Dusk Network integrates with Binance Chain
Listing proposal for Binance DEX & 2 Binance Chain Evolution Proposals
Dear Dusk Network and Binance Community,
Nearly a year has passed where we’ve been working in stealth, along the way we’ve rallied the support of our private sale supporters raising $USD 8,075,557. At Dusk we are creating on-chain privacy that is programmable and highly scalable. Our consensus mechanism SBA, the heart of the Dusk Network, is a first of its kind. It is a highly-scalable staking implementation that truly supports decentralisation both by making staking easily accessible to anyone and disincentivizes resource centralisation as it favors small stakers. Dusk Network features the world’s fastest zero-knowledge computations that are an integral part of everything we build at Dusk.
Integrating with Binance Chain
All of us at Dusk Network are very excited to announce that Dusk Network has committed to integrating our privacy-oriented blockchain with the Binance Chain, a new blockchain system developed by world-leading cryptocurrency exchange Binance and the community. As part of the effort, we will be migrating a part of our token ecosystem to Binance Chain. We recognize the immense value that Binance has contributed to the cryptocurrency community at large, and are looking forward to becoming an active participant in their new decentralized ecosystem and driving greater real-world applications of blockchain.
Binance DEX application & welcoming contribution
Mels Dees, on behalf of Dusk Network has submitted a proposal to list DUSK on Binance DEX
We believe our integration with Binance Chain and application to the Binance DEX should not come empty-handed, but bear proof of our ability to contribute. Therefore, we are excited to announce two Binance Chain Evolution Proposals (BEPs)
1. BEP-AF: preventing Powerful Adversary Front-running
What is it? BEP-AF Proposal describes functionality to prevent front-running attacks from a powerful Adversary. Multiple studies have previously shown that the nodes in the Bitcoin network can be deanonymized with a high probability. This has an implication for other chains as well. The goal of this proposal is to “delay” a powerful Adversary by enough of a margin to enable the original order to be mined with a very high probability before an Adversary could propagate a rival order. Proposed modification to the transaction structure to include VDF-related entries utilized to “delay” the user from propagating a transaction instantly, essentially enabling the originator of the order to propagate the transaction without a risk of being front-run before a trade is completed.
2. BEP-PoPoS: Proof of Proof of Stake
What is it? BEP-PoPoS Proposal describes functionality to provide trust-less information to the Binance Chain on the blocks “mined” on a Proof-of-Stake chain. The ability of a user to provide a succinct proof to attest the validity of the chain in question for Proof-of-Work-based protocols has been formalized a while back, however, an identical solution for the Proof-of-Stake counterpart has never been published. With the popularity of Proof-of-Stake protocols expected to grow in the upcoming years, especially with the publication of Proof-of-Stake protocols with accompanying formal proofs, such as Snow White, Ouroboros Praos, etc, the need for a solution of trust-less interledger communication will become even more apparent.
The integration will consist of the launch of a new BEP-2 token called DUSK, symbol (DUSK-45E), native to the Binance Chain ecosystem, and subsequent migration of DUSK ERC-20 tokens to DUSK BEP-2 tokens. The total token supply of DUSK (ERC) + DUSK (BEP) will remain the same as before, ensuring continuity and transparency. We are minting 50M BEP-2 tokens and burning 50M ERC-20 tokens, to ensure a steady total supply of 500M Tokens.
As key members of the Dusk Network team continue to spearhead the development of a zero-knowledge powered blockchain experience, we will be sharing applicable cryptographic findings in the form of Binance Chain Evolution Proposals to further the Binance Chain Infrastructure.
That said, we have moved 50M DUSK tokens to Binance Chain which we believe is a viable amount to have on the DEX. Upon request from token purchasers more can be added over time. We are working towards the completion of the swap once the 50M is deployed on Binance Chain.
About Binance Chain
Binance Chain, a blockchain software system developed by Binance and the community, is a community-driven project with developers and contributors from around the world. Binance DEX is the decentralized exchange feature developed on top of the Binance Chain blockchain, setting a new cryptocurrency trading standard for fast and secure peer-to-peer trading.
Official website: https://www.binance.org/
About Dusk Network
Dusk Network is a privacy-oriented protocol with a smart contract layer that can be used for various consumer and enterprise uses cases.
Dusk streamlines the issuance of digital securities and automates trading compliance with the world’s first programmable and confidential securities.
Official website: https://www.dusk.network/