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We introduce Walrus, a new approach to decentralized blob storage. It follows the erasure codes type of architecture in order to scale to 100s of storage nodes providing high resilience at a low storage overhead. At the heart of Walrus, lies a new encoding protocol,called Red Stuff that uses a novel two-dimensional (2D) encoding algorithm that is self-healing.
@Walrus 🦭/acc
Specificaly, it enables the recovery of lost slivers using bandwidth proportional to the amount of lost data (𝑂( |blob| 𝑛 ) in our case). Moreover, Red Stuff incorporates authenticated data structures to defend against malicious clients, ensuring that the data stored and retrieved remains consistent. One unique feature of Red Stuff is its ability to work in an asychronous network while supporting storage challenges, making it the first of its kind. This is only possible thanks to the twodimensional encoding that allows for different encoding thresholds per dimension. The low-threshold dimension can be used from nodes that did not get the symbols during the write flow to recover what they missed, whereas the high-threshold dimension can be used for the read flow to prevent the adversary from slowing down honest nodes during challenge periods and collecting sufficient information to reply to challenges. One final challenge for Walrus, and in general, any encodingbased decentralized storage system is operating securely across epochs each managed by a different committee of storage nodes. This is challenging because we want to ensure uninterrupted availability to both read and write blobs during the naturally occurring churn of a permissionless system, but if we keep writing data in the nodes about to depart, they keep needing to transfer them to the nodes that are replacing them. This creates a race for the resources of those nodes, which will either stop accepting writes or fail to ever transfer responsibility. Walrus deals with this through its novel multi-stage epoch change protocol that naturally fits the principles of decentralized storage systems. In summary, we make the following contributions: • Wedefinethe problem of Asynchronous Complete Data-Sharing and propose Red Stuff, the first protocol to solve it efficiently even under Byzantine Faults (Section 3) • Wepresent Walrus, the first permissionless decentralized storage protocol designed for low replication cost and the ability to efficiently recover lost data due to faults or participant churn (Section 4). • WeshowhowWalrusleverages Red Stuff to implement the f irst asynchronous challenge protocol (Section 4.6) • Weprovide a production-ready implementation of Walrus and deploy a public testnet of Walrus. We then measure its performance and scalability in a real environment (Section 7). 2
#WAL $WAL

Introduction Blockchains support decentralized computation through the State Machine Replication (SMR) paradigm [37]. However, they are practically limited to distributed applications that require little data for operation. Since SMR requires all validators to replicate data fully, it results in a large replication factor ranging from 100 to 1000, depending on the number of validators in each blockchain. While full data replication is practically needed for computing on state, it introduces substantial overhead when applications only need to store and retrieve binary large objects (blobs) not computed upon1. Dedicated decentralized storage [6] networks emerged to store blobs more efficiently. For example, early networks like IPFS [30] offer robust resistance to censorship, enhanced reliability and availability during faults, via replication on only a small subset of nodes [47]. Decentralized blob storage is invaluable to modern decentralized applications. We highlight the following use-cases: • Digital assets, managed on a blockchain, such as non fungible tokens (NFTs) need high integrity and availability guarantees provided by decentralized blob stores.
@Walrus 🦭/acc #WAL $WAL
The current practice of storing data off-chain on traditional stores only secures metadata,while the actual NFT data remains vulnerable to removal or misrepresentation depending on the browser2. • Digital provenance of data assets is also increasingly important in the age of AI: to ensure the authenticity of documentary material; to ensure training data sets are not manipulated or polluted; and to certify that certain models generated specific instances of data [45]. These applications benefit from authenticity, traceability, integrity and availability decentralized stores provide. • Decentralized apps, whether web-based or as binaries, need to be distributed from decentralized stores. Today, the majority of decentralized apps rely on traditional web hosting to serve their front ends and client-side code, which offers poor integrity and availability. Decentralized stores may be used to serve web and dapps content directly while ensuring its integrity and availability. Similarly, decentralized stores can ensure binary transparency for software and support the storage needs of full pipelines of reproducible builds to support the strongest forms of software auditing and chain of custody [22, 29]. • Decentralized storage plays a critical role in ensuring data availability for roll-ups [1], the current scaling strategy of Ethereum. In this setting, storage nodes hold the data temporarily allowing blockchain validators to recover it for execution. As a result, the system imposes replication costs solely on the netted state of the roll-up, rather than the full sequence of updates (e.g. transactions). • Decentralized social network platforms [18] are trying to challenge centralized incumbents. But the nature of social networking requires support for rich media user content, such as long texts, images or videos. Beyond social, collaborative platforms as well as civic participation platforms [4] need a way to store both public interest data and the application data itself in credibly neutral stores such as decentralized stores. • Finally, the integration of decentralized storage with encryption techniques marks a significant paradigm shift [19]. This approach offers users comprehensive data management aligned with the Confidentiality, Integrity, and Availability (CIA) triad, eliminating the need to rely on cloud services as fiduciaries. This integration unlocks numerous promising applications, including sovereign data management, decentralized data marketplaces, and computational operations over encrypted datasets. Although this paper does not focus on these applications, our decentralized storage system, Walrus, can naturally function as the storage layer for encrypted blobs. This approach provides a structured, layered framework that allows encryption overlays to focus on creating a secure and efficient Key Management System (KMS) without worrying about data availability. In brief, secure decentralized blob stores are critical for all applications where data is relied upon by multiple mutually distrustful parties, and needs to stored in a credibly neutral store that provides

