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What is NuCypher (NU)?
NuCypher is a piece of software that aims to add security and anonymity to decentralised apps built on public blockchains like Ethereum.
NuCypher allows developers to store, exchange, and handle private data, to add an interoperable security layer to diverse blockchains so that developers may give access to sensitive data across several dapps.
NuCypher secures the private data of public blockchains and provides cryptographic services to numerous protocols.
Who are the founders of NuCypher (NU)?
M.Wilkison and M.Egorov established NuCypher in 2015 in San Francisco to help users safely transact data with cloud providers. Egorov was previously the CTO of NuCypher. He is an alumnus of the Moscow Institute of Physics and Technology. NuCypher’s CEO and co-founder MacLane is a software engineer.
The NuCypher team opted to concentrate on safely moving data and computation to the cloud, therefore increasing data protection and encryption.
To a greater extent, cloud providers will only receive encrypted data, whereas users would maintain control over the information and the accompanying encryption keys. Proxy Re-Encryption (PRE) is a procedure that seeks to prevent data leakage if the cloud service is hacked.
What makes NuCypher (NU) unique?
NuCypher is fundamentally a project that was established to ensure the seamless operation of other blockchains. Unlike many blockchain initiatives that are aimed to assist customers, enhance transactions, IoT activities, voting mechanisms, and the like. NuCypher was established for other blockchains.
NuCypher provides data security infrastructure for the decentralized web thanks to its increased privacy layer. It can also provide and withdraw data access to various users on a conditional basis.
Users may feel certain that their data will be secured with NuCypher since it has been dubbed as having unrivalled security for confidential data transport. NU can also be used to participate in the NuCypher DAO across a network.
NuCypher is the keystone for applications that need to transmit confidential data but also want to make use of public blockchains’ trustless and censorship-resistant characteristics.
- A Unique Privacy Layer
While public blockchains allow apps to be trustless, they value transparency above privacy, limiting blockchain applications. With the existing blockchain infrastructure, users cannot securely transmit sensitive information (e.g. medical data).
To preserve data privacy and integrity, today’s online apps fall back on protocols like SSL; public blockchains will require a decentralised privacy and encryption layer like NuCypher.
- Decentralized Administration
NuCypher will be completely decentralised, with the NuCypher DAO regulating the smart contracts. Stakeholders will be able to contribute suggestions to the DAO and evaluate issues, proposals, and decisions that impact the network using Aragon’s Agent technology.
Users should not only build a viable privacy layer for public blockchains, but they should also own and administer it.
- Come and Stake It (CASI)
Through their Come and Stake It (CASI) Incentivized Testnet and University Staking Program, the team has created a solid base of node providers. WorkLock’s network node setup model demonstrates the team’s dedication to disseminating NU to long-term stakeholders for network node use.
Many stake infrastructure providers and institutional custodians have indicated their commitment to the network.
Security of the NuCypher (NU) network
NuCypher is an Ethereum layer 2 resource allocation system that coordinates worker nodes using a proof-of-stake mechanism.
The network is powered by a novel node distribution method called WorkLock. An average of 2 thousand node operators would first have to stake 353,913 to run a NuCypher node.
30 days is the statutory lockup staking time. NuCypher, on the other hand, does not promise that staking for more than a year would result in profits. Staking earnings are automatically restocked after each period except if the user opts out after a staking term.
How Many NuCypher (NU) Coins?
Currently, the NU has a circulating supply of 695,250,000 NU coins with the maximum supply being 3,885,390,082 NU coins.
How does NuCypher (NU) Work?
Leveraging Umbral, the platform’s encryption method, and Ursula, a network of running nodes, the platform provides a Secrets Management and Dynamic Access Control. The former encompasses storing confidential data while the latter deals with offering or denying access to sensitive information.
NU, the network’s native cryptocurrency, is used to reward nodes who provide consumers with encryption services.
The NU coin is used for holding, transferring, and staking, as well as for sustaining and administering NuCypher’s network. Users that possess and stake NU acquire the opportunity to run a NuCypher Ursula node and engage in NuCypher’s DAO, where they can vote on protocol enhancements, fee rate modifications, and DAO tweaks.
NuCypher’s NU coins can also be traded for other Ethereum network tokens and used within Ethereum-based apps as a second layer built atop Ethereum.
Buying a wallet is not compulsory. It’s a smart idea to create a private cryptocurrency wallet if you do not read to proactively trade your NU tokens. In the scenario that your broker gets hacked, a private wallet provides you with a distinct set of keys that you can use to keep your money more secure.
NU tokens can be saved in any wallet that supports ERC-20 token storage, therefore you can use both physical hardware wallets and software wallet programmes to store them.
Upon buying NU tokens, you’re the newest investor in NU. Now you must determine how you want to profit from your cryptocurrency investment. The majority of bitcoin investors profit from their first investment in one of three ways.
- Trading NU
Standard coins and tokens and stablecoins, which are linked to an underlying asset, are the two types of cryptocurrencies. Traders can buy and sell their NU tokens for stablecoins to accumulate additional NU. You may also be able to swap NU tokens for fiat currency directly, depending on the broker you choose.
- Selling NU
Upon speculating any rise in the price of UN you can move your tokens to an off-chain wallet and send your tokens back to your brokerage account and swap them for fiat cash if the price of NU has climbed to a point where you can make a big profit.
- Converting
You can instantaneously convert ERC-20 tokens across projects on several exchanges. You may like to utilize NU as an intermediary on these exchanges if you’re seeking a token that isn’t available on normal exchanges. The currencies that can be converted will differ depending on the exchange.
Conclusion
NuCypher appears to be a one-of-a-kind blockchain that provides services to other blockchain networks. With confidentiality as a top priority, the Nu crypto could be a fantastic alternative for businesses looking to incorporate its benefits into their day-to-day operations and grow their organization.
From an investing standpoint, with market expectations expecting a positive run in the foreseeable future, it is a wonderful crypto investment opportunity.
However, cryptocurrencies such as NuCypher, are speculative, complex, and risky, as they are extremely volatile and susceptible to secondary activity. Success is wildly unpredictable, and NU’s historical results are no indication of future success.
Before depending on this information, think about your predicament and get professional counsel. Before making any decision, you should double-check the characteristics of any product or service and examine the websites of the appropriate regulators.
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