UpBots Academy – Know your coins: DUSK
Last week, we discussed the AVAX project together. This week, we will discover together another interesting project, DUSK.
Creation
Jelle Pol and Emanuele Francioni founded Dusk Network in 2018 with the goal of providing confidential native smart contracts and privacy for financial services. Dusk is a private blockchain whose primary function is to enable regulatory compliant security tokenization. Dusk Network focuses on privacy and provides a platform for financial applications.
Dusk Network uses cutting-edge technologies to provide useful financial services, capitalizing on the growth potential and diversity of financial applications like DLTs. The network also aspires to be a blockchain protocol built for the deployment of programmable zero-knowledge decentralized applications (DApps), serving as the foundation for an open, decentralized, and global privacy-driven DApp ecosystem.
The protocol deploys a unique consensus algorithm called segregated Byzantine agreement (SBA). In order to achieve the reliability of the fault tolerance mechanism, the distributed computing system must be updated. The Byzantine agreement protocol - or BA, based on the famous Byzantine generals problem - requires all processors to agree seamlessly on a single value, even if some components are faulty.
Usage
Instead of the typical overlay of blocks on the blockchain after each transaction (as is the case with bitcoin), validators on the Dusk network work together to try to agree on a specific block for which they can create a certificate, which is proof that the block does not flout any rules.
SBA is an upgrade to the underlying proof-of-stake (PoS) mechanism. It combines various decentralized features - such as discrete stake amounts, random cryptographic sorting and a history module - to increase the likelihood of choosing honest nodes.
What's particularly interesting about SBA is that once a certificate is created, it cannot be reversed. This is because the voting power constantly passes through all validators in the Dusk network, ensuring that the transaction is completed quickly (within 10 seconds). In addition, the Dusk network ensures confidentiality and decentralization through the use of confidential smart contracts native to the system.
Technical point of view
From a technical point of view, DUSK is in an extremely important support zone from August 2020 between $0.11 and $0.13.
The daily technical situation remains neutral with a MACD that has yet to cross higher and a WaveTrend that has already given a sell signal. On a shorter time frame, in 4 hours, the indicators are negative.
As long as DUSK does not go back above $0.16, it is recommended not to open a long position.
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Conclusion
And here is another new coin that no longer holds any secrets for you! This one was a different project in comparison with all the others we covered in this series. Next week, we will discuss another very interesting project, NULS.
See you next week!
