A novel Zero-knowledge Account-Based design by Dusk Network to address the issues of enhancing UTXO and Account-Based designs with privacy.
In this post we release details on our design for a novel fully private account-based model for layer 2 tokens and Zero-Knowledge smart contracts. Until now, there were only 2 models. UTXO and account-based. We introduce a 3rd: Zero-Knowledge Account-Based.
What can we do with this?
- This is the basis for zero-knowledge smart contracts within Dusk Network.
- Removes the need for ring signatures.
- Power on-chain governance features based on Bulletproofs to provide auditability and compliance prerequisites in Confidential Security Contracts (XSC).
- With Bulletproofs, there is no need for a trusted setup, thus enabling fully trust-less privacy.
- Create proofs of correctness
- Create policy proofs
Why we are excited
- Without this: cryptocurrencies are stuck in the smart contract middle ages with no support for layer 2 privacy tokens, have to rely on trusted setups, have to deal with centralized transaction restrictions and off-chain processing.
- With this: Dusk inaugurates the era of natively private and compliant layer 2 (security) tokens.