NuCypher is a public Blockchain-based decentralized encryption service. Using proxy re-encryption (PRE) technology, the NuCypher network lets users to communicate private data amongst select members of a public consensus network. When compared to typical Blockchains, this gives users on the network with a higher level of data protection.
NU, the native coin of the NuCypher network, incentivizes network participants to keep offering management services via staking. Holders of NU tokens can stake their tokens via a worker node that is safe from malicious staking. NU is an ERC-20 token, which means it is based on the Ethereum blockchain.
What is NuCypher?
NuCypher is a decentralized Key Management System (KMS) that uses Proxy Re-encryption to alleviate the limitations of using consensus networks to securely store and alter private, encrypted data (PRE). NU is Cypher’s native utility token, which is utilized for network incentivization, worker node operation, and protocol governance.
NU, the native token of the NuCypher network, incentivizes network participants to continue providing management services by allowing them to stake their tokens. Holders of NU tokens can stake their tokens using a worker node, which is secured from malicious staking. NU is an Ethereum-based ERC-20 coin.
NuCypher is now preparing to launch its incentive-based testnet event, branded “Come and Stake It,” and plans to launch its middleware layer on Ethereum in the first half of 2020.
By staking NU tokens on the NuCypher platform, individuals will be able to provide re-encryption services to dApps once the platform is released. The WorkLock distribution will provide NU tokens to participants.
If users stake their NU tokens and produce some work, they can repay their ETH investment. Participants will lose their escrowed ETH if they do not participate. WorkLock was created by NuCypher to recruit valuable contributors to the network and to encourage staking involvement, both of which are characteristics that other distribution techniques, such as airdrops, sometimes overlook.
How does it work?
In cryptocurrency circles, privacy is a touchy subject, especially when it comes to anonymous transactions. Most nations have yet to enact legislation governing privacy-focused tokens, and several have explicitly prohibited them. Financial applications, on the other hand, deal with many sensitive data — data that might be extremely valuable. In these circumstances, privacy is crucial, and regulators recognize this.
Mikhail Egorov and MacLane Wilkinson, co-founders of NuCypher, founded the company in November 2018. The NuCypher network’s public testnet went live in October 2019, with incentive testnet operations starting in January 2020.
With a market worth of around $214 million, NuCypher is now the 164th largest crypto project by total market value. The overall daily trading volume for Cypher’s token is over $21.7 million.
Because nodes are paid in ETH, the NU token is actually only utilized for staking. The NuCypher network, which is built as a second layer on top of the Ethereum Blockchain, provides DApps with a set of nodes that are optimized to conduct secure, cryptographic operations in a decentralized manner, allowing encrypted data to be securely shared with someone using an encryption key for data decryption.
NuCypher (NU) Token
The NuCypher network, which is built as a second layer on top of the Ethereum Blockchain, provides DApps with a set of nodes that are optimized to conduct secure, cryptographic operations in a decentralized manner, allowing encrypted data to be securely shared with someone using an encryption key for data decryption.
In most Blockchain systems, the recipient’s public key is used to generate the encryption key, which is then used to unpack the data with their private key. When sharing encrypted material with many recipients, however, this causes issues because the sender must produce several encryption keys.
The network also has its own NU cryptocurrency, which is only used for staking purposes. NuCypher nodes can only be run by staking NU as collateral, which is sliced as a penalty for acting against the network.
NuCypher use cases
NuCypher is developing cryptographic infrastructure for three main applications: Secrets, SSH credentials, X. 509 certificates, and signing/encryption keys can all be managed. Conditionally grant and withdraw access to sensitive data to any number of recipients using dynamic access control.
How to store NU?
Even if the trusted person does not act intentionally, hackers can still take advantage of a single point of failure. Previously, the only way to mitigate this risk was to build larger, more secure, and less transparent centralized systems.
NuCypher allows developers to store, share, and manage data privately on publicly controlled Blockchains by utilizing a decentralized key management method.
- Safe and secure
- Small market cap
- Low circulating supply
- New coin
Coin List users locked more over $54 million in the NuCypher WorkLock on Coin List in October of last year. We opened NU trading on CoinList.co, CoinList Pro, and the CoinList mobile apps in December. Today, we are excited to announce that NuCypher staking rewards can now be earned directly through CoinList for up to 32 percent each year.