As we are wrapping up the seed round required to make Dusk Network a reality we will move towards a format where we start posting bi-weekly updates around development and business. However, before this series starts it would be useful to spend a few posts on what exactly the driving forces are behind the Dusk Network, and how we envision the Dusk Network coming to life.
The Dusk Foundation
To oversee the inception of the Dusk Network the Dusk Foundation has been incorporated. The goal of the foundation is the creation and adoption of Dusk Network, rather than a typical profit maximalism approach. The Dusk Foundation coordinates the two main development arms of Dusk Network; business and technical. The Foundation is used to apply for several types of grants and subsidies to help fund the creation of Dusk. There are several interesting European Funding Calls available to further our regulatory compliant approach to privacy, combined with the potential for information pluralism, retention of cultural heritage, and the general censorship resistance offered by Dusk Network, combined with its commercial validity.
Dusk Foundation ; Technical Development
The Technical Development arm of Dusk consists of three elements;
- Dusk R&D
- Dusk Core
- Dawn Public
Dusk R&D is a research consortium where the primary goal is to iterate and improve on the Dusk Network white paper, and various research compendia. It will not only ensure a top notch technical system, but also the best talent in Europe working on improving Dusk Network. This research branch will feed directly into the two development teams and create a top-down adoption effect due to its academic and formalized validity.
There are three top notch research partner collaborations explored and/or confirmed and we will announce these as soon as we are able.
Dusk Core is the development team directly led by Dusk’s own technical leads Emanuele Francioni, Fulvio Venturelli and others to be announced. They are responsible for the implementation of all the core aspects of the Dusk Network, such as our unique SBA* consensus mechanism, and our Secure Tunnel Switching methodology. They are complemented by our strategic partner, and award winning blockchain development team, Kryha.
Dawn Public Development
A community-driven development group. Dawn will concentrate on the user experience of Dusk Network, different language libraries, standardization, improvement proposals, Dusk wallet implementations, Dusk block explorer, and many more things. We look forward to announcing our Dawn community leads soon. They have extensive experience in blockchain and leading public development communities, and we are glad to have them onboard.
Dusk Foundation ; Business Development
The Business Development arm of Dusk currently consists of two elements;
- Business Development Team
- Tokenized Securities Consortium
Business Development Team
The Business Development Team is a working group consisting of Dusk core team members strengthened by relevant advisors and partners, that focuses on building relevant groups around the three initial use cases for Dusk Network; payments, digital asset transfer, and p2p communication. For each use case we have onboarded a specific set of advisors that are highly relevant for the use case.
These advisors are uniquely positioned to attract the businesses required to adopt Dusk Network. Because Dusk is uniquely suited to interoperate with other systems, there is much less pain with adoption than with the older blockchains, secondly, the privacy aspect makes it a much more likely candidate for adoption because many businesses have hard privacy requirements for anything beyond a menial process.
The Business Development Team is likely to spin out relevant sub-teams and potentially business consortia to work on specific implementations and endorsements of the Dusk Network. The first of such consortia is the Tokenized Securities Consortium.
Tokenized Securities Consortium
Our first consortium has a laser focus on the most prominent use case Dusk Network aims to solve in the short to medium term; the tokenization of securities, and offering and trading them. The consortium focuses on SME’s, consumers, and platforms, rather than multinationals. Security tokens, tokenized securities, and/or other digital assets are quickly becoming the next big thing in the space, and rightly so. Tokenizing and decentralizing shares in a company, building in governance, a dividend mechanism, and other basics are already hugely interesting to companies. Especially if their new offering mechanisms, for example a Security Token Offering, provide much less legal drag than an IPO counterpart, therefore significantly lowering the barrier of entry for SME’s.
However, to complement IPO’s you need to look at their legislation for a likely ecosystem that needs to be mirrored in order to be compliant. This means privacy on the one hand, because there is trade secrecy, market manipulation, and a few other things to be considered in order for traders to adopt and a fair market to establish. On the other hand, there is a level of regulatory transparency required so things can be audited and a marketplace can be built, this means kyc integration on the token level to allow for a truly decentralized marketplace. Imagine your wallet to have passed certain KYC, where nobody knows it’s you, what your holdings or history are, but you are allowed to deal in all types of securities or other digital assets (deed of a house, etc) because your wallet is whitelisted. For example it proves you as being over 18 and KYC compliant to a certain standard. We are developing the XST (anonymous security token) standard that companies can use to launch security token offerings.
We will not only be leveraging our KYC and Security Experts to build a great standard (XST), but we will also leverage our consortium partners to set up the beginnings of what could become an STO incubator, where we will help the first centralized companies to decentralize just this part of their company. They will create their security tokens on top of Dusk, thus digitizing their shares, and in the future some of their governance and dividend structures. Not only does this create a new market for adoption, i.e. centralized SME’s, it also creates a marketplace much riper for adoption, since people tend to move to where they can make money. Investing in a healthy SME in a way that is familiar to the cryptocurrency crowd should be a strong match.
Dusk Foundation leads two development arms; technical and business. Technical will leverage two development communities (Core, Dawn) and strengthen them with top notch research (R&D Consortium). Business is led by a team of core team & advisors who will create working groups / consortia on the use case level (securities). Everything will be done according to the roadmap, and use cases will prioritize the most interesting markets. We will be revealing the members of all of the abovementioned units over the coming weeks and months, and slowly unveil more of Dusk Foundation’s strategy to successfully build Dusk Network and have it adopted.
How to learn more about Dusk Network
The Dusk Network is a project coordinated by the Dusk Foundation. We are a decentralized ecosystem entirely focused on providing the perfect trade-off between privacy and transparency. Dusk protects privacy and fits regulations in payments, communications and asset transfers.