What is Dusk Network (LSK) Token?
The world of finance has been evolving every new day with advanced blockchains becoming the base of the DeFi, NFT, and AI sectors. Bitcoin first emerged with the aim to offer financial freedom and decentralization. Now multiple tokens have been incepted, solving numerous use cases and offering a wide range of functionalities. The dusk network is among the prominent projects that offer a privacy-oriented ecosystem for DeFi.
The Dusk Network, a privacy blockchain for financial applications, is a platform that is powered by Zero-knowledge proofs using a new consensus protocol called Private PoS which is based on extraction. It is a layer-1 chain that pushes the Confidential Security Contract (XSC), supporting smart contracts. It combines multiple innovative technologies and creates new and exciting financial services.
As the network aims to address the requirements and needs of the financial markets it is designed to be highly scalable offering a direct finality settlement with privacy. The users here do not need any approval of any authorities to use the Dusk Network and they can also participate in the consensus.
| Launch Date | 2018 |
| Founder | Jelle Pol & Emanuele Francioni |
| Blockchain Protocol | BSC & Ethereum |
| Native Token | DUSK |
| Market Cap | $96.48 million |
| Token Type | BEP-2 and ERC-20 |
| Circulating Supply | 413.86 million |
| Max Supply | 1 billion |
| Consensus Method | Private Proof-of-Stake Extraction-based |
Who Are the Founders of Dusk Network?
Dusk Network was founded by Jelle Pol who is the current business director of the network and Emanuele Francioni 2018 who is the tech lead of the network. Both founded the network based in Amsterdam, Netherlands with an aim of offering confidential native smart contracts and privacy for financial services. They build such a platform that allows security tokenization in compliance with the regulations. The DUSK token incepted the trade with a public ICO with an initial price of $0.0576. 50% of the circulating supply was allocated to the sale, while, 6.4% to the team, 6.4% to the advisors, 18.1% to the development fund, 11.8% to partner ecosystem development, and 7.3% to marketing, PR, and Airdrop.
How Does Dusk Network Work?
The working protocol is powered by the workings of its consensus, SBA. The validators on the network lock up their DUSK tokens instead of using the computational power to validate the blocks. The validation of the blocks is divided into 3 phases, Block generation, block reduction, and block agreement.
Unlike Bitcoin which follows a typical layering of blocks after every transaction, DUSK validators work together to work on a specific block. They further create a certificate for the block to ensure that the block isn’t breaking any rules. To carry out the operations seamlessly, it uses the SBA mechanism which is an upgrade over the underlying Proof-of-Stake(PoS). It combines various decentralized functionalities and picks up the most honest nodes.
The main feature of SBA is that once the certificate is created then, it cannot be reversed as the voting power is transitional among all the validators in the Dusk Network. This is done to decrease the finality time. Additionally, the network also uses a native confidential smart contract system to provide privacy and decentralization which is driven by zk-proofs.
What Makes Dusk Network Unique-Uses Cases?
Decentralization
The network aims to be largely decentralized by promoting smaller players to participate in the consensus rather that allowing the resource concentration from staking pools.
Consensus Mechanism
Dusk Network uses a private PoS consensus that uses the segregated Byzantine which is powered by Proof-of-blind bid. This enables the block generators to stake tokens anonymously.
Consensus Participant
The voting power constantly rotates among all the network participants and hence everyone on the network gets a chance to be a consensus participant.
Fast Transactions
The transactions are extremely fast and quick on the Dusk Network.
Dusk Network Price Analysis
Source: Tradingview
- The DUSK price is trading within an ascending broadening wedge which is largely considered bearish
- It indicates a potential selling opportunity after an uptrend and hence the DUSK token may rise slightly which may result in a breakout towards the bottom
- The RSI has displayed a bullish divergence and hence the price may continue with an upswing that it ignited with a rebound from the lower support of the wedge
- After marking the interim highs above $0.3112, the price may plunge into a deep bearish trend to retest $0.2
| Dusk Network Price Today | $0.233 |
| Price Change <Yearly> | -6.5% |
| Market Dominance | 0.01% |
| Market Rank (as per CMC) | 286 |
| Market Cap | $96.62 million |
| Fully Diluted Market Cap | $233.43 million |
| ATH | $1.17 |
| ATL | $0.011 |
How to Buy Dusk Network in India?
Do you want to buy a DUSK token in India? You can take a look at CoinDCX is one of the best Bitcoin and crypto investment apps, offering a wide range of products. All you need to do is,
- Download the CoinDCX App on your smartphone
- Enter the details required for registration
- Complete KYC
- After verification, fund your wallet and buy DUSK
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