a blanket ban, and Binance - which was started in China - was also forced to leave. While Bitcoin is classified as avirtual commodityin China, its use as legal tender is prohibited, and there are restrictions on cryptocurrency-related activities. In 2021 China “banned Bitcoin” and prohibited mining, although it’s worth noting that China has been banning Bitcoin since 2013. Currently, the buying of Bitcoin is banned, but holding cryptocurrencies isn’t. However…. Hong Kong looks to beopening up to cryptoand working on crypto-friendly regulation so we could see Hong Kong become a thriving hub for crypto and potentially benefit from China’s talent. The UAE The UAE, especially Dubai, is emerging as a hub for business, innovation, and cryptocurrency activities, attracting influencers and traders from around the world (those low/no tax rates work!). With regard to blockchain and cryptocurrency regulation, the UAE’s approach seems to focus on facilitating the trading and ownership of digital assets, as well as fostering innovationin the blockchain space. Institutions in the UAE (as well in collaboration with Saudi Arabia) are embracing cryptocurrencies, with many new departments being set up as well as pre-existing ones including cryptocurrencies within their remit. Other Notable Legislations Earlier this year Indonesiaupdated its lawsto be more up-to-date with the current context and shows a deeper understanding of the tech and its potential than just trading. Singapore has long had a reputation for being crypto-friendly (and business-friendly too) with theauthorities working with banksto provide clarity on crypto moving forward. Malta is another country that has a reputation for being crypto-friendly and is implementingthree new lawsto help regulate and develop blockchain technology; The Malta Digital Innovation Authority Bill, The Technology Arrangements and Services Bill, and the Virtual Financial Assets Bill. These could see Malta really lead the way, however as a member of the EU Malta will fall under the MiCA regulations too. What does this mean? The diverse approaches we analyzed to cryptocurrency and blockchain regulation offer valuable insights into the future of mass adoption and institutional involvement in this rapidly evolving sector and there’s a lot to be excited about. In many ways, mass adoption relies on institutional adoption, and institutions can’t get too involved in crypto until they have a clear regulatory framework. Across the world, we see different approaches to this new technology and the opportunities it brings, with some countries making it easier to do business and trade, while others are looking to develop the underlying technology in addition to trading. There is also a difference between countries that are “crypto-friendly” due to not yet having clear regulations and countries that are actively crypto-friendly and have created regulations. It’s noteworthy that countries like India appear to be hanging back. A country like India could be primed for mass adoption of blockchain (amazing engineers, the tech hub of Bangalore, a lot of QR code payment apps for digital payments, and a lot of unbanked people/limited access to banking) but it seems to be hanging back to see what other countries do and how that works out. As MiCA takes effect and other countries develop their own regulations, it will be fascinating to observe how the global landscape of cryptocurrency and blockchain technology evolves, with some countries potentially benefiting from international stablecoin trading and near-instant settlements, while others may lag behind. It is certainly an exciting time for blockchain and crypto, and we’re thrilled that the EU has laid out a clear plan and are happy to be involved in the process of making blockchain normal and usable. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
402 days agocryptodaily
How Dusk Network’s Citadel Addresses Business And User Issues
The importance of regulatory compliance has increased considerably. This has directly impacted the cost of staying compliant, which has become an expensive and, at times, inefficient affair. Dusk Network’s Citadel KYC and AML solution helps companies by removing the burden of protecting, managing, and verifying data through the use of zero-knowledge proofs (ZKPs) The Compliance Cost The compliance cost refers to the total cost incurred by a firm to comply with applicable regulations in its area of operations. There are a wide variety of regulations with which a company may need to comply, , such as taxes, transportation, and the environment. In the case of financial institutions some of the most important regulations include include Know Your Customer (KYC), Anti-Money Laundering (AML), and Counter Terrorism Funding (CTF) regulations. They all have a significant impact on businesses, innovations, and users. KYC and AML are vital in preventing financial crimes such as money laundering, terrorism funding, and identity theft. However, the processes used to manage them are inefficient and expensive. Users must upload considerable amounts of personal information, while businesses have to verify, secure, and protect this data. According to estimates, the cost of verifying a single KYC profile ranges between $13 to $130, while AML is expected to cost financial institutions $37 billion in the UK alone. Cost Of Securing Data Gathering and checking data is not the only expense incurred by institutions. These organizations also have to spend a significant amount of resources prrotecting the security of the data once it is verified. Several estimates state that banks spend around $88 million annually on securing user data. Furthermore, most organizations end up duplicating the work, with different institutions running essentially the same background checks across the board, resulting in the same work being done twice. This is obviously very costly and inefficient, costing more prominent institutions additional funds and man-hours while preventing smaller institutions from competing with the bigger companies due to the high cost of doing business and staying compliant. Non-Compliance