Recently, I've been looking at various blockchain technical solutions, and there's a phenomenon that is quite thought-provoking: most chains focus their efforts on performance improvements and developer experience. But if you really want to bring financial scenarios like securities issuance, fund clearing, and RWA onto the chain, you'll immediately see the flaws. How to handle privacy, how to verify compliance, who audits when issues arise—these are not about technical showmanship, but about whether it can truly be implemented.

Dusk's approach is different. From the very beginning, it didn't aim to build a "big and comprehensive" public chain. Instead, it is firmly targeting financial infrastructure, especially those assets and transactions that naturally require regulatory cooperation. You'll find that its architectural design logic is less about habitual thinking from the crypto space and more about operating in a manner closer to traditional financial systems.

Take privacy as an example. Many projects, when discussing privacy, think about hiding everything completely. But in real financial markets, privacy is always layered. The trading counterparties see certain information, clearing institutions access different data, auditors need to verify specific details, and regulatory authorities require oversight—all information permissions are inherently different. Dusk uses zero-knowledge proofs to implement this layered "permissioned visibility" as a fundamental feature on the chain. What should be hidden remains hidden; what needs to be proven is proven, and the entire process is automatically executed by protocols without manual intervention. Essentially, it is copying the trust boundaries from real-world finance onto the blockchain.

As for compliance, the traditional DeFi logic simply doesn't work...