Internet-Scale Privacy And Compliance Unlocked Through Elrond And Dusk Interoperability
Enterprises of all sizes are simultaneously facing increased demand for transparency and accountability, as well as requirements for stronger privacy and data protection. Blockchain technology offers the means to efficiently address those concerns.
The recent introduction of ISO standards around distributed ledger technology highlight the very distinct possibility of such technology soon becoming mandatory for enterprises looking to comply with certain security requirements.
We’re therefore excited to announce that we will collaborate with Dusk Network to enable compliant and private enterprise use cases at an internet-scale. Dusk Network is a privacy preserving public smart contracts platform that enables the use of on-chain tokenized securities.
“The scalability innovations pioneered by Elrond are complementary to the privacy innovations of Dusk. The interoperability between our networks will create a compliant and scalable foundation for a borderless and secure internet of money.” said Beniamin Mincu, Elrond CEO.
Built as a privacy-first Layer 1 solution, the Dusk Network offers an environment where businesses can deploy tokenized financial instruments and automate operations in a compliant manner.
By employing security and privacy-focused technology such as zero-knowledge proofs, Dusk Network brings the best of both worlds by combining a publicly available ledger with privacy-preserving transactions, smart contracts and tokens. This enables both confidentiality and auditability in compliant on-chain governance scenarios for enterprises of any size and their shareholders.
“Wrapping eGold tokens on Dusk Network using our Security Token infrastructure will open a wealth of opportunity for the stakeholders of both networks. We are very excited about pioneering our technology to also serve as a privacy layer for Elrond Network.” said Emanuele Francioni, Founder and Tech Director at Dusk Network.
The common goal is to enable interoperability between the two networks. This will give access to straight-forward use-cases such as purchasing tokenized securities issued with wrapped eGold tokens issued on the Dusk Network. The more advanced scenarios include using Dusk as a Privacy Layer 2 for Elrond transactions.
Elrond is the internet-scale blockchain, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
Dusk Network is the privacy blockchain for financial applications. Dusk Network envisions a financial industry that embraces innovation and provides equal opportunity for any organization to secure capital, trade assets, and access a full spectrum of financial services. Dusk Network executes on this vision by creating a global digital infrastructure, designed for regulatory compliance and auditability, that ensures that personal and transactional data remains confidential. Companies use the Dusk Network blockchain to issue tokens, trade and collaborate via smart contracts. Dusk Network recently became a shareholder of the Dutch Stock Exchange: NPEX.