What is Dusk Network?

Sep 13, 2022
4 min read

This blog post will cover:

  • What is Dusk Network?
  • Where did Dusk Network come from?
  • What are the advantages of Dusk Network?
  • What are the disadvantages of Dusk Network?
  • How to buy Dusk Network on SimpleSwap?

What is Dusk Network?

DUSK is a native token of Dusk Network, a privacy blockchain for financial applications. Dusk Network provides solutions for financial markets. DUSK is a utility token of the platform, one of its functions is the deployment of smart contracts.

Dusk Network has a number of peculiarities that distinguish it from other networks such as:

  • Zero-knowledge proof (ZKP)
    ZKP is a method that works in the following way: one party can prove to the second party that the first party knows a certain value without giving more information than the fact that they know this value. The most significant challenge here is to prove that some party possesses some information without revealing the information itself.
  • Confidential Security Contract (XSC) standard
    The XSC is a standard for security tokenization. It changes the well-known process of issuance, management, and trading of securities. The main purpose of the implementation of this protocol is to eliminate the middleman from the scheme. On the other hand, it gives an opportunity to preserve regulatory compliance.
  • Segregated Byzantine Agreement (SBA)
    The SBA is a local consensus algorithm created instead of PoW, PoS, and PoA. According to the Dusk Network website, none of the mentioned protocols are able to give a high enough level of security and speed. Here is how the SBA works. At first, blocks are generated. Then the whole amount of blocks are reduced to the one potentially winning block that goes through the verification. If the verification is successful the block goes to the chain.

Where did Dusk Network come from?

The Dusk Network is a relatively new project. It started in 2018. It was a collaboration of tech and business experts. The first people in the Dusk Network team were Emanuele Francioni, Fulvio Venturelli, Jelle Pol, Pascal Putman and Mels Dees. The Whitepaper V1.0 was also published that year. The second half of 2018 was devoted to the research and investigation of opportunities.
In 2019 Dusk ERC-20 and BEP-2 tokens were listed on Binance, Bitfinex, and Bittrex Global exchanges. It was also the year when the first public-available testnet was implemented. 2019 also brought the Whitepaper V2.0 and it was a start for the XSC. It was a time of active work within the network.
In 2020 all the network components have finally come together. It significantly improved the performance of the network.

What are the advantages of Dusk Network?

  • Decentralization
    Decentralization is one of the key features in the Crypto World today. The Dusk Network is not the first one here, nonetheless, it is still one of the most important aspects.
  • Confidential Smart contracts
    Dusk Network brings transaction confidentiality to smart contracts; this is important for financial applications and to protect user data.
  • Transaction privacy
    Using Phoenix, and new methods in zero-knowledge cryptography such as PLONK the privacy of users is protected.
  • Zero-knowledge proof
    ZKP is a significant part of the network privacy protection.
  • High speed
    The high speed of transactions is something that all users want to have and all platforms are eager to achieve. This platform claims that they have succeeded in this area.

What are the disadvantages of Dusk Network?

  • Сompetition
    As we have said before the Dusk Network is quite new. This fact makes it rather difficult to talk about its disadvantages so far. However, it is still developing and the competition on the market is getting more intense.

How to buy Dusk Network on SimpleSwap?

If you are interested in trying all the Dusk Network features, you are welcome to get DUSK with just several simple steps:

  • Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
  • Select DUSK in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
  • Enter the Recipient's Address. DUSK will be sent to this address. Be careful and make sure you use the correct address.
  • Check all the information you have entered. If everything is correct click the Exchange button.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.

We hope that this article explained the basic peculiarities of Dusk Network. Thank you for your attention!

Don’t miss our new articles!


Share on: