Wednesday, May 29, 2024
HomeTechnologyWith the DayBreak Testnet, Dusk Network resolves financial privacy concerns

With the DayBreak Testnet, Dusk Network resolves financial privacy concerns

The ‘DayBreak’ testnet was successfully launched on March 23 by Dusk Network, an Amsterdam-based FinTech company. Dusk Network is a layer-1 blockchain technology that may be used to create privacy-preserving smart contracts that comply with regulations. A novel and fast Proof-of-Stake (PoS) consensus with settlement finality assurances protect the Dusk Network, which is crucial for financial application. This opens up new opportunities for communities and businesses interested in adopting blockchain for their business and using it to overcome the inefficiencies of traditional financing.

Banks and other financial institutions are keeping a close eye on the blockchain industry’s sudden growth. Blockchain has the capacity to change the status quo, but only if it can adhere to financial industry regulations and guidelines. Therefore, Dusk Network was created and constructed from the bottom up to meet the criteria of a regulatory compliant distributed ledger, creating its own way. Dusk Network seeks to make blockchain useful in potential industries that are presently unexplored by adapting its network precisely to the needs of the financial sector.

All transactions on the Dusk Network benefit from confidentiality by use of PLONK technology. PLONK is a zero-knowledge (ZK) proofing technology as well as a lightning-fast standard. The network functions as a public record, with smart contracts that securely store necessary data, overcoming the drawbacks of comparable platforms like Ethereum, which are unable to meet the privacy-compliance criterion.

The network is now accessible to public examination following its inauguration. Users may look at the network’s block timings and discover more about what’s going on via the Block Explorer.

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