The NuCypher network is an access control system with decentralized encryption that also incorporates key management systems as well as other encryption services for blockchain technology applications. The platform provides its users with an encrypted model of end-to-end data sharing via its public blockchain in addition to several other decentralized storage-based solutions.
The NuCypher network enables participants to share specific data between groups of users in the public consensus networks via a process that involves proxy re-encryption (PRE) technology. According to the network, the decryption technology used by the NuCypher network makes it significantly more protected and after than regular blockchain projects designed to provide public-key encryption solutions.
The network is controlled by its native token, NU which is mostly used in its larger ecosystem. Apart from serving as a form incentive system to network users, the tokens also facilitate the execution of key management services and provide access to revocation and delegation operations.
Who are the Founders of NuCypher (NU)?
The NuCypher network was established by two professionals namely Mikhail Egorov and MacLane Wilkison. Initially, the platform’s white paper was launched in June 2017, and later, its testnet was officially launched in November 2018.
Egorov is a scientist, physicist, and security researcher from the Moscow Institute of Physics and Technology. Before his endeavors in the establishment of NuCypher, Egorov founded the Curve platform and then went on to serve as the CTO of the NuCypher network.
The other half of the NuCypher founding team, MacLane, is a professional software engineer. Before moving to the world of blockchain technology, he worked at Morgan Stanley as an investment banker where he rendered the provision of financial services to several organizations in the world of technology, telecommunications, and media at large. Currently, he serves as the CEO of the NuCypher network.
Before executing their plans to bring NuCypher to life, both MacLane and Egorov were participants in the U.S. 2016 startup accelerator Y Combinator. The year after, the whitepaper for NuCypher was officially published.
The NuCypher network, after launching its private testnet in 2018 experienced major participation from several big-time staking infrastructure providers, among which include Staked.us, Bison Trails, InfStones, and Figment.
What is NuCypher (NU) used for?
The NuCypher cryptocurrency (NU) is the dedicated token of the entire protocol. As an ERC-20 based token with a plethora of use cases, users who hold NU tokens are entitled to rewards after staking coins to run some worker nodes. When a participant stakes NU tokens on the network, they become qualified to run a node and also earn incentives on a regular basis. These participants in general are rewarded with a specific amount of NU tokens whenever they perform and facilitate encryption tasks for other users on the network.
The NU token serves in the capacities of both a governance and utility token. This factor is mainly dependent on the quality of NU tokens held by the participant, as it determines if or not the participant is entitled to citing rights. As a decentralized autonomous organization, the future direction of the system is determined through voting. There is also the option of swapping tokens with other token pairs such as ADA and LTC.
What Is the Unique Point of NuCypher (NU)?
Unlike several of the popular blockchain-based projects available that offer improved transactions, customer service, voting protocols, and Internet of Things services, the NuCypher network was created to serve other blockchains. The system essentially provides blockchains with a privacy layer. The network makes provision for a privacy infrastructure for the decentralized web by making use of proxy re-encryption, distributed key generation, threshold signatures, and several other threshold cryptography systems.
Making use of the NuCypher, participants are allowed to grant and rescind access to data with a collection of users at the same time depending on the conditions. The encryption services provided by the network assure next to unparalleled security for the transfer of sensitive data. It provides a combination of censorship-resistant and trustless nature of regular public blockchains.
How many NuCypher (NU) coins are in circulation?
When the NuCypher network’s mainnet was launched in October 2020, the network had a max supply of 1 billion NU tokens. Based on the release schedule of the system, 3,335,938 and 4,460,000 NU tokens are injected to the public every month to the Team/Equity investors and the SAFT Series 2 monthly.
The NuCypher’s network node, known as WorkLocK operates in a mechanism that was expectedly programmed to get 225,000,000 NU tokens in April 2021. That, included with the network’s monthly token release has equated to a current circulation value of 392,750,000 tokens.
Presently, the NuCypher network has a total supply of 3.89 billion NU tokens. According to the staking economic paper, a portion of these tokens are also released every month as a reward to stakes.
Is the NuCypher (NU) Network secured?
The NuCypher network operates under the mechanism of a layer 2 resource allocation system via the Ethereum blockchain and also uses a dedicated proof-of-stake mechanism in the coordination of worker nodes.
The network is also run on a narrative distribution mechanism of nodes which the NuCypher system refers to as WorkLocK. In order to run a node on the network, there is a minimum requirement of 2,000 node operators, all of which would need to meet a staking requirement of 353,913.
The least lockup timeline for staking is 30 days. However, the network does not give any assurance that staking for extended periods of over a year will earn significant benefits in terms of their rewards system. Except if the participant opts out after the period of staking, the resultant rewards are restaked automatically after each period.
How do I buy NuCypher (NU)?
The NuCypher network, in its provision of encryption services on a grand scale to blockchain platforms, has broken several thresholds. While it remains in the business of providing regular customer services such as facilitating Internet of Things devices, it has grown to a grand level in the blockchain industry. As a result of this more individuals and platforms have shown interest in making use of its services, leading to its tokens being more mainstream. Now, NU tokens are generally available in several exchanges and can be purchased easily as stated below.
- create an account with the crypto trading platform,
- transfer the amount of fiat money to the crypto account through the options provided.
- When the transaction has been confirmed, then you can buy your NU tokens.
Which Cryptocurrency Wallet Supports NuCypher (NU)?
The PTPWallet platform was created with the aim of providing solutions to a series of blockchain-based problems which have battled the industry for a while. One of the methods by which the system is able to achieve that is by supporting a large number of cryptocurrencies, one of which includes the NuCypher wallet. The system has also seen to it that several innovations have been developed in its platform. These innovations are seen in its security mechanisms, as well as its inclusive user interface.