What Is Dusk Network? A Privacy-Focused Blockchain Explained Simply
Dusk Network (DUSK) is a privacy-focused Layer1 blockchain specifically designed for regulated financial markets and the tokenization of real-world assets (RWA). Dusk bridges the gap between traditional finance and decentralized Web3 protocols and applications. The project helps make real-world crypto adoption for use cases more secure and scalable through its privacy features.
Why Privacy Is Suddenly The Most Valuable Asset In Tech & Crypto
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 just three days after I published an article about Monero and its increased adoption. Privacy is poised to become an increasingly popular niche within the crypto space. This is largely due to macro events and governments’ responses across the globe.
Many exchanges may have halted trading in privacy coins, but substantial liquidity remains. Monero alone trades almost $200 million per day on exchanges! Surprisingly, Zcash is currently exceeding Monero’s daily trading volume, trading $450 million per day. Kraken and KuCoin are among the larger exchanges still offering Monero to their users. Monero (XMR) is also available on MEXC, which is another exchange altcoin investors tend to prefer.
From Short-Term Trade To Long-Term HODL: The Dusk Shift
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 I then decided to take a longer-term view and am still holding my DUSK in hopes it will move in line with privacy coins. It has been under significant pressure recently, along with the rest of the altcoin market.
The market cap remains moderately low at $120 million, offering a fair amount of upside! Binance is currently the most active market for DUSK, accounting for more than 50% of daily trading volume. DUSK is also available on Pionex, a specialized cryptocurrency exchange well-known for its built-in trading bots and investment strategies. If trading bots are your thing, you can create a free Pionex account here. Always research and understand the inherent risks first.
What Exactly Is Dusk Network? A Deeper Look Into The Privacy Blockchain For Finance & RWA
Dusk Network is an open-source, secure blockchain used by organizations to tokenize financial instruments. Privacy-enabled security tokens can be issued legally on a public blockchain while preserving 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, as both aim to serve and enhance companies and organizations. Zero-knowledge utility tokens could become quite attractive in the future. Similarly, as decentralization comes under attack, I would expect privacy to face many hurdles in the not-too-distant future. Any technology that is genuinely beneficial to the world usually encounters initial resistance. Dusk Network offers an entire array of privacy-enabled services and products, making it a potential moonshot, in my opinion.
Price Enhancement Through Staking: How Crypto Staking Can Boost Long-Term Value
Something I always look for in a coin is enhanced staking. Being able to stake a coin can help offset losses and increase profits during a bull run. Alternatively, staking coins can serve as a business model for generating 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%, though I will settle for as little as 6% provided the coin is of high caliber.
What Dusk Network Has In Its Favor: Key Advantages Of The Privacy Blockchain
There might be other well-known privacy coins, such as Monero and Zcash. However, Dusk Network is not only a privacy coin but also caters to financial markets and the tokenization of real-world assets. As you may know, this is predicted to be the next big shift, capable of propelling crypto adoption beyond its current limitations. Crypto is still very much a speculative asset class, rather than a real-world necessity. However, tokenization has the power to change that.
Privacy is, of course, an additional benefit. However, tokenization is likely to be the primary driver of the adoption of DUSK and Dusk Network. Being designed for regulated markets gives it an additional ethical edge and a future use case worthy of adoption. Essentially, this gives potential investors a brief window to build a position in DUSK. The fact that it can also be staked in the interim is an important feature that shouldn’t be overlooked, as it demonstrates DUSK’s versatility and utility.
Where Is The Best Place To Store DUSK? Safe Wallet Options For Dusk Network
The safest way to store DUSK is with a hardware wallet. However, you will have to choose a wallet depending on whether you are storing ERC-20-based DUSK or the native DUSK. For ERC-20 tokens, the SafePal S1 Pro and Ledger Nano X are good choices. SafePal devices are air-gapped, providing an additional layer of security. At the same time, Ledger is well known for its ease of use for beginners, and the Nano X is considered by many to be the best Ledger device for ERC-20 tokens.
When it comes to native DUSK assets, Tangem’s card-based cold custody solution provides native support for DUSK. Tangem also supports many other assets and blockchains, making it a good all-around wallet. When purchasing directly from the Tangem store, use the code WK6ZP4 to qualify for a 10% discount. Tangem is available exclusively as a 2- or 3-card pack or a wearable ring. Both wallets support the same assets.
Final Thoughts
Given the current economic climate, privacy as a whole will begin to play a more central role. Privacy coins are great, but DUSK offers much more than just private transactions. Offering a wide selection of privacy-focused products sets Dusk Network apart and could propel it forward under 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 in the future. Hopefully, it will perform exceptionally well in time, but we will have to wait and see.