Dusk is a highly technical project! Almost everything we do requires more explanations, which requires more background knowledge, and then a little bit more on top of that!
From privacy which leads to zero-knowledge proofs which leads to elliptic curves, to compliance which is built on an understanding of MiCA and other crypto regulations, or even real-world assets (RWAs) which make a lot more sense if you understand how clearing houses operate.
So, today I wanted to take a different perspective and focus on problems. It’s been said that blockchain is a solution looking for a problem. So, let’s look at what our problem is, and how we go about solving it.
We solve the problem of digitizing assets
We know why we exist. We know for whom we exist.
This sounds really obvious, but being clear and focused on the problem you solve is so important! In blockchain it’s easy to get into describing the qualities of a blockchain; “It’s decentralized! It’s permissionless! It’s immutable!” but not to have so much clarity on why this is good and how it can be used.
Take decentralization, as an example, one of the reasons why we think this is a good thing is because it allows institutions to offload a significant amount of their infrastructure to decentralized infrastructure - Dusk - in a way they wouldn’t be able to in a centralized system.
So for us, everything we do and every piece of the whole puzzle has a very tangible reason and use case that goes beyond just being cool.
Dusk DLT will remove barrier to entry for institutions and users
Another key feature of Dusk is that the problems we are solving exist in “the real world”. A lot of the innovation we see in blockchain solves problems that exist solely within blockchain. And that’s not to say it’s not useful or worthwhile to solve these problems, just that we have our focus on using blockchain to solve “real world” problems, rather than solving blockchain problems.
We want to make it possible for traditional assets to be brought on-chain, and by doing so to bring regulated assets to everyone’s wallets, to be the interoperable layer for finance, and to power financial freedom through financial inclusion.
Something that stands out to me the most about our team is how dedicated everyone is to making finance better through their skills, and helping to solve this problem of reducing inefficiencies in the financial system while also making it more accessible.
The problem we are aiming to solve is not only clear, it is important, and solving it will have a very real impact on people’s lives
Institutions want to tokenize their assets on-chain
This part is so important! If you’ve ever started your own business or offered products or services you’ll know that people actually wanting your solution and agreeing with you that they have a problem, is vital!
If you’re solving a problem no one wants solved, it doesn’t matter how awesome your solution is, it’s unlikely to do very well!
In our case, we have been able to see that people out there want our solution. From the countless conversations our team has had with institutions to the pilots that we’re not allowed to talk about to the news showing time and time again that almost every major organization is trying to work out how to get on-chain, we see that our solution is needed.
The tokenization of real-world assets has been our goal for a long time, and as such is woven into our infrastructure. We’re not having to find workarounds or add-ons, instead we’ve been able to construct the entire system to make the tokenization of traditional assets possible.
Decentralization means direct ownership of assets
We think this problem is worth solving. We think that what we’re building could make people’s lives much better, freer, and ultimately happier.
I like to imagine what finance would look like in 10, 20, or 30 years if we are able to solve this problem. I don’t know what it will look like - I can’t imagine the inventors of the internet foresaw Tik Tok! - but I’m incredibly hopeful that solving the problems we’re focused on will lead to positive outcomes for everyone, from the biggest institutions to the most normal of people.