Privacy Becoming Hot Property
Privacy coins recently experienced a spike in attention and simultaneously, price. Approximately seven days ago, privacy coins such as Monero and Zcash spiked more than 20% on the day. This was a mere three days after I published, “Is Monero About To Gain Increased Adoption?”. Privacy is positioned to become an increasingly popular niche within the Crypto space going forward. This is largely due to macro events and the responses of governments’ across the globe. A lot of exchanges may have halted the trading of privacy coins but there is still a lot of liquidity available. Monero alone trades almost $200 million per day on exchanges! Surprisingly enough, Zcash is currently exceeding Monero’s daily volume and trades $450 million per day. Binance, Kraken, and KuCoin are amongst some of the larger exchanges still offering Monero to their users.
Dusk – A Trade Becomes A HODL
I initially acquired my DUSK holdings when it was trading at approximately $0.09. DUSK has since reached an all-time high of $1.09 and is currently trading at $0.30 at the time of writing. My intention was solely for trading purposes but then I decided to actually take a more long-term view and am still holding my DUSK in the hopes that it will move in line with privacy coins. It has been under quite a lot of pressure recently, along with the rest of the altcoin market. The market cap is still moderately low at $120 million, which does provide a fair amount of room for some decent upside! Binance is currently the most active market for DUSK and facilitates more than 50% of the daily trading volume.
What Exactly Is Dusk Network?
Dusk Network is an open-source and secure blockchain that is utilized by organizations to tokenize financial instruments. Privacy-enabled Security Tokens can be issued legally on a public blockchain and still preserve the confidentiality and peace of mind that privacy provides. Confidential smart contracts are at the core of the various use cases offered by Dusk Network. DUSK is clearly more than your basic privacy coin and is well-suited to business and organization adoption. In some ways, it is similar to AXPR, in that they are both looking to service and enhance companies and organizations. Zero-Knowledge Utility Tokens could actually become rather attractive in the future.
In a similar way, as decentralization is getting attacked, I would expect privacy to encounter many hurdles in the not too distant future. Any technology that is essentially helpful and beneficial to the world usually encounters initial resistance. Dusk Network actually provides an entire array of privacy-enabled services and products, making it a potential moonshot in my opinion.
Something that I always look out for in a coin is the enhancement of staking. Being able to stake a coin can help offset loss, as well as increase profits in a bull run. Alternatively, staking coins can be used as a “business model” to generate passive income. It is a great feature to have at one’s disposal. DUSK can be staked at an annual return of 12%, which suits me perfectly. I am always looking for quality coins that offer at least 10%, although I will settle for as low as 6%, provided the coin is of a high caliber.
I think that in the current economic climate privacy as a whole will begin to play a more central role. Privacy coins are great but DUSK offers a lot more than private transactions. Offering a wide selection of privacy-based products is something that sets Dusk Network apart and has the ability to propel it forward given the right conditions. DUSK is a calculated investment that may or may not pay off. However, I feel rather confident that it will perform at least relatively well going forward. Hopefully, it will perform exceptionally well in time but we will have to wait and see.