The release of Dusk Network’s Economic Paper was a significant milestone for the R&D team, detailing the tokenomics of the forthcoming Dusk Network mainnet. This in addition to the many improvements and implementations they’d been achieving, including ElGamal, PlookUp, EdDSA, and more. In order to educate and elucidate, we began publishing several article series detailing the PLONK system, Decentralized Finance applications, and our vision of a single market ecosystem with Dusk Network as its infrastructure. On top of that, business development saw major partnerships struck with the likes of crypto currency exchange iFinex, Dutch stock exchange NPEX, and Next Generation Capital.
While the R&D team finished the V1.0 implementation of PLONK and PLONK gadgets in May 2020, the development team did a major refactoring of the Dusk Blockchain to accommodate PLONK. The PLONK integration impacts nearly every single component in the Dusk Network, including Poseidon, Phoenix, the VM, the Proof-of-Blind-Bid leader extraction mechanism and more. With the integration nearing finalization, the network’s performance and versatility have increased significantly. Expanding the platform’s utility from Security Tokens to complex dApps and various other DeFi related use cases.
Whitepaper V2.0 and the outline for the XSC - Security Token Standard were released. Kadcast implementation started to further reduce network load. With the publication of many new zero-knowledge proof systems in 2019, the research team considered numerous alternatives to our Bulletproofs implementation. Due to the properties of Bulletproofs, complex transactions (that include multiple zero-knowledge proofs) expand quickly in terms of transaction size, and prover and verification time. Which impacts the blockchain’s throughput (TPS) and storage capacity, and would limit the amount of transactions that the Dusk Network protocol is capable of handling. The design for PLONK - a zero-knowledge proof system with an updatable reference string - was released during Q3 of 2019 by the creators Zac Williamson and Ariel Gabizon. PLONK was identified as the best zero-knowledge proof system for Dusk Network, and the team started on a Rust-based PLONK implementation straight away. In parallel, to meet business demand for PoCs and testing, the team released the Sandbox version of Mainnet on Dec 31st, 2019. Granting partners access to the platform’s functionality.
The team efforts of H1 2019 culminate in a July 2019 listing of the Dusk ERC-20 and BEP-2 tokens on the Binance, Bitfinex, and Bittrex Global exchanges. Additionally, this month marked the public release of Testnet Shin (殉星) - the first publicly-available implementation of the Dusk Network protocol. As well as the release of the ZeroCaf code and ‘Full Private Account-Based Cryptocurrencies’ research papers.
Renowned hashing expert Dmitry Khovratovich - the inventor of Equihash (ZCash) and Poseidon, joins Dusk Network as Lead Cryptographer. Research is conducted in order to expand the architecture to include the support of Security Tokens, and incorporate the compliance principles of Financial Market Infrastructures (FMI). EUR 7.4M is raised to secure the longevity of Dusk Network. The private sale was led by Blockwall, Maven 11, Olymp Capital, Wentworth Hall Family Office, and more.
Early 2018, the tech experts Emanuele Francioni and Fulvio Venturelli joined forces with business experts Jelle Pol, Pascal Putman and Mels Dees to create the Dusk Network privacy infrastructure. As a result of immediate hiring, the team grows and the development of the blockchain DevNet is well under way. Whitepaper V1.0 is released, and with it the longer-term vision of creating a truly decentralized, confidential and secure blockchain infrastructure takes shape.