What is Dusk Network? Information about DUSK Token?

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29 Mar 2024

What is Dusk Network? Information about DUSK Token?

Privacy and security rights in digital platforms always receive significant attention from the cryptocurrency community. Dusk Network has been developed to address this issue. So, what is Dusk Network? Let's find out right away!
Table of Contents

What is DUSK Network?

DUSK Network is a blockchain network designed primarily to develop digital financial applications, aiming to automate transactions and ensure privacy as well as auditability for each user.
By using a customized consensus mechanism and advanced cryptography, DUSK Network is committed to providing the highest level of security. The goal of this platform is to digitize financial markets and create an environment that eliminates reliance on intermediaries in traditional systems.
Dusk Network promises to become a flexible blockchain protocol for the deployment of Zero-Knowledge applications and play an important role in the global ecosystem of decentralized applications.

Main Components of the Dusk Network

Interface
Rusk Virtual Machine
Rusk allows developers to program Smart Contracts, power dApps, and set parameters for compliance and easy control. This virtual machine system is entirely based on Zero Knowledge Cryptography and is also the world’s first Zero Knowledge – Virtual Machine (ZK-VM) application.
Zero Knowledge – PLONK
With Zero Knowledge – PLONK, enterprises can transact securely and with strict privacy.
Fast Immutable Data – Kelvin:
Dusk Network uses Kelvin to accelerate immutable data storage. Kelvin is a particularly fast and unique Merkle Tree toolkit for creating optimized data structure models.
Proof of Blind Bid
Dusk Network operates on the Proof of Blind Bid consensus mechanism, an upgraded version of Proof of Stake that can provide maximum network security due to its dual node structure: Block Generators and Provisioners.

The Difference of Dusk Network

Dusk Network was created for 3 main use cases: payments, digital asset transfer, and P2P transactions.
One of the main tasks of this network is to ensure operability and continuity for cryptocurrency transactions, as well as stable data transmission in the offline file transfer system.
Developers on Dusk Network can deploy a system that allows anonymous file transfer for users, but at the same time, the user must register in the system and take full responsibility for the content of the files.
To protect privacy, Dusk Network will provide anonymous addresses, anonymous transactions, and specific IP address encryption.

Benefits of Dusk Network

Fast speed: Without waiting for block confirmations, transactions will take place quickly, taking just a few seconds to complete and achieve the final result immediately.
Privacy: Zero Knowledge Cryptography technology will make privacy programmable, even on a public blockchain.
Scalable: The Proof of Blind Bid consensus algorithm is designed for high throughput, supporting the needs of enterprises of all sizes.
Security: Dusk provides developers with a reliable and secure network for dApps.
Replaceability: Continuous and random changing of voting rights between all validators in the Dusk network means anyone has a chance to become a consensus participant.
Decentralization: Preventing resource concentration from Staking Pools will encourage new players to join the consensus.

What is the DUSK Token?

Basic Information of DUSK Token

Token Name: Dusk Network.
Ticker: DUSK.
Blockchain: Ethereum.
Token Standard: ERC20.
Contract: 0x940a2db1b7008b6c776d4faaca729d6d4a4aa551.
Token Type: Utility.
Total Supply: 1,000,000,000 DUSK.
Circulating Supply: Updating

Utilities of DUSK Token

DUSK is the utility token of the Dusk network. This token has many use cases within the ecosystem including:

Used to exchange for Confidential Security Standard (XSC) tokens.
Used for Staking and participating in consensus.
Used to participate in chain governance in XSC.
Used as a reward for consensus participants. A small percentage is also transferred to project development for R&D purposes.
DUSK is also used to deploy Smart Contracts for various dApps.

DUSK Token Allocation

Allocation

Private Sale: 50% of total supply.
Partner Tokens: 11.81% of total supply.
Technical Development Fund: 18.06% of total supply.
Marketing & Events Tokens: 7.29% of total supply.
Team Tokens: 6.42% of total supply.
Advisor Tokens: 6.42% of total supply.

DUSK Token Release Schedule

Vesting

Storing and Trading DUSK Token

Market
DUSK is an ERC-20 standard token, so you can store it in Ethereum wallets like Metamask, Trust Wallet, Coin98 Wallet, Coinbase Wallet, cold wallets like Ledger, Trezor, and on exchanges like Binance, Bitget, BKEX, Bittrex, Gate.io, etc.

Development Team

Emanuele Francioni: Founder & CEO

Emanuele holds a Master’s degree in Engineering, Electronics, Robotics and Automation from the University of Rome.
After graduating, Emanuele worked as a Software Engineer at Vitrociset SPA Syrian Air Traffic Control Project, Commerzbank AG, Tom Tom applications related to mapping systems.
Emanuele founded several companies like Beestar, a unique user-friendly smart device in the IoT ecosystem, seamlessly integrated with any vehicle to provide sensible services for drivers and business fleet owners. GoSparc BV, a connected vehicle device enabling organizations to deploy their own enhancement solutions for free of any hardware costs.
Emanuele entered the Crypto market when he founded Web3 Ventures and UNL, a decentralized micro-location protocol for addressing, navigation and location-based services.
In January 2018, Emanuele started building Dusk Network.

Fulvio Venturelli: Co-Founder & Director

Fulvio holds a Bachelor’s degree in Computer Science Engineering from Sapienza University.
Fulvio worked as a Software Engineer at several companies like Amazon.com, Excite Italia, Torrington Interactive, TomTom, etc.
Fulvio started building UNL, Web 3 Ventures together with Emanuele.