DUSK tokens are digital tokens that are generated into the Dusk Network. Transactions can be initiated by using the DUSK token as a valued tool for deploying smart contracts. Moreover, Dusk token holdings can also be used as a currency of consent to be served in exchange for a DUSK-dominated value. How does it work? […]
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DUSK tokens are digital tokens that are generated into the Dusk Network. Transactions can be initiated by using the DUSK token as a valued tool for deploying smart contracts. Moreover, Dusk token holdings can also be used as a currency of consent to be served in exchange for a DUSK-dominated value.
How does it work?
DUSK tokens can be staked and used to participate in consensus mechanisms. These tokens can also be used in payments for transactions and dApps deployment.
As defined in the protocol of Dusk Network, DUSK emissions enable paying block rewards to its users. A major part of the newly emitted tokens will be provided as rewards to the consensus participants, and a minor part will be contributed as a technical deployment fund.
DUSK tokens are allowed to be traded for XDC-based tokens, either in the form of payment or exchange as atomic swaps. After the release of the DUSK token, it is anticipated to be used for on-chain governance within the XSC token.
What is the Dusk Network?
The Dusk Network is powered by Zero-Knowledge technology and is utilised by organisations for issuing tokens governed by privacy protection.
The Dusk Network primarily authorises tokenization of securities that are regulatory compliant. This allows the Dusk Network to achieve its own standard ‘DUSK’ token, through which programmable security tokens can be created with decreased automation costs. These tokens are offered as votes or dividends, as well as other values that can be easily integrated with enterprise-grade operations.
The DUSK Network is a platform for financial applications that are more privacy-oriented. It is a combination of innovative technology, including distributed ledger technology for tapping the diverseness and rising potential of financial applications. This results in the creation of even more advanced financial services.
The development team behind the project regards privacy as the most important aspect because the Dusk Network prioritises the adoption of businesses. The privacy concern is anticipated to be beneficial for the future adoption of alternative financial applications, as well as for compliance with regulations. A private and fully functional ecosystem, along with private smart contracts, is provided by the Dusk Network for enterprise-grade financial applications.
Dusk Network Operations
As a privacy-oriented application, the Dusk Network aims at expanding its offering of financial services that are more suitable for the adoption of entities and businesses. The native smart contracts make the platform decentralised and private within the system, which operates on a proof-of-stake consensus mechanism.
XSC is designed to comply with the security regulations along with multiple functions that are useful for upcoming businesses and enterprises. The Confidential Security Contract standard is established on the layer one network.
This type of standardisation enables the network users to issue, offer, exchange, and manage tokenized security assets that are supported by the Zedger transaction model. However, the Phoenix transaction model supports the Zedger model by extending privacy and confidentiality to the smart contracts and transactions carried out.
How and Where to buy Dusk tokens?
Some crypto, like the token of the Dusk Network, are only available to be purchased through other cryptos on decentralised exchanges. Therefore, to buy DUSK, you need to purchase Ethereum (ETH) first and then initiate the purchase of DUSK tokens. For this purpose, you need to possess a self-custody crypto wallet. It is the best and safest platform for buying DUSK.
The following guide will help you to obtain your first Dusk Network token:
- Crypto Wallet Download
Download a self-custody crypto wallet such as ZebPay, Coinbase, or others.
- Username Setup
To set up the wallet, choose a username and password, which will make it easy to access the wallet and holdings. The transactions are easy and secure when made through your personalised wallet. A username will be needed for frequent accessibility.
- Recovery Phrase
While creating the personalised crypto wallet, you will be asked to configure a recovery phrase as an extra layer of security. The recovery phrase is an access key to DUSK or any other token holdings. It is recommended that you don’t share the recovery phrase with anyone, as someone privy to your recovery phrase can log in to the wallet.
There are many crypto wallets that also provide a cloud backup feature.
- Identify the Ethereum network fees
Fees of the networks vary depending on the occupancy of the network and complication of the transactions, as well as the speed of the transactions set by the user.
- Transfer Ethereum to the wallet
Once you have calculated the fees, it’s time to transfer the ETH to the wallet you hold. The process of transferring ETH varies on the basis of the platform you are using, such as through a mobile app or through a web browser. However, if you have not yet created a personalised account into the wallet, you have to create one for holding Ethereum, DUSK, or any other crypto.
- Trade ETH for DUSK
Use the trade option in the wallet and swap ETH to buy a DUSK Network token from your wallet using the platform.
The DUSK token is a solid, privacy-based utility token native to the DUSK Network. While purchasing them, keep in mind that crypto wallets do charge transaction fees for token trades and swapping. Hence, it is recommended to transfer enough to pay for the additional fees while making a transfer.