Blockchain technology has brought new opportunities for decentralization and secu-
rity in various industries, especially in financial markets. However, one of the critical
issues is how to balance transparency and privacy, especially when dealing with sen-
sitive financial information [1]. Dusk aims to solve this challenge by introducing a
blockchain protocol specifically designed for regulated financial markets, providing
privacy, compliance, and scalability to meet the needs of traditional financial institu-
tions.
Dusk focuses on improving privacy in the execution of financial transactions with-
out sacrificing regulatory compliance. Many current public blockchain platforms, such
as Ethereum and Bitcoin, struggle with privacy, transaction finality, and efficiency
when applied to traditional finance [2,18]. Despite their capabilities in supporting
decentralized applications and financial transactions, they often face difficulties in
handling private transaction details while also meeting the regulatory requirements
necessary for financial institutions.
Several blockchain protocols have made significant advances in privacy, includ-
ing Zcash and Monero. These platforms use advanced cryptographic techniques, such
as zk-SNARKs and ring signatures, to obscure transaction details, including sender,
receiver, and transaction amounts [26,29]. While these platforms are groundbreak-
ing for personal privacy, they lack necessary features for integration with traditional
finance, such as clear regulatory frameworks, auditability, and smart contract capa-
bilities with confidential transactions. Dusk aims to integrate these features, making
it suitable for regulated financial markets.
One of Dusk’s contributions is its succinct attestation protocol, a new consensus
mechanism that guarantees transaction finality within seconds. The consensus model
is designed to meet the high-throughput and low-latency requirements of the financial
sector, with mechanisms to ensure the scalability of the network while maintaining
decentralization. As the underlying communication layer, Dusk uses the Kadcast [22]
protocol, whose efficient and secure message propagation ensures that information is
disseminated across the network quickly and reliably.
Additionally, Dusk makes use of two transaction models, Moonlight and Phoenix.
While Moonlight is a transparent, account-based model, Phoenix is a UTXO-based
model that supports both transparent and obfuscated transactions. The combination
of these two models makes Dusk highly suitable for financial transactions that require
privacy without sacrificing compliance, as regulators can access necessary data while
still ensuring confidentiality for the general public.
Dusk also integrates the Zedger protocol, which is designed to support confidential
smart contracts tailored for financial applications. Zedger focuses on security token
offerings and financial instruments, ensuring regulatory compliance while enabling
the execution of private transactions and contracts. This way, Dusk aims to provide
a blockchain infrastructure that aligns with traditional finance’s legal and regulatory
requirements.
@Dusk #dusk $DUSK

