Part I of a 3-day series familiarizing the community with the upcoming release of the Testnet v1 (Shin 殉星). Part I — “Explain like I’m 12-years-old” (ELI12).
Our Testnet is set to launch on the 26th of July 2019!
Part I of our 3-day series in which we dive deeper into the features of our Testnet. In this article, we will explain the Testnet from a high-level and include comparisons to easy to grasp concepts with the aim to make Dusk Network understandable for everyone. The technical terms can often be confusing, therefore Part I will attempt to explain the technicalities as if the reader was a 12-year-old. Part II will be released in short succession and will include a deep dive into the mechanics of the consensus algorithm and other novelties of the Dusk Network Testnet v1 (Shin 殉星). Finally, Part III will feature the Testnet installation guide as well as outlining the tools available to the users in conjunction with the Testnet.
The first iteration of the Dusk Network Testnet, called Shin (殉星), is coming up
The Testnet v1 release marks our first public release of the Dusk Network protocol implementation and we are very excited to demonstrate the novel features of our protocol! Testnet v1(Shin 殉星) allows developers and end-users to get hands-on experience with the Dusk Network protocol and get a chance to participate in the testing and improvement alongside our team.
What does Shin 殉星 stand for?
There are multiple reasons behind the “Shin” name. Apart from meaning new or novel in Japanese, Shin also represents a tribute to the Hokuto No Ken anime, since it is the name of the first prominent character encountered by the protagonist. All characters from the anime are associated with stars from either the Sagittarius (South Dipper Six Stars) and the Big Dipper, which are constellations visible at Dusk.
Blockchain is a so-called “append-only” digital ledger consisting of cryptographically linked sets of data assembled in blocks, where the ledger is a log of economic transactions. In the particular case of the Dusk Network protocol, these economic transactions can be supplemented with non-economic data entries. The term “append-only” conveys the fact that the data cannot be edited or removed once added to the blockchain. Blockchains are especially useful in distributed networks, enabling the participants to efficiently agree on a uniform log of entries, which is crucial for the aforementioned networks to retain viability. However, the data stored in the blockchain cannot be considered immutable unless it is secured via an underlying consensus protocol. Consensus protocols are a family of algorithms designed to guarantee the validity and consistency of data in distributed networks. To protect the Dusk Network’s blockchain from being tampered with, a novel consensus protocol called Segregated Byzantine Agreement (SBA) is utilized to validate and order the data that the users attempt to add to the blockchain. Therefore, users who rely on the blockchain’s data are confident in the ability of the blockchain to serve as a source of valid data.
Not only can Dusk Network’s protocol be accessed by anybody with an internet connection, no permission is required to run a Node that executes the rules defined by the Dusk Network protocol. As a result, anyone who runs a Node is eligible to participate in the consensus.
Dusk Network is a privacy-oriented blockchain protocol. The protocol guarantees user anonymity while simultaneously obfuscating any relevant transactional variables. By preserving the privacy of its users, companies who wish to develop on the open-source Dusk Network can attract institutional clients, and users, who would otherwise be deterred from using a transparent medium of exchange or data storage, and gaining access to its benefits. The tools used to grant privacy can also be used to obtain detailed audit trails and proofs to fulfill compliance requirements. After all, privacy is all about context, creators of applications or relevant third parties who require insights should be able to get those.
What guarantees the simultaneous validity and privacy of the data stored?
In short, the validity of the obfuscated data entries is ensured via a combination of mathematical algorithms belonging to a discipline called cryptography.
Dusk — Technology for Securities
Dusk streamlines the issuance of digital securities and automates trading compliance with the world’s first programmable and confidential securities.