Privacy is an increasingly notable concern for companies looking to adopt blockchain technology. Many of these are not comfortable with sensitive corporate information being freely available online on an immutable ledger. This is why some have started to look into new projects focused on meeting these privacy needs in ways that more general-purpose networks have not, while maintaining all the benefits that blockchain solutions are meant to provide.
Dusk Network is an Amsterdam-based, privacy-focused, Proof of Stake, open-source blockchain infrastructure that has recently received an investment from the tokenized venture capital fund COSIMO X for automating costly financial processes. Both firms share a common interest in closing the gap that exists between traditional financial services and the new and burgeoning decentralized finance sector of the blockchain and cryptocurrency industry. They believe privacy is a key step towards that goal.
COSIMO X is dedicated to supporting emerging technologies, staying at the forefront of innovation over the past 25 years. It has recently backed other successful projects in the space, including NDAU, an adaptive store of value whose circulating supply that recently reached $139 million, and Casper Labs, which recently became the largest token sale ever hosted by CoinList.
The use cases for Dusk’s technology are not limited to current DeFi applications. They introduce innovative new features such as a digital share registry, confidential security tokens, confidential smart contracts, and a security token exchange. The network also provides strict on-chain data privacy via zero-knowledge proofs. More so, these solutions are designed to be fully compliant with securities regulations.
Although Dusk Network is still testing its platform, the team has already made a $5 million grant pool available to its community. COSIMO and other institutional investors have engaged with it as it continues its steady pace towards a Mainnet launch. Jelle Pol, Business Lead at Dusk Network, believes that the recent partnership is
“a big step forward in bringing appropriate privacy solutions to the institutions who are joining the space.”