NuCypherNU to BDT

What is NuCypher?

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.

• Grant - The user or developer grants access to encrypted data to a given address by creating a policy and sharing it with NuCypher Network. The NuCypher nodes receive the shared policy through its NuCypher nodes. This also includes a re-encryption key.
• Encryption - The shared policy which contains a re-encryption key also has an encryption key that an IoT device or a collaborator can encrypt on behalf of the data owner. The encrypted data is then uploaded to the storage layer.
• Receiving - The intended receiver of the data can download that data from the appropriate storage layer.
• Re-Encryption - To de-encrypt, the data the recipient must access to the NuCypher nodes by sending a request. If the request is approved, the NuCypher nodes will re-encrypt the data to the recipient’s public key. This can now be decrypted by the user. The NuCypher nodes perform this re-encryption in exchange for some fees.

Additionally, its NuFhe library enables secure private computation on encrypted data via outsourced nodes.

What is the circulating supply of NU?

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

What makes NuCypher unique?

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.

Who are the founders of NuCypher?

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.

Where can you buy NU tokens?

You can acquire NU tokens through worklock mechanism. It is available for trading on Uniswap and coin base pro.