What is NuCypher?
NuCypher is a Blockchain service project that enables public networks and decentralized applications to use layers of data encryption and protection without relying on an intermediary service provider. NuCypher owns a Decentralized Key Management System (KMS), which helps users securely store and collect encrypted data.
What problem does NuCypher solve?
The process of exchanging important information between individuals, businesses, and countries is using a combination of symmetric key and asymmetric key. In which, the symmetric key is a fixed key, used to encrypt and decrypt data; Asymmetric keys are two different types of keys (Public key and Private key), used to increase the security of data.
This form of combination allows for much faster and safer transmission. But besides that, this method leads to some problems:
- Easy for hackers to eavesdrop on key components, thereby infiltrating and stealing data.
- Detected information harmful to customers’ computers.
NuCypher’s Solution
NuCypher includes the following main components:
- Staker nodes: lock NU tokens into the “Staking Escrow” contract for a specified period to generate two streams of income: inflation rewards (NU) and policy fees (ETH).
- Worker nodes (Ursala): perform threshold cryptographic operations on behalf of stakers; must always be online to provide on-demand services without interruption.
- Umbral Proxy Re-encryption (PRE): Proxy Re-encryption (PRE) is a type of public-key encryption (PKE) that allows a proxy to transform or re-encrypt data from one public key to another without does not require access to private keys, allowing private data sharing across public blockchains and decentralized networks.
Thanks to the above outstanding features, NuCypher helps:
- Secure user data, minimize eavesdropping, intrusion, theft.
- Remove malicious information harming the user’s computer.
NU Token
NU is NuCypher’s ERC-20 utility token and is used in the following functions:
- Network rewards: incentivize network participants to perform key management services and authorization/revocation operations on the network.
- Staking: stake NU to run worker nodes to earn inflation rewards (NU) and policy fees (ETH); staked tokenNU can be cut if worker misbehaves.
- Governance: participate in NuCypher DAO operated by Aragon.
NU token Specifications
- Symbol: NU.
- Blockchain: Ethereum.
- Token standard: ERC-20.
- Total supply: 3,885,390,082 NU
- Circulating supply: 687,500,000.00 NU
NU token Price today
How to buy NU
NuCypher (NU) has been listed on Attlas Exchange.
Traders can easily and securely buy NU with lowest fees on Attlas Exchange.
Step 1: Download the app and register an account
Step 2: Select Market on the toolbar at the main screen
Step 3: Select Spot
Step 4: Find NU
Step 5: Select Buy
Summary
This article is an overview of NuCypher (NU), not a financial advise.
Users are advised to do their own research before making any trading decisions.