AMSTERDAM, AUGUST 10, 2022 - Fintech scale-up Dusk Network releases its fourth transparency report. The report reveals the company's strong financials and its ability to continue funding technical development for many more years, even during a prolonged bear market or recession. The report also highlights the launch of its testnet, clearly showing the progress that they’re making in the development of their privacy-compliant blockchain ecosystem for financial use cases.
In March 2022, Dusk Network’s first public Testnet, Daybreak was launched. The testnet saw many stability improvements and was upgraded three months later. Soon afterwards, an updated roadmap was released revealing the four stages of growth, which are to be funded by the stablecoins and fiat that are part of its treasury. In its 2022 report, the financial statements show the organization's ability to continuously fund development well into 2025, whilst not depending on its own native token.
Since the start of the pandemic the entire team has begun working remotely, with company-wide get togethers being planned four times per year. After the testnet launch, the team expanded with a hiring streak focusing on business development and marketing. By focusing on attracting new talent in this area, the scale-up is able to support the current growth-phase that it currently finds itself in and meet its ambitious goals.
Launching a secure mainnet is the number one objective for Dusk Network, but the route to achieving it is equally important. One of the biggest lessons from working with blockchain technology is that it is very challenging to commit to fixed deadlines. Therefore the new roadmap outlines broadstroke phases that include many smaller releases. The current phases, Daybreak and Daylight, comprise the early steps towards decentralization. The next two phases, Alba and Aurora, will focus on the creation of private smart contracts and incentivized testnet.
Download the full Dusk Network 2022 report here and see what the past nine months meant for Dusk Network.
Dusk Network is an open source blockchain for financial applications. Data protection and privacy-preservation play a major role in Dusk Network, as well as its design for regulatory compliance. The blockchain is eco-friendly, thanks to its instant settlement finality, and smart contract functionality, it is finally possible to service regulatory-compliant financial applications on blockchain technology. With this report Dusk Network strives to set the market standard for transparency. In volatile markets and global challenges, transparency is the only way to gain trust and establish ourselves as a fair player in an often debated industry.