Many people are used to categorizing Dusk Foundation as a privacy project, but this classification is indeed problematic. Upon closer inspection, Dusk's fundamental goal is not "being invisible and untraceable," but rather "my selective choice of who can see." At first glance, it sounds like a tongue twister, but this precisely reflects the project's real need: targeted disclosure rather than complete concealment.

Traditional privacy projects take a different approach—privacy equals complete anonymity, and system design is aimed at evading audits and regulations. Dusk goes against this trend: instead of fighting the rules, it incorporates them directly into the protocol. This is rare in the crypto space, as many participants enter to shed restrictions.

From a technical perspective, Dusk uses zero-knowledge proofs combined with a complex permission system, enabling operations like bond issuance, asset transfer, and settlement to both hide transaction details and be verified as compliant. This is highly relevant in the real-world financial sector—not all bond trades, equity transfers, or contractual agreements need to be broadcasted publicly, but from a legal standpoint, auditable traces must be maintained.

The challenges lie in two areas. First, how large is this demand? Is it enough to support an entire public chain? Second, will traditional institutions truly trust a public chain? They have already addressed 80% of these issues with private systems, so why migrate to a more unfamiliar and less controllable environment? The costs are higher, risks greater, and policy space more uncertain.

The DUSK token is more of a utility than an emotional asset. It is mainly used for network security, consensus assurance, and incentive distribution, with no easy FOMO narratives. Long-term health is prioritized over short-term gains.

So, how to view Dusk? It’s a project that tackles real problems with a serious engineering approach, but the market size, technical validation cycle, and user adoption speed are all unknowns. It can be seen as a rigorous engineering concept or as overly idealistic.