Is Expensive Too Institutions spend billions of dollars yearly to ensure they stay on the right side of the law. However, there is also a high cost for institutions that aren’t compliant. For example, institutions paid around $5 billion in fines for non-compliance in 2022. Big institutions can write off this expense as the “cost of doing business.” However, smaller institutions often don’t have the means to pay hefty fines should they fall foul of the law. This causes quite an impact on these institutions, especially when it comes to their reputations and operating costs. Another consequence is that smaller institutions tend to become risk-averse, preferring to take up only pure “white bread” customers. While avoiding risk is an excellent strategy, institutions often turn away customers with even the smallest difficulties or inconveniences, such as multiple bank accounts in different countries. As a result, in an effort to comply with KYC and AML regulations, institutions end up rejecting perfectly viable applications. As you can see, staying compliant is expensive, but not staying compliant could end up being even more expensive. Additionally, there are several other significant costs. Organizations can incur additional costs if a potential customer decides against completing time-consuming KYC/AML processes.. There is also the cost of lost resources, which could be put to other uses instead of requesting, storing, and verifying customer data. The third cost is to the economy because companies looked at the cost of compliance and decided not to go ahead with their venture, meaning as a whole we all miss out on increased innovation. Such a scenario makes everyone lose out. Introducing Citadel Dusk Network has introduced Citadel as its one-and-done KYC and AML solution. Citadel lifts the burden of verifying, protecting, and managing personal data from institutions using zero-knowledge proofs (ZKPs). Such an approach drastically reduces the potential risks of hacks and data thefts. But what are zero-knowledge proofs? Zero-knowledge proofs allow individuals or institutions to prove that a particular statement is true without having to reveal the contents of the statement in question. For example, let’s say you claim to have $1000 and wish to apply for a bank account. Typically, traditional methods would require you to provide statements to prove to the bank that you have $1000. However, using zero-knowledge proofs, you won’t have to give away any personal data or information. Instead, cryptographic proof is generated, which confirms the statement that you have $1000. That is all that is revealed to the bank, that you have the $1000 required to open an account. Dusk Network has developed Citadel as an identity layer that companies can utilize. Users can complete their KYC once, following which institutions can access the Citadel identity layer and verify if a potential client meets their requirements. Companies do not have to worry about securing or verifying this data. If Citadel sees widespread adoption, it could significantly bring down costs involved in compliance and help bring more companies to the fore. All data would be encrypted with ZKPs, which reduces the possibility of data hacks or leaks, and institutions no longer have to replicate the same processes as Citadel becomes the go-to solution removing their need to continually verify and manage data. . Selective disclosure makes it possible for users to information they wish to share. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
408 days agocryptodaily
How Can Dusk Network Make Compliance With The EU Data Act Easier?
The EU Data Act is an attempt to give people more power over what can be done with their data and how it can be used. However, the act has come under criticism thanks to what many see as a flawed approach, the introduction of a kill switch Bill To Boost Innovation The European Parliament passed the EU Data Act on the 14th of March. The bill, according to supporters, is intended to significantly boost innovation by removing barriers that prevent access to industrial data. The data act proposes establishing clear rules to fairly share data generated by connected products or services such as “Industrial Machines” and “The Internet of Things.” In a statement, the European Parliament noted that the act would help encourage better use of resources to train algorithms and lower prices for device repairs. One of the provisions of the act requires that smart contracts be made alterable. The Kill Switch Conundrum Because the act aims to protect trade secrets and unlawful data transfers, it stipulates specific requirements for smart contracts, including introducing a kill switch for safe termination and interruption. The EU’s desire to introduce a kill switch and pause functionality comes from the need to protect users from risks associated with smart contracts; experts were quick to raise concerns. Introducing a kill switch and pause functionality is the EU’s way of mitigating any risk that could arise from any catastrophic failure within the larger financial system. It also ensures that the integration of smart contracts does not pose a threat to the stability of the larger financial system. Growing Concerns However, blockchain experts have identified a number of problems with the legislation. Chief among these were concerns that focused on trust and decentralization. According to experts, the introduction of a kill switch compromises immutability and also introduces a single point of failure. This is because there needs to be someone or an entity required to govern the use of the kill switch. Others contended that the act endangers smart contracts to an unimaginable degree. As such, there are three options when it comes to control over the kill switch and pause functionality. These are single-user control, multi-signature control, and decentralized autonomous organizations. However, each approach to control the kill switch and pause functionality has its own tradeoffs, especially regarding trust and speed. It is crucial to strike a balance between these factors to ensure that