NuCypher (NU) was added on Coinbase Earn and $3 worth of NU was shared to users completing the three short lessons. When I completed the tasks, I received 4.47 NU per each lesson, adding to 12.24 tokens. The price surged as NU started to trend, and those completing the task today, will get only 10 NU tokens.
As I was made aware about this token, I wanted to have a look at his real life usage and why it can be a game changer. NuCypher is a cryptographic infrastructure focusing on creating top-end privacy per applications.
Has real life usage in maintaining privacy and the management of secrets and passwords, such as IAM tokens and encryption keys by granting and stopping access to sensitive information. The code can process encrypted data, preserving confidentiality by using proxy re-encryption (PRE), providing cryptographic access controls for Dapps and DeFi protocols. The NuFHE Library is able to encode data and create private computation, and is the fastest available homomorphic encryption library.
NuCypher data encryption and protection layer is available for the Ethereum Netword and dApps. The dApps developers will receive the encrypted data via NuCypher nodes in exchange of ETH fees. It was created in 2015, by MacLane Wilkison and Michael Egorov, as a system to provide data protection and coding for information uploaded in the Cloud. Users will retain the encryption keys and control the information, minimizing the data leaks.
In 2017, NuCypher moved on blockchain platforms and adapted the tools to smart contracts, aiming to provide security and privacy to decentralized application. The transition created a token-based economic model. The NuCypher (NU) token was shared by Initial Coin Offering (ICO) and a public token sale. The testnet was launched in October 2019, followed by a SAFT raise if $10,700,000.
The Proxy re-encryption is a public-key encryption (PKE) that allows a proxy to morph information from one public key to another, without plaintext or private keys. The system is called Umbral, and will automatically grant and stop the user's access to secured data. The Data Owner delegate the rights to access the data to the recipient, through a re-encryption process performed by a set of trust-minimized proxies. The recipient will access the data with his private key.
The NuFHE Library is a proof-of-concept FHE database on TFHE with GPU acceleration using CUDA and OpenCL. The main attributes can be accessed through Fast-Fourier Transforms (FFT) or Number Theoretic Transforms (NTT). The NuFHE tools will allow arbitrary and secure access to encrypted information. The main advantage is that the encryption can be processed without being unlocked. This system offers 100% privacy rate.
The NuCypher Network
The NuCypher Network provides accessible and extensible runtimes and interfaces for secrets management, focusing on security and privacy. All the decisions and network parameters are controlled by the DAO, including fees and contract upgrades.
The nodes are incentivized through a mix of Ethereum fees paid by the customer and the NU tokens inflation. The NU token must be staked for running a node and the stake will coordinate the work to other performing nodes to minimize malicious behaviour. The initial node distribution model is called WorkLock, and provides permissionless opportunities to node validators.
Token Analysis
The total NU supply is approximately 3.8 billion tokens. The NU price doubled in the last month, from $0.15 to $0.32, and it looks that NyCypher has a bright future. As the use of block-chain technology is growing, the level of security and privacy must maintain the pace.
The bright future of security protocols is given by the constant hacks, data leaks and scams happening in the Crypto Ecosystem. NuCypher feels like one of those underappreciated projects, and I can see it surging in the future. The NU tokens I received from the Coinbase Earn were lonely so I changed some shitcoins into 24 NUCypher tokens. The future is bright and more investments may be pumped in my NU stash. This one may be a crypto gem.
NUCypher joined some other privacy and cryptographic projects, such as Orchid (OXT) and The Graph (GRT), and I will HODL nicely. Do your own research and decide if NUCypher can become a game changer. The time in the Cryptoverse runs fast, so make sure you decide before the FOMO kicks in.
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I've seen that NU had a good increase in the last days.