What is NuCypher (NU)? All information about NuCypher

• NuCypher (NU) Overview
• What is NuCypher (NU)?
• Features of NuCypher
• How NuCypher Works
• Advantages of using NuCypher
• NuCypher's Development Team
• Roadmap (Roadmap)
• Advisors, investors, partners NuCypher
• Advisors
• Investors and partners
• NuCypher's Token Overview
• What is NU Token?
• NuCypher's NU Token Technical Information
• Allocate NU tokens
• NU token release schedule
• Functions of the NU token
• How to earn and own NU tokens
• Where can NU tokens be bought and sold?
• NU token storage wallet
• summary

NuCypher (NU) Overview

What is NuCypher (NU)?

NuCypher is a protocol that aims to provide a layer of security and privacy for decentralized applications built on open source blockchains, such as Ethereum.

NuCypher website interface 

With Proxy Re-encryption (PRE), NuCypher allows users to share private data on the public blockchain in a safe, highly secure manner. In addition, users are granted or revoked data access rights with other users.

Features of NuCypher

Some salient features of the project

Data encryption 

Unlike most blockchain projects that are designed to serve customers, better transactions, IoT operations, voting mechanisms, etc. NuCypher was created to cater to other blockchains. NuCypher is a layer of security for blockchains. 

NuCypher provides a secure infrastructure for the decentralized web with security fields such as: Proxy Re-encryption (PRE), Threshold Signatures (TSS), Distributed Key Generation (DKG) and a number of other Threshold Cryptocurrency. 

NuCypher DAO 

NuCypher will be fully decentralized, with distributors managing smart contracts via the NuCypher DAO. 

NuCypher DAO gives administrative rights to users holding NU

Users holding a certain number of NUs will have the right to propose and vote to the DAO to decide the future direction of NuCypher. 

Worklock 

Worklock is a mechanism for creating network nodes on NuCypher. Users will lock ETH and run nodes to earn NU. For each NU node, users must stake 353,913 NU. 

Of the initial total supply of NuCypher (1 billion NU), 22.5% (225 million NU) will be allocated to the Worklock mechanism. Anyone can join Worklock (except in prohibited countries). 

Worklock node model

Users can join Worklock on CoinList. When joining CoinList, users will lock ETH and $NU for 6 months (since joining). The reward accumulated during the process of locking ETH and earning NU will be staking again after 6 months (since joining). The total number of NU that a user earns through the Worklock node on CoinList will be prorated based on the locked ETH the user has staked. 

Join Worklock via CoinList

How NuCypher Works 

NuCypher's secure data management system and access control services have two branches: Umbral (a cryptographic scheme) and Ursula (a chain of nodes for staking and minting new tokens) .

Umbral

Umbral is the data encryption branch of NuCypher.

How Umbral works: Umbral uses nodes to encrypt and decrypt data without having to access them. Easier to understand, the user's private keys will be completely secure during storage and manipulation on NuCypher. Only the user has access to this private key. 

Umbral's data encryption libraries include: 

• pyUmbral : Declare the reference for the Umbral threshold proxy re-encryption (PRE) scheme. 
• NuBLS : Library threshold BLS signature. Also included is rust-umbral, an Umbral Rust variable that links with JavaScript and Python.

Ursula

Ursula performs both management and control functions for the NuCypher network. Ursula uses encrypted nodes to enable features such as staking, minting new tokens for users.

Operation model of Ursula 

The way Ursula works is as follows:  

Step 1: Alice is the data owner, giving access to her encrypted data to anyone she wants by creating a policy and uploading it to the NuCypher network. 

Step 2: The Ursulas (nodes on the NuCypher network) receive policy information, called Policy Arrangement. Then, Ursulas will encrypt the data and send back the user the liquidity fee and token. By using Proxy Re-encryption, Ursulas and the storage layer have no access to Alice's original data. Encrypted data will be uploaded to IPFS, Swarm, S3 or other data storage layers. 

Step 3: Bob (data receiver) retrieves encrypted data from storage layer and sends access request to NuCypher. When the request is approved, Bob decrypts the data with his private key. Node Ursulas will use the liquidity fee and token to perform the decryption. 

