Blockchain privacy has evolved through distinct phases: first anonymity (Bitcoin), then full stealth (early privacy coins), and now, with Dusk, accountable privacy. This third phase recognises that for blockchain to host global commerce and securities, transactions must be confidential but not invisible to the rule of law. @Dusk 's Hedger module is the archetype of this evolution. It uses zero-knowledge proofs to give users cryptographic proof of compliance without exposing underlying data. This shift transforms privacy from a tool for obfuscation into a tool for secure, trustworthy commerce. It re-frames $DUSK not as the token of a "privacy chain," but as the token of a "confidentiality chain" built for responsible, large-scale economic activity.


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