Forget Hard Fork. What Happens After Keep and NuCypher 'Hard Merge'?
What do you get when you mix KEEP and NU? KEANU. Whoa.
Nucypher is a decentralized key management system or KMS that provides encryption without the need for reliance on any centralized authority. It aims to provide security infrastructure layers to Dapps or decentralized apps that are running on public blockchains.
|#||Name||Price||% 1h||% 24h||MarketCap||Circulating Supply||Volume||7d|
|1||$0.7513023050||0.13%||-3.42%||$5.63 M||7,500,005||$25.47 K|
NuCypher price today is $0.2167050000 USD, which is down by -0.18% over the last 24 hours. There has been an hourly rise by 1.88%. NuCypher’s market cap currently sits at $143,947,000.00 USD, holding up for a market cap rank at #191. There is an upsurge in the weekly values by 2.62% Yesterday’s opening price reports to be $0.2203314900 USD while closing rates were $0.2132809200 USD The high/low price for yesterday was $0.2243551300 USD / $0.2107607200 USD and the volume were at $19,570,863.28 USD The high and low price for 7 days is $0.2398524200 USD / $0.2069907600 USD , for 30 days is $0.2792163900 USD / $0.1741606200 USD and for 90 days is $0.5836230700 USD / $0.1740331500 USD NuCypher ranks no 191 in the market capitalization of NuCypher is at $143,947,000.00 and its volume for 24 hours is $16,964,800. 664.25 M NuCypher are under circulation, with total supply of 1.24 B and the Maximum supply of 3.89 B.
It allows the user to share and store data securely on public networks. It employs the Proxy - Re-Encryption technology to give the benefits of secured data sharing and storing to its users. It removes the need for a centralized key management service provider. It provides the necessary security infrastructure layer to decentralized and centralized applications.
Such impressive benefits of secured data encryption and sharing can be leveraged by online banking systems and also to maintain medical records.
Developers get this encrypted service via a network of Nucypher nodes in exchange for ETH. While on the other hand, participants can spin up this node in exchange for a NuCypher token, NU.
NuCypher works upon improving the basic proxy re-encryption designs by replacing the single centralized proxy with a decentralized network. Multiple re-encryption nodes provide robustness to the network without comprising any private keys.
It uses a specific threshold PRE scheme known as ‘Umbral’ to provide cryptographic access control. This process works in 4 different steps that allow data sharing.
Additionally, its NuFhe library enables secure private computation on encrypted data via outsourced nodes.
Nucypher has its token as NU. It is a work token that gives access to its user to use its NuCypher nodes. Participants can spin up a node by committing to stay online and staking a sufficient amount of NU tokens on the network as collateral.
After confirmation of the NU’s security deposit, the user can use the re-encryption services. It has a circulating supply of 340 million NU coins and a max supply of 3.89 billion.
Other vital statistics -
Market Cap - $66,580,522
Trading Volume - $34,161,631
NuCypher price - $0.186963
Unlinke other cryptocurrencies, NU tokens were not distributed through ICO’S (Initial coin offerings), Merkle mines or air drop. NU tokens upon the mainet launch were distributed as per the Worklock mechanism.
The Worklock mechanism required users to escrow ETH in a contract to acquire NU tokens. Users can recoup their ETH by staking NU tokens and generating some amount of work. If the participants choose not to stake their ETH is burned.
Such worklock mechanism was developed to distribute tokens to meaningful users, unlike airdrop thar fails to address this concern.
Nucypher was founded by Macklane Wilkison and Michael Egorov in 2015. The main aim behind the origination of NuCypher was to make data sharing and encryption secure. The company has its headquarter in San Fransisco, California.
The genesis releasewas held in January, 2019 followed by the mainet launch on October 2020. In between it also held public testenet, come and stake it incentivised testnet and worklock, respectively.
In a SAFT, it sold about 8% of its supply at the valuation of $133 million. Investors agreed to stake-lock their tokens for two years, implying that they will stake NU tokens and run nodes on the network for two years before selling.
You can acquire NU tokens through worklock mechanism. It is available for trading on Uniswap and coin base pro.
|NuCypher Price||$0.2167050000 USD|
|24 Hour High / Low||$0.2243551300 USD / $0.2085783300 USD|
|24 Hour Volume||$16,964,800|
|Yesterday's High / Low||$0.2243551300 USD / $0.2107607200 USD|
|Yesterday's Open / Close||$0.2203314900 USD / $0.2132809200 USD|
|Yesterday's Change||0.0070505700 USD (-3.2%)|
|Yesterday's Volume||$19,570,863.28 USD|
|7 Day High / Low||$0.2398524200 USD / $0.2069907600 USD|
|30 Day High / Low||$0.2792163900 USD / $0.1741606200 USD|
|90 Day High / Low||$0.5836230700 USD / $0.1740331500 USD|
|Circulating Supply||664.25 M|
|Total Supply||1.24 B|
|Max Supply||3.89 B|
|NuCypher Price (BTC)||0.00008379|
|NuCypher/Bitcoin Ratio||1 BTC = 0.0001187891 NU|
|Proof Type||Not mineable|
What do you get when you mix KEEP and NU? KEANU. Whoa.
Development teams for Keep Protocol and NuCypher are proposing an on-chain merger that would see them working on a shared, privacy-focused protocol. The post Keep Network, NuCypher teams pitch protocol merger on the Ethereum blockchain appeared first on The Block.
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