kill switch and pause functionalities can protect users without stifling innovation or decentralization. Can Dusk Network Make Compliance With The Data Act Easier? Zero-knowledge proof-enabled infrastructures such as Dusk Network could play a crucial role in making compliance with the EU Data Act easier. It can do this by enabling selective disclosure, better privacy, and visibility. As such, Dusk Network can ensure that any off-chain modifications are legitimate while also protecting sensitive data. How can this be made possible? Dusk Network leverages selective disclosure, making it possible to minimize the exposure of any sensitive information and allowing only specific parties to access data within a smart contract. The network uses zero-knowledge proofs to ensure that trade secrets remain confidential. At the same time, it can also provide the necessary transparency to be compliant with regulatory authorities. Such an approach ensures the security of sensitive information contained within smart contracts. Dusk Network’s built-for-compliance smart contracts help to introduce clear roles for auditors and other stakeholders. This allows them to view parts and sections of smart contracts that are inaccessible to others. Furthermore, these roles can be extended to include functions that will enable the pausing of smart contracts. Using zero-knowledge proofs and selective disclosure by the Dusk Network can also help significantly reduce the risk of fraud. It does this by only allowing authorized parties to view and modify data, minimizing the potential for manipulation, unauthorized access, and tampering. This helps maintain the integrity of smart contracts and secure the overall ecosystem. To sum things up, Dusk Network can help address the challenges posed by the Data Act and ensure better compliance through verifiable computation, selective privacy, visibility, and built-for-compliance smart contracts. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
421 day agocryptodaily
Can Dusk Network Address The Challenges Posed By The Data Act
The EU Data Act has been criticized for its “one size fits all” approach. It also included a proposal to introduce a kill switch and pause functionality. However, while such a step could protect users, it could also hinder innovation. The Dusk Network can make it easier to comply with the act by leveraging selective disclosure and minimizing the exposure of sensitive information. The Rationale For A Kill Switch The EU has stated its rationale behind implementing a kill switch and pause functionality is to protect users from potential risks that could arise through smart contracts. It specifically outlined the risks in the context of the Internet of Things (IoT). While the act does not explicitly mention blockchain-based smart contracts, there needs to be more clarity around the legislation, which has raised significant concerns within the blockchain industry. While the growth and adoption of blockchain technology continue, it also increases the potential for risk. Introducing a kill switch is the EU’s way of mitigating any risk that could arise from a catastrophic failure within the financial system. The kill switch and pause mechanism gives the EU the ability to maintain a level of trust and security. It also ensures that the integration of blockchain-based smart contracts with the traditional financial system does not jeopardize the stability of the financial system. However, there is a need to strike a balance between regulation and innovation, not to stifle blockchain’s potential. Control Over Kill Switches? There is another point of concern that has arisen, that of who would have control over the kill switches and pause functionality. This dilemma has raised concerns about centralization and trust. There are three primary options for controlling the kill switch and pause mechanism. The first is single-user control. The second option is multi-sig control, while the third option is a decentralized autonomous organization (DAO). The single-user control means one entity will have the authority to activate the kill switch or pause functionality. While this option may be the fastest in the case of an emergency, it leads to the centralization of power and raises concerns about malicious actors and trust. Additionally, a single user may also lack the expertise needed to make optimum choices, leading to undesired outcomes. The multisig approach distributes decision-making power because it requires multiple users to authorize the kill switch or pause functionality, where a majority of users must approve the action in question. The multisig approach reduces the risk of errors and enhances trust, as no single user controls the system. However, the downside is that such an approach would be slower as multiple parties are involved. The third approach is the use of Decentralized Autonomous Organizations. This involves a significantly decentralized approach where all decisions are made by stakeholders that vote on proposals using predefined governance mechanisms. However, out of the three approaches, this approach has the slowest execution speed because the voting process is time-consuming and requires broad consensus. An Alternative Approach? Critics contend that the introduction of a kill switch and pause functionality could impede smart contracts and introduce friction. However, there are alternatives that rely on greater social consensus. Such alternatives see the control over smart contracts distributed amongst various stakeholders. Such an approach could maintain the decentralized nature of blockchain technology and enhance trust. Alternatively, zero-knowledge proof-enabled and regulated DeFi infrastructures such as the Dusk Network can help in achieving compliance with the Data Act. This can be done through selective disclosure, which minimizes the exposure of sensitive information by allowing only authorized parties access to data. As such, Dusk Network can help ensure that sensitive data is protected and any off-chain modifications are legitimate. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Dusk Network?

