What Is the Dusk Network?
DUSK is the native token of the Dusk Network, which is a privacy blockchain made specifically for financial applications. Businesses can tokenize financial items and automate time-consuming procedures using the DLT infrastructure employed by the Dusk Network.
Check out the Dusk Network price chart above if you want to see the current DUSK price.
The Dusk Network crypto project provides users with the Rusk Virtual Machine (VM), which allows them to develop smart contracts. It is the first VM that fully relies on zero-knowledge proofs. Specifically, it uses PLONK, which is a novel general-purpose zero-knowledge proof scheme.
Besides that, the Dusk Network also provides users with a toolkit used for creating advanced data structures. The toolkit is called Microkelvin.
Also, it’s important to note that Dusk created its own token standard called the Confidential Security Contract (XCS). To be more precise, it’s a security token standard that allows businesses to create their own security tokens.
Talking about the consensus mechanism, the Dusk Network uses the Succinct Attestation (SA) agreement. Essentially, it’s an improved version of the Proof-of-Stake (PoS) consensus mechanism because it provides instant settlement finality. Thus, the transactions completed on the Dusk Network are permanent and irreversible as soon as they are performed.
Use Cases of DUSK Tokens
DUSK is the driving force behind the Dusk Network. The following are the main use cases of the Dusk Network tokens:
- The Dusk Network tokens can be used as a payment method for all services provided by the network, such as smart contract deployment and operation.
- The Dusk Network tokens are used to pay for transaction fees of XSC-based security tokens or the DUSK tokens themselves.
- The Dusk Network tokens are used as a reward for network nodes that verify transactions, as well as provide bandwidth and storage.
Tokenomics of DUSK
The max supply of the Dusk Network coins is 1 billion. Thus, due to its deflationary nature, it’s likely that the DUSK price will increase once the circulating supply reaches the max supply.
However, bear in mind that in addition to rising, the DUSK price may also fall. If you intend to buy DUSK tokens, it is crucial that you comprehend this. Why may it fall? In essence, the volatility of the cryptocurrency market has a significant impact on the Dusk Network price, just like it does on the prices of many other crypto assets.
