In the world of blockchain, privacy is often reduced to “hiding everything.” But Dusk Network’s whitepaper raises a more realistic question: once financial assets are put on-chain, how can we achieve verifiability and regulatory compliance without exposing all transaction details to the public?
Dusk’s answer is not “absolute anonymity,” but “visibility when needed.” The whitepaper summarizes this as “Privacy by design, transparent when needed”—privacy is built into the design, and transparency is provided only when necessary.
To make this happen, Dusk builds two parallel transaction models on the underlying DuskDS settlement layer.
Moonlight is a public account model. Balances and transfers are relatively transparent, making it suitable for scenarios that require public settlement. Phoenix, on the other hand, is based on UTXO and zero-knowledge proofs: assets exist in the form of encrypted “notes,” and transactions are confirmed through zero-knowledge proofs to ensure there is no double-spending and funds are sufficient, while the amounts and senders (except the receiving party) are not exposed to the outside world. Phoenix uses one-time keys and an obfuscation-note mechanism to guarantee that transactions are unlinkable.
Dusk’s Transfer Contract coordinates asset flows, allowing the same DUSK to switch freely between contexts. For audits that need to be public, it uses Moonlight; for privacy protection, it enters Phoenix—users can toggle between the two with a single click.
A system that is completely unauditable is hard for regulators to accept, while a fully transparent system cannot protect business secrets.
Dusk’s Zedger framework is designed specifically for compliant asset scenarios. It uses an account model to track securities balances and follows MiFID II instructions to ensure that on-chain securities transactions comply with established rules.
As of early 2026, traditional securities that have been tokenized in a compliant way through the Zedger framework exceed 200 million euros.
Now Dusk is further evolving toward a modular architecture of DuskDS + DuskEVM. DuskDS handles consensus, settlement, and data availability, while DuskEVM provides an EVM-compatible execution environment.
After the second week of January 2026, when the DuskEVM mainnet goes live, developers will be able to deploy DeFi applications with built-in privacy primitives using Solidity. #dusk $DUSK @Dusk #SpaceX股价涨至140美元 #标普500财报超预期 $SNDKB #LME铜库存连跌42日创2014年来最长 $AKE #全球股票基金净流入186.2亿美元
Dusk’s answer is not “absolute anonymity,” but “visibility when needed.” The whitepaper summarizes this as “Privacy by design, transparent when needed”—privacy is built into the design, and transparency is provided only when necessary.
To make this happen, Dusk builds two parallel transaction models on the underlying DuskDS settlement layer.
Moonlight is a public account model. Balances and transfers are relatively transparent, making it suitable for scenarios that require public settlement. Phoenix, on the other hand, is based on UTXO and zero-knowledge proofs: assets exist in the form of encrypted “notes,” and transactions are confirmed through zero-knowledge proofs to ensure there is no double-spending and funds are sufficient, while the amounts and senders (except the receiving party) are not exposed to the outside world. Phoenix uses one-time keys and an obfuscation-note mechanism to guarantee that transactions are unlinkable.
Dusk’s Transfer Contract coordinates asset flows, allowing the same DUSK to switch freely between contexts. For audits that need to be public, it uses Moonlight; for privacy protection, it enters Phoenix—users can toggle between the two with a single click.
A system that is completely unauditable is hard for regulators to accept, while a fully transparent system cannot protect business secrets.
Dusk’s Zedger framework is designed specifically for compliant asset scenarios. It uses an account model to track securities balances and follows MiFID II instructions to ensure that on-chain securities transactions comply with established rules.
As of early 2026, traditional securities that have been tokenized in a compliant way through the Zedger framework exceed 200 million euros.
Now Dusk is further evolving toward a modular architecture of DuskDS + DuskEVM. DuskDS handles consensus, settlement, and data availability, while DuskEVM provides an EVM-compatible execution environment.
After the second week of January 2026, when the DuskEVM mainnet goes live, developers will be able to deploy DeFi applications with built-in privacy primitives using Solidity. #dusk $DUSK @Dusk #SpaceX股价涨至140美元 #标普500财报超预期 $SNDKB #LME铜库存连跌42日创2014年来最长 $AKE #全球股票基金净流入186.2亿美元