The live price of Dusk Network (DUSK) today is 0.417726 USD, and with the current circulating supply of Dusk Network at 421,164,409.32 DUSK, its market capitalization stands at 175,931,228 USD. In the last 24 hours DUSK price has moved 0.048565 USD or 0.13% while 14,159,812 USD worth of DUSK has been traded on various exchanges. The current valuation of DUSK puts it at #305 in cryptocurrency rankings based on market capitalization.

Learn more about the Dusk Network blockchain network and how it works or follow the price of its native cryptocurrency DUSK and the broader market with our unique COIN360 cryptocurrency heatmap.

Introduction

Dusk Network (DUSK) is a blockchain-based distributed ledger protocol that aims to revolutionize the digital currency and smart contract functionality space by providing strong finality guarantees for state transitions while preserving privacy. With its innovative technology and unique features, Dusk Network is poised to disrupt the blockchain industry and act as a privacy-preserving sidechain for other Layer 1 protocols.

Technology & Mechanism

Consensus Mechanism

At the heart of Dusk Network lies a novel Proof-of-Stake-based consensus mechanism called Segregated Byzantine Agreement (SBA). This consensus mechanism ensures the security and integrity of the network by allowing participants to reach agreement on the validity of transactions and blocks.

Blockchain Technology

Dusk Network operates on a blockchain that incorporates zero-knowledge proof-related primitives and includes a UTxO-based privacy-preserving transaction model called Phoenix. This transaction model ensures that sensitive information remains confidential while complying with regulatory requirements.

Key Features

Scalability

Dusk Network addresses the scalability challenge by utilizing a WebAssembly-based Virtual Machine called Rusk VM. This VM includes native zero-knowledge proof verification functionality, enabling efficient and secure execution of smart contracts.

Security

With its robust consensus mechanism and privacy-preserving transaction model, Dusk Network ensures the security of transactions and data on the network. The protocol assumes an honest majority of money and provides protection against probabilistic polynomial-time adversaries.

