Imagine a stage. In this highly transparent public showcase of securities issuance, the lights are blazing—every transaction detail, every participant's action is recorded in real-time, ready for auditors to replay and review at any moment. Meanwhile, for behind-the-scenes negotiations of commodities or derivatives contracts that require confidentiality, certain areas of the stage are draped with curtains, leaving only a sign that says "Rehearsal in Progress," thus protecting business secrets.

This metaphor actually reveals the core competitive advantage of projects like Dusk—true flexibility. Various financial applications running on the blockchain (understood as different "modules") can flexibly invoke underlying privacy or audit functions based on their needs, freely combining to create visibility rules that suit their business. The result is that on the same chain, you can accommodate both fully transparent financial activities and complex transactions requiring commercial confidentiality, without mutual interference, while sharing a unified secure settlement infrastructure.

From this perspective, Dusk's real competitors may not be other public chains pursuing high throughput, but rather traditional IT giants providing internal settlement and privacy computing services to conventional financial institutions. It aims to use an open, decentralized blockchain approach to offer, or even surpass, the functionality of closed private systems. This is no small ambition.

Will it succeed? First, it must have solid technology, but more importantly—can it convince the conservative financial industry to believe that a carefully designed open network can outperform closed systems in security, flexibility, and cost-effectiveness? Dusk is not the actor on the stage but the stage director behind the scenes. Its ultimate success will be defined by the brilliance of the "financial dramas" performed on it.