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.
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
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:
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.
Some advantages of using NuCypher:
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.
NuCypher project development roadmap:
Roadmap
Project advisor
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 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).
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
NU Token is used in NuCypher for the following purposes:
Currently, you can earn and own NU tokens through the following ways:
You can buy NU on the following exchanges:
Binance, Coinbase Exchange, Bithumb, Bybit, Huobi Global, Gate.io, KuCoin,…
NU is an ERC-20 token. So you can store NU on some of the following wallets:
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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