Privacy

Privacy is a fundamental aspect of Dusk Network. The protocol introduces transaction models called Zedger and Phoenix, which provide privacy-preserving features and allow users to transact without revealing sensitive information. This makes Dusk Network an ideal platform for applications that require privacy, such as financial transactions or sensitive data sharing.

Decentralization

Dusk Network is designed to be a decentralized network, ensuring that no single entity has control over the protocol. The protocol includes structures and functions for user-to-user transfers, as well as Genesis Contracts and the Kadcast structured overlay network, which facilitate decentralized interactions and consensus.

Development Team & Governance

The Dusk Network project is led by a team of experienced professionals in the blockchain and cryptography space. The team is committed to the development and advancement of the protocol, ensuring its long-term success. The governance model of Dusk Network promotes transparency and community involvement in decision-making processes.

Use Cases & Potential Impact

Dusk Network has a wide range of potential use cases across various industries. Its privacy-preserving features make it suitable for applications in finance, healthcare, supply chain management, and more. By providing a secure and private platform for digital transactions and smart contracts, Dusk Network has the potential to disrupt traditional systems and enhance efficiency and trust in these industries.

Purchase & Storage

How to Buy

Dusk Network (DUSK) can be purchased on several reputable cryptocurrency exchanges. Interested individuals can visit these exchanges and follow the necessary steps to acquire DUSK tokens.

Wallets & Storage

To securely store DUSK tokens, users can utilize compatible wallets that support the Dusk Network protocol. These wallets provide a safe and convenient way to store and manage DUSK tokens, ensuring the security of your digital assets.

Partnerships & Collaborations

Dusk Network has formed strategic partnerships and collaborations with various organizations in the blockchain and cryptocurrency space. These partnerships aim to enhance the functionality and adoption of the Dusk Network protocol, bringing more value to the ecosystem and its users.

Roadmap

The Dusk Network project has a clear roadmap outlining its future plans and objectives. The team is continuously working on improving the protocol, adding new features, and expanding its ecosystem. Upcoming enhancements include the integration of additional privacy-preserving technologies and the development of new use cases.

Risks & Challenges

As with any emerging technology, Dusk Network faces certain risks and challenges. These may include regulatory hurdles, scalability issues, and potential vulnerabilities in the protocol. However, the team behind Dusk Network is dedicated to addressing these challenges and ensuring the long-term success and sustainability of the project.

Community & Regulatory Compliance

Community

Dusk Network has a vibrant and active community of supporters and contributors. The community plays a crucial role in the development and growth of the protocol, providing feedback, suggestions, and participating in various initiatives.

Regulatory Compliance

Dusk Network is committed to complying with legal and regulatory requirements in the jurisdictions it operates in. The protocol aims to provide a secure and compliant platform for digital transactions and smart contracts, ensuring that users can transact with confidence while adhering to applicable regulations. In conclusion, Dusk Network is a groundbreaking blockchain-based distributed ledger protocol that combines strong finality guarantees for state transitions with privacy-preserving features. With its innovative consensus mechanism, privacy-preserving transaction models, and commitment to security and decentralization, Dusk Network has the potential to revolutionize the digital currency and smart contract functionality space. By providing a secure and private platform for transactions and applications, Dusk Network aims to disrupt traditional systems and empower individuals and businesses to transact with confidence.
Dusk Network Price0.417726 USD
Market Rank#305
Market Cap175,931,228 USD
24h Volume6,599,916 USD
Circulating Supply421,164,409.32 DUSK
Max Supply1,000,000,000 DUSK
Yesterday's Market Cap180,410,592 USD
Yesterday's Open / Close0.379796 USD / 0.428361 USD
Yesterday's High / Low0.430603 USD / 0.378787 USD
Yesterday's Change
0.13% ( 0.048565 USD )
Yesterday's Volume14,159,812 USD
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