Advantages of using NuCypher

Some advantages of using NuCypher: 

• Malicious data is thoroughly processed : Malicious information affecting the user's computer will be carefully filtered by NuCypher.
• Securely encrypted data: NuCypher uses Umbral to secure the data of customers, businesses and countries from hackers. As a result, users can share encrypted data on public blockchains (Ex: Ethereum) and decentralized storage solutions (Ex: IPFS).
• Using a flexible cloud-based data storage system: NuCypher allows users to share and store personal data and files on public networks from which they can develop decentralized and secure applications such as chat system with encrypted messages, Nubox – an application to store encrypted files… 

NuCypher's Development Team

The NuCypher team consists of engineers, cryptographers and computer scientists with many years in the industry. The products built by NuCypher team have resonated greatly in the technology community and crypto community such as: Data Encryption Library (NuFHE), ZeroDB database platform. 

Project development team

Founders of the event include Mikhail Egorov (founder of Curve) and MacLane Wilkison.

• Mikhail Egorov: Technical Director of NuCypher. He is also the Co-founder of LoanCoin, a decentralized banking network. 
• MacLane: CEO and software engineer of NuCypher. Along with Mikhail Egorov, MacLance is also the Co-founder of LoanCoin.  

Roadmap (Roadmap)

NuCypher project development roadmap: 

• June 2017: Release of Whitepaper
• November 2017: Private Testnet Deployment
• August 2018: Decentralized Private Testnet Deployment 
• October 2019: Public testnet release 
• September 2020: Launching the Worklock project 
• October 2020: Mainnet Launch

Roadmap 

Advisors, investors, partners NuCypher

Advisors _

Project advisor 

Investors and partners

NuCypher has raised US$4.3 million in a funding round from 13 hedge funds and companies: Polychain, Michael Novogratz's Galaxy Digital Assets Fund, FBG Capital, Compound VC, Satoshi Fund and Blockchain Korea Partners, and one number of other investors. 

Investors and partners 

NuCypher's Token Overview 

What is NU Token? 

NuCypher crypto (NU) is the native token of NuCypher, built on the Ethereum blockchain. Users have the right to staking NU on the NuCypher platform to receive rewards. 

The NU token is both a Utility token and a Governance token. Depending on how many NUs a user holds, they may be entitled to vote and help determine the future direction of the NuCypher Decentralized Autonomous Organization (DAO). 

NuCypher's NU Token Technical Information

• Token Name: NuCypher
• Ticker: NU
• Blockchain: Ethereum
• Token Standard: ERC-20
• Contract: 0x4fe83213d56308330ec302a8bd641f1d0113a4cc
• Token Type: Utility and Governance
• Total Supply: 3,885,390,081 USD
• Circulating Supply: 703,000,000.00 NU 

Allocate NU tokens 

The initial total supply was 1 billion NU. Of which, 225 million NU (22.5% of the initial supply) is allocated to Worklock. NU for Worklock will be staking locked for 6 months. The allocation of NU tokens according to the initial total supply is as follows: 

Allocation with initial total supply 

The current total supply of NU is ~3.89 billion and the difference of 2.89 billion is expected to be distributed as an inflation allowance to the Stakers over time. The distribution of NU tokens according to the current total supply is as follows:

Allocation with current total supply 

NU token release schedule 

NU token release schedule 

Functions of the NU token 

NU Token is used in NuCypher for the following purposes:

• Pay transaction costs for Nodes when transmitting data between two parties on the NuCypher network.
• Pay for services (including Decentralized Dropbox and Encrypted Slack) in the NuCypher network.
• Use it to staking in Nodes and get a reward of $NU Token. 

How to earn and own NU tokens 

Currently, you can earn and own NU tokens through the following ways: 

• Trade on exchanges with NU list. 
• Join the project's Airdrop, Bounty programs. 
• Join NuCypher's Worklock program on CoinList. 
• Buy NU tokens through the project's sales. 

Where can NU tokens be bought and sold? 

You can buy NU on the following exchanges: 

Binance, Coinbase Exchange, Bithumb, Bybit, Huobi Global, Gate.io, KuCoin,… 

NU token storage wallet 

NU is an ERC-20 token. So you can store NU on some of the following wallets: 

• Myetherwallet Wallet : Mycrypto, Metamask . 
• Hardware wallets: Ledger Nano S , Ledger NanoX, TreZor, imToken. 
• App Wallet: Trust Wallet , Atomic Wallet.

summary 

NuCypher is a platform with a new direction when it comes to leading the crypto industry in data encryption technology for Blockchains. With what has been and is being done, in the future NuCypher will make even greater strides. Let's wait with  TraderH4 !

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