When researching privacy public chains, I accidentally discovered a quite interesting phenomenon. In the past, when everyone mentioned privacy coins, they thought of those completely anonymous old projects that regulators keep their distance from. But now, this track has become quite differentiated—some new projects are trying to do something that seems contradictory: ensuring privacy protection while complying with regulatory requirements. Dusk is the most aggressive in this game.

Why is it considered aggressive? Because it focuses on the areas most important to traditional finance—the on-chain issuance and trading of regulated assets. This is not just a slogan; they have actually obtained licenses for the European MTF multi-party trading facility, brokerage licenses, and crowdfunding service provider licenses. In plain language, this means they can legally issue securities on-chain, operate asset trading, and handle crowdfunding financing. This is indeed rare in the crypto space. Most projects avoid KYC altogether, and actively applying for financial licenses is even more uncommon.

From a technical perspective, Dusk has built a three-layer modular stack. The bottom layer, DuskDS, handles consensus, data availability, and settlement, using an improved proof of stake mechanism called Succinct Attestation. The middle layer is DuskEVM, an execution layer developed based on the OP Stack, fully compatible with EVM, capable of running Solidity contracts directly, with block generation speed controlled at 2 seconds. The top layer, DuskVM, is a WASM virtual machine optimized for zero-knowledge proof applications, designed specifically for privacy computing.

This architecture reflects a trend: the competition among next-generation public chains may no longer be solely about performance or ecosystem size, but about who can smarter balance privacy and transparency.