Privacy in traditional finance isn't as mysterious as it seems. Account information, transaction records, asset allocation—these things can't be visible to everyone, but they must be traceable when needed. Sounds contradictory? That's precisely the true nature of modern financial systems.

The interesting part about Dusk is that it starts from this reality. It doesn't treat on-chain privacy as complete concealment of information but as a capability that requires careful management. In other words, privacy isn't a patch added after the fact; it's designed from the outset as a prerequisite for compliant finance.

Structurally, Dusk makes privacy no longer just a tool to counter regulation but an organic part of the system itself. Users can hide information that shouldn't be exposed, but institutions and regulators can still perform verification when necessary. Simply put, each role can do its own thing without interfering with each other.

Compared to other privacy projects, which often assume everyone's needs are the same, the financial world doesn't operate that way. Different participants have completely different requirements for data visibility. Dusk takes a different approach—it implements detailed role differentiation rather than a one-size-fits-all method of hiding everything. Although this design is complex, it better meets real-world needs.

In terms of effectiveness, this privacy approach is naturally suitable for custodial real-world assets. Securities, funds, structured products—these can't operate in environments that are completely anonymous or fully transparent. Dusk builds an ecosystem that lies between these two extremes, with clear rule boundaries.

From this perspective, @DUSK@ is less about a breakthrough in privacy technology and more about using underlying infrastructure to reorganize privacy logic, tailored specifically for compliant finance. It doesn't aim to maximize privacy to the extreme but to make privacy genuinely usable. For Dusk, this redefinition might carry more weight than simply pushing technology to its limits.