- Market Cap
- $184.73M (#273)
- 559.72M / 3.89B
When we look at NuCypher, it is software that aims to provide a high level of security as well as privacy through a layer in decentralized applications that are built on public blockchains, the most notable one being Ethereum. It essentially enables developers to store, share as well as manage private data and has an aim to add an interoperable sec...
When we look at NuCypher, it is software that aims to provide a high level of security as well as privacy through a layer in decentralized applications that are built on public blockchains, the most notable one being Ethereum. It essentially enables developers to store, share as well as manage private data and has an aim to add an interoperable security layer to various blockchains where the developers can give permission to sensitive information on their dApps.
The platform has two main services that it offers and these are secrets management which stores sensitive data such as passwords and private keys as well as dynamic access control which continually grants as well as revokes access to sensitive data.
The main reason why you would want to use NU is due to the NuCypher network’s implementation of security as well as privacy schemes to public blockchain platforms.
The NU Token Explained
Discussing its native cryptocurrency known as NU, it plays a key role when it comes to the maintenance as well as the operation of the NuCypher network. It can be used for staking, sending, or holding.
Through the ownership as well as the staking of NU, as a user, you have the ability to operate a NuCypher Ursula node as well as participate in NuCypher’s DAO and get to vote on protocol upgrades, changes to the fee rates as well as adjustments to the DAO. As it’s a second layer built upon Ethereum, the NU tokens can be exchanged for other Ethereum network tokens.
Features of NuCypher
NuCypher provides cryptographic services to several protocols by storing their private data securely. To do this, it offers a secrets management system alongside dynamic access control services through what is known as Umbral, which is the encryption scheme, alongside Ursula, which is the network itself that operates the nodes.
Again, Umbral is NuCypher’s encryption scheme, and it is responsible for allowing users to keep data private as well as share information in a secure way. Data owners grant decryption rights to a data receiver which is done through proxy nodes. These proxy nodes are known as Ursulas and are intended to re-encrypt data for the recipients. Note that Ursulas have a requirement of staking the NU tokens to perform the network duties and earn newly minted NU tokens throughout this process. Nodes can actually lose part of all of their staked NU if they perform incorrect re-encryption or have downtime for prolonged periods of time.
Ursula nodes are also rewarded with ETH transaction fees when they provide security or privacy services to applications that are hosted on the underlying Ethereum network through NuCypher.
Founders of NuCypher (NU)
Discussing the founders of NuCypher, it was founded by Mikhail Egorov, who is also the founder of Curve, as well as MacLane Wilkinson. The white paper was published in June