Dusk and NPEX Adopt Chainlink Standards to Bring Regulated, Institutional Assets On-chain
At Dusk, our mission has always been to bridge the gap between traditional finance and Web3 by enabling confidential, compliant, and programmable markets. Today, we’re taking a major step toward that goal.
Together with NPEX, the fully regulated Dutch stock exchange for small and medium-sized enterprises, we’re adopting Chainlink’s interoperability and data standards, including CCIP (Cross-Chain Interoperability Protocol), DataLink, and Data Streams, to bring regulated European securities on-chain and into the broader decentralized economy.
By combining Dusk’s privacy-preserving, compliance-first blockchain with NPEX’s regulated market infrastructure and Chainlink’s industry-standard connectivity, we’re establishing a unified framework for compliant asset issuance, secure cross-chain settlement, and high-integrity, real-time market data.
Building the Future of Regulated On-chain Finance
Dusk is purpose-built for financial institutions that need confidentiality without compromising on compliance. Our architecture integrates zero-knowledge proofs, WASM support, and a fully EVM-compatible execution layer, allowing developers to build sophisticated financial applications that meet European regulatory standards.
Through this foundation, issuers can launch digital securities that remain compliant at every stage of their lifecycle, from issuance to trading to settlement, while still benefiting from blockchain’s programmability and efficiency.
NPEX, meanwhile, brings a powerful legacy of regulated market activity. As a Dutch stock exchange supervised by the Netherlands Authority for the Financial Markets (AFM), NPEX has facilitated over €200 million in financing for 100+ SMEs and connects a network of 17,500+ active investors.
Together, Dusk and NPEX are taking the next step: moving listed equities and bonds onto the blockchain to enable compliant, on-chain, trading, and settlement.
Why We Chose Chainlink CCIP
To connect regulated assets across blockchain environments, Dusk and NPEX are integrating Chainlink CCIP as our canonical cross-chain interoperability layer.
This integration allows tokenized assets issued on DuskEVM to move securely and compliantly between chains, making them composable across DeFi ecosystems. For institutional users and investors, this means unified access to regulated digital securities, regardless of which network they operate on.
We’re also using Chainlink’s Cross-Chain Token (CCT) standard to enable cross-chain transfers of the DUSK token between networks such as Ethereum and Solana.
We selected CCIP for its robust, security-first design and proven infrastructure:
Maintaining Control & Ownership: Dusk and NPEX retain full ownership of token contracts, with programmatic controls like rate limits and upgrade paths built in.
 Future-Proof Reach: CCIP already supports 65+ blockchains and continues to expand, ensuring long-term interoperability without compromising issuer control.
 Always-On Infrastructure: CCIP leverages the same resilient oracle infrastructure that secures billions across DeFi.
 Defense-in-Depth Security: Multiple layers of monitoring and validation protect cross-chain activity, even in volatile market conditions.
 Zero-Slippage Transfers: The CCT burn/mint model removes dependence on third-party liquidity pools, ensuring accurate and efficient token movements.
By integrating CCIP, we’re setting a new benchmark for how regulated financial assets can move seamlessly between blockchain ecosystems.
Bringing Regulated Exchange Data On-chain
In addition to CCIP, Dusk and NPEX are also adopting Chainlink’s data standards to bring verified market data on-chain.
Chainlink DataLink will deliver official NPEX exchange data directly to the blockchain, serving as the exclusive On-chain data oracle for the platform.

 Chainlink Data Streams will provide low-latency, high-frequency price updates—supporting compliant, high-performance DeFi and institutional trading applications.
 
Together, these integrations make Dusk and NPEX official data publishers for regulatory-grade financial information On-chain. For developers, it unlocks the ability to build real-time, compliant, and transparent financial products powered by official exchange data.
@Dusk #dusk $DUSK
 

Why I Started to Value the Privacy of the Consensus Layer
In the early years of studying blockchain, my focus was always anchored on the application layer. My mind was filled with thoughts about which scenarios could be implemented and which surface-level needs could be addressed. I believed that the value of technology was hidden in those visible functions, with very little attention paid to the underlying consensus layer, let alone pondering the privacy issues within the consensus layer.
It was only later, after interacting with more and more financial institutions and following them to dissect business logic and sort out compliance pain points, that I suddenly realized a core issue that had been overlooked: privacy has never been something that can be solved retrospectively. If the consensus layer itself does not inherently possess privacy attributes, trying to patch vulnerabilities once the application is implemented and the business is running can either hit technical bottlenecks or skirt compliance red lines, resulting in most cases ending up being half-hearted efforts.
The demand for privacy from financial institutions is far more complex than simply hiding data. What they want is to smoothly complete the entire process of transactions, settlements, and verifications under the premise of full privacy protection—data cannot leak, but the legality of each operation and the accuracy of each result must be traceable and verifiable. Balancing these two aspects has long been a point of confusion for me.
It wasn't until I understood the technical logic of Dusk that I had an epiphany. It did not treat zero-knowledge proofs as an additional tool, but instead embedded them directly into the core of the consensus logic, making privacy capabilities a native attribute of the consensus layer. This design greatly impacted me and completely changed my understanding of the relationship between privacy and consensus.
Imagine that users' balance information, identity details, and the core logic behind transactions do not need to be disclosed, yet can still allow participants to effectively verify the transaction results. This is by no means some opaque 'black box operation'; rather, it precisely aligns with the real needs of the financial industry—maintaining the baseline of data privacy while achieving substantive transparency through verifiability, which is more practically valuable than mere transparency.
Now, when I look at how blockchain technology is applied in financial scenarios, I always examine the privacy design of the consensus layer first. After all, only by solidifying the underlying foundation can the application ecosystem above truly walk steadily and far.
@Dusk #dusk $DUSK

