NuCypher is a blockchain-based cryptographic infrastructure that is used for applications that protect privacy, dynamic control access, secret management, and secure computation. It is powered by the NuCypher token (NU). Also, NuCypher lets users manage a variety of computational secrets, such as identity and access management (IAM) tokens and database and secure shell (SSH) credentials for accessing servers remotely.
Moreover, NuCypher enables users to conditionally grant and withdraw access to data for any number of recipients. Also, users can process encrypted data, which keeps the inputs to transactions and the results of computations secret. Furthermore, the NuCypher Network provides an easy-to-use platform with expandable runtimes and APIs for dynamic secret management.
The NuCypher whitepaper was released in June 2017. It was created by MacLane Wilkison and Michael Egorov, who also started Curve Finance. Both have taken part in the popular startup accelerator Y Combinator and have strong technical backgrounds in physics, computer science, telecommunications, and finance.
In 2018, NuCypher's private testnet went live. The NuCypher public testnet went online in October 2019 with help from Bison Trails, Figment, InfStones, and Staked.us. Following the release of $45 million worth of NU tokens to participating nodes, the main net of NuCypher was subsequently launched in October 2020.
Unlike most blockchain initiatives, NuCypher was established for other blockchains rather than for customers, better transactions, IoT operations, voting mechanisms, and more. NuCypher is a security layer for blockchains.
NuCypher offers a privacy infrastructure for the decentralized web using proxy re-encryption (PRE), threshold signatures (TSS), distributed key generation (DKG), and other threshold cryptography.
Using the NuCypher network, users can conditionally give and take away access to data for multiple users at the same time. NuCypher's encryption service provides almost unbeatable security for sending sensitive data. It combines this with the trustless and censorship-resistant features of traditional public blockchains.
Umbral is the encryption part of the NuCypher protocol. It uses nodes to encrypt and decrypt data without being able to see it. Specifically, your private key can be saved, but it will not be displayed during this process. The unique encryption key will only be available to you. Ursula does both management and control for the NuCypher network. It also uses encrypted nodes to enable staking, create new tokens, and run the platform on a day-to-day basis. The only requirement to be a node operator is to stake your NU tokens. You will receive incentives in both Ether (ETH) and NU for your services.
NU, the native token of NuCypher, is a work token that grants the right to operate a node on the network to its holders. Participants can only set up a node if they agree to stay online and available to users and stake enough NU tokens on the network as collateral. Once the network verifies an operator's NU security deposit, these nodes can re-encrypt data for users in exchange for new token emissions and network fees (paid in ETH). NuCypher made its token model so that NUs have low liquidity. This encourages users to stake their tokens for the long term instead of using their holdings to speculate on price.
DATE NEWS/EVENTS IMPACT 18/10/2021 Following a sell-off, the price began to plummet as investors tried to cash in on the large gains -25% Decrease 15/10/2021 Nucypher gets listed on South Korea's largest cryptocurrency exchange, Upbit +1134% Increase
NuCypher offers a decentralized key management system, strong cryptographic services, and a cryptocurrency with a lot of potential all at the same time.
The capacity of the NuCypher protocol to give unique infrastructure to the decentralized environment, along with its capacity to grant/revoke access to data on the network, will definitely be valued by organizations and institutions that are beginning to use blockchain technology. Crypto traders and investors might benefit as well if they enter the market at the right moment.
NuCypher