The first public release of the Dusk Network privacy blockchain protocol will happen on 1 February 2022. The protocol’s zero-knowledge smart contracts will make a truly decentralised, privacy preserving, and permissionless blockchain, a reality.
In only another two weeks, Dusk Network will bring years of hard work to fruition. Years of developing bleeding-edge zero-knowledge cryptography have come to the point where the technology is about to be tested. The technology is a response to the current financial ecosystem, which Dusk Network believes must make way for a fairer financial system in the future – fully decentralised.
Dusk Community become provisioners and run nodes
With the launch of Daybreak, the first cluster of nodes will support the Dusk Network, allowing its privacy blockchain to go live. Those who will lead the way and run the first nodes, also known as ‘provisioners’, will be experts who are on-boarded from the community.
However, the Dusk Network community has a lot of enthusiastic supporters who would love the chance to back the project by running a node.
In fact, a Dusk spokesperson said that there were over 700 signups to run a Dusk node from enthusiasts in just one day. According to the team, those from the community who can demonstrate a certain level of expertise will be the first provisioners, but once they have paved the way, the rest of the community who have signed up, will be on-boarded on an on-going basis, based on their profiles and signup dates.
A decentralised and permissionless blockchain that preserves privacy
There is much conversation happening in the crypto space as regards zero-knowledge cryptography, and Dusk Network is certainly pioneering the way in this respect with their unique L1 blockchain.
The smart contracts on the Dusk Network blockchain will be privacy-preserving, meaning that the user will keep their identity and transactional data private.
Only the two parties on either side of a transaction will be able to see the data they need to see. They will be able to see a ‘viewkey’ of their data and will be able to use this to decrypt the transaction.
Normally, the transactions made on a blockchain are visible on a block explorer, but in this case the actual amount of each transaction and the transaction inputs will remain completely invisible, thereby completely preserving the privacy of the user and their activity.
Right to privacy is not only for the individual but equally for enterprises. The power of permissionless smart contracts, together with technology that is compliant with GDPR and financial directives should pave the way for a fairer future for finance – Dusk Network is making that happen.
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.