Long-run features of Plasma for crypto buyers (investors & users).
Very low transaction fees
Plasma moves most transactions off the main blockchain.

So, over time, users pay much lower fees than using Ethereum mainnet directly.
Faster transactions
Transactions are processed quickly on Plasma chains, not waiting for the crowded main network.

Good for daily use, trading, and small payments.
Security backed by main blockchain Security backed by main blockchain
Even though transactions happen off-chain, the final data is secured by Ethereum.

So buyers get high security + high speed together.

4. Better scalability as users grow
As more people use crypto, blockchains get slow and expensive.

Plasma helps networks handle millions of users smoothly in the future.
5. Supports real-world use cases
Long term, Plasma helps in:
Gaming
Micro-payments
DeFi apps
NFT marketplaces
E-commerce payments
This increases real adoption, which is good for buyers.
$XPL

XPLUSDT
Perp
0.1398
-2.98%

6. Users control their funds
Even if a Plasma operator fails or cheats, users can withdraw their funds safely to Ethereum.

This reduces risk in the long run.

7. Strong ecosystem growth potential
Projects using Plasma can build cheaper and faster apps → more users → more demand for tokens.

Simple conclusion:
In the long run, Plasma helps make crypto cheaper, faster, safer, and usable for millions of people, which is positive for buyers and long-term investors.
If you want, I can also explain this specifically for $XPL / Plasma coin or compare Plasma with Polygon, Arbitrum, or Optimism 👍

@Plasma , $XPL

Long-run features of Plasma for crypto buyers (investors & users).
Very low transaction fees
Plasma moves most transactions off the main blockchain.

So, over time, users pay much lower fees than using Ethereum mainnet directly.
Faster transactions
Transactions are processed quickly on Plasma chains, not waiting for the crowded main network.

Good for daily use, trading, and small payments.
Security backed by main blockchain Security backed by main blockchain
Even though transactions happen off-chain, the final data is secured by Ethereum.

So buyers get high security + high speed together.

4. Better scalability as users grow
As more people use crypto, blockchains get slow and expensive.

Plasma helps networks handle millions of users smoothly in the future.
5. Supports real-world use cases
Long term, Plasma helps in:
Gaming
Micro-payments
DeFi apps
NFT marketplaces
E-commerce payments
This increases real adoption, which is good for buyers.
$XPL

6. Users control their funds
Even if a Plasma operator fails or cheats, users can withdraw their funds safely to Ethereum.

This reduces risk in the long run.

7. Strong ecosystem growth potential
Projects using Plasma can build cheaper and faster apps → more users → more demand for tokens.

Simple conclusion:
In the long run, Plasma helps make crypto cheaper, faster, safer, and usable for millions of people, which is positive for buyers and long-term investors.
If you want, I can also explain this specifically for $XPL / Plasma coin or compare Plasma with Polygon, Arbitrum, or Optimism 👍

Caratteristiche a lungo termine di Plasma per acquirenti di criptovalute (investitori e utenti).
Commissioni di transazione molto basse
Plasma sposta la maggior parte delle transazioni al di fuori della blockchain principale.

Quindi, nel tempo, gli utenti pagano commissioni molto più basse rispetto all'utilizzo diretto della rete principale di Ethereum.
Transazioni più veloci
Le transazioni vengono elaborate rapidamente sulle catene Plasma, senza aspettare la rete principale affollata.

Buono per uso quotidiano, trading e piccoli pagamenti.
Sicurezza garantita dalla blockchain principale

Anche se le transazioni avvengono off-chain, i dati finali sono protetti da Ethereum.