How To Buy Dusk Network (DUSK)?

A common question you often see on social media from crypto beginners is “Where can I buy Dusk Network?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. 

Step 1: Create an account on an exchange that supports Dusk Network (DUSK)

First, you will need to open an account on a cryptocurrency exchange that supports Dusk Network (DUSK).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase Dusk Network (DUSK) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy Dusk Network (DUSK)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Dusk Network (DUSK) or Dusk Network (DUSK) trading pairs. Look for the section that will allow you to buy Dusk Network (DUSK), and enter the amount of the cryptocurrency that you want to spend for Dusk Network (DUSK) or the amount of fiat currency that you want to spend towards buying Dusk Network (DUSK). The exchange will then calculate the equivalent amount of Dusk Network (DUSK) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of Dusk Network (DUSK) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is Dusk Network (DUSK)?

Dusk Network describes itself as a blockchain for programmable and confidential securities, powered by Zero-Knowledge proofs and novel Private PoS leader extraction-based consensus protocol. Dusk Network is a privacy blockchain for financial applications. It is a layer-1 blockchain that powers the Confidential Security Contract (XSC) standard, and supports native confidential smart contracts.

Dusk Network aims to address the requirements and needs of financial markets. Central to its design is a scalable public infrastructure, direct settlement finality of transactions, and strict data privacy.

• Direct settlement finality. A distributed Financial Market Infrastructure (dFMI) should provide clear and final settlement of transactions. On Dusk Network transactions are fast, take seconds to complete, and achieve immediate on-chain finality.
• Privacy. Dusk Network provides full user privacy and enables decentralized applications and third-parties to adhere to strict compliance requirements whilst still offering data privacy. This increases the ability to perform business processes on-chain, leading to significant cost reduction.
• Public. Users do not need the approval of a trusted authority to use the Dusk Network blockchain. Besides, only minimal processing power and modest IT resources to join. All users who possess the DUSK token can participate in the consensus.

How does Dusk Network work?

Through the use of a transactional model called Phoenix, Dusk Network focuses on bringing privacy and anonymity to both transactions and smart-contracts. Additionally, tokens deployed on Dusk Network can build on top of Zedger, a hybrid privacy-preserving model based on Phoenix, specifically modeled for security tokens.

The ‘Segregated Byzantine Agreement’ (SBA) consensus mechanism secures the network. According to the team from Dusk Network, SBA is an improvement over the underlying Proof-of-Stake (PoS) mechanism as it combines existing ideas like cryptographic sortition (lottery), stealth time-locked transactions (private stake amounts) and a reputation module to increase the chances of selecting honest nodes and further promote decentralization.

What is the Dusk Network (DUSK) token?

DUSK is the native token that fuels the network. For each transaction submitted to the network, DUSK is used to compensate network nodes for bandwidth, verification, and storage. The DUSK token can be used as a utility token to initiate transactions, atomic swaps or deploy smart contracts. DUSK can also be staked to participate in consensus and serves as a means of exchanging DUSK-denominated value. In the future, the team intends to expand the use-cases of DUSK by adding it to an on-chain governance system.

Who are the founders of Dusk Network?

Early 2018, 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. Headquartered in Amsterdam, the Netherlands, the team quickly expanded with renowned developers and industry talents, as they embarked on their mission to revolutionize traditional financial markets with the power of blockchain.

Dusk development updates in 2023

In 2023, Dusk Network, which rebranded to Dusk, has made significant progress in its development. Here’s an overview of the key developments and updates:

• Rebranding from Dusk Network to Dusk: The rebranding signifies the evolution from a startup to a more mature and scalable company. This change reflects Dusk’s expansion beyond just being a blockchain network, encompassing various products and tools for institutions, businesses, and users​​.

• Focus on Regulated and Decentralized Finance (RegDeFi): Dusk is emphasizing Regulated and Decentralized Finance, integrating regulated, classic finance with decentralized and novel financial solutions. The goal is to enable private and compliant transactions for a wide range of users, including businesses and financial institutions​​.

• Zero-Knowledge Proof (ZKP) Innovations: Dusk has been investing in research and development, particularly in the area of zero-knowledge proofs. They have developed innovative products like piecrust, a ZKP virtual machine, and Citadel, a ZKP licensing tool that is suitable for KYC and digital identities​​.

• Partnerships and Pilot Projects: Dusk is actively engaged in forming partnerships with traditional institutions and blockchain companies. They are running pilots to utilize their technology in various use cases, such as tokenizing traditional assets and exploring new blockchain applications​​.

• Mainnet Development: One of the key focuses for Dusk has been the finalization and launch of its mainnet. This is a significant milestone that marks the transition from research and development to actual deployment and real-world applications​​.

• Inclusion and Privacy: Dusk’s pillars include providing access to real-world financial instruments, ensuring compliance, and maintaining privacy. They emphasize the importance of privacy in blockchain transactions and aim to exceed current standards in privacy capabilities​​.

These developments demonstrate Dusk’s commitment to creating a privacy-focused blockchain for financial applications, with a strong emphasis on regulation and decentralization. The rebranding and focus on RegDeFi are particularly notable, positioning Dusk as a unique player in the blockchain and financial technology space.

Official website: https://dusk.network/

Best cryptocurrency wallet for Dusk Network (DUSK)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Dusk Network (DUSK)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).