Privacy-preserving layer-1 Blockchain allows consumers and businesses to enjoy the advantages of a public network that can be used for a variety of financial applications, compliant with all legal regulations.

Dusk Network, the Amsterdam based FinTech company, successfully launched its testnet called ´DayBreak´ today. The public will be able to interact for the first-time with DayBreak today.

Dusk Network uses layer 1 blockchain protocols to power privacy-preserving smart agreements that comply with business compliance requirements. This network has a unique and rapid Proof-of-Stake consensus (PoS), with settlement finality guaranteed, which is an essential requirement in financial use cases. Blockchain offers new options for those who want to use blockchain to improve the efficiency of traditional finance.

A real-world solution and compliance
Banks and brokers are closely monitoring the developments in blockchain technology. Blockchain can disrupt the status-quo but it must comply with financial market regulations and legislation.

Dusk Network, which is a self-contained network of peer-to-peer networks, was created from scratch to meet the regulatory requirements for a compliant distributed ledger. They pushed the technology boundaries by creating and testing new techniques and algorithms for peer-to–peer networks, distributed computation and zero-knowledge encryption. Dusk Network tailors its network to meet the needs of financial institutions. This allows blockchain to be relevant in promising areas that are largely unknown.

‘”Most of us know that public blockchains are completely transparent by nature. The technology is proving to be a major obstacle for financial institutions looking to adopt it. They need the tools to satisfy compliance criteria, whilst keeping sensitive data, such as their clients’ balances, ownership registries and asset movements between venues, confidential. I am beyond excited to launch DayBreak knowing that we are pushing technology that addresses the needs of the real world.” – said Jelle Pol, Founder & Business Director at Dusk Network.

Technological advancements
PLONK is the fastest standard in zero-knowledge technology (ZK), and all transactions are confidential on Dusk Network. With smart contracts, the network functions as a public record and stores relevant information confidentially. This solves the problems of other platforms like Dusk Network, such that they are unable to comply with the privacy-compliance requirements.

Succinct attestation, which is an innovative Proof-of-Stake mechanism (PoS), provides much-needed settlement closure. This is crucial for financial application regulatory compliance. Dusk Network ensures that all transactions, no matter how complex, are completed and permanent as soon as processed. This gives legal certainty regarding ownership. In addition, PoS is more environmentally friendly than Proof-of-Work, as it doesn’t rely on the power-intensive computation of mining.

Confidential Smart Contract Platform RUSK allows for the development of a new generation of decentralized applications (dApps). It also allows anyone to create privacy-enabled smart contract programs. Dusk Network stands out from privacy blockchains.

This trio of technological advances allows them to serve regulatory-compliant financial apps on Blockchain technology.

“TestNet is a huge milestone and I am incredibly proud of launching a network that fulfills a vision that many considered too ambitious even for multi-billion dollar projects With Dusk Network we are creating a state-of-the-art blockchain in every sense of the word; the components underpinning the network such as PLONK, Kadcast, and Rusk are true marvels of innovation that pave the way for a new standard in both traditional finance as well as the emerging DeFi. With the delivery of DayBreak, we are entering an exciting new chapter which signals our confidence in the network’s capabilities, as well as our readiness to progress to the next steps featured in our roadmap, toward our vision of a truly fair and efficient financial market.” – says Emanuele Francioni, Founder and Technical Director at Dusk Network.

DayBreak Testnet

The network’s launch has made it open to public scrutiny. Users can visit the Block Explorer to inspect the network’s block times, and learn more about the ongoing activities. Anyone who is interested in contributing can sign up for the wait list. It currently has over 2500 members. Users who are tech-savvy can download the CLI wallet via the Portal to start performing transactions on the network. Portal.dusk.network has the CLI wallet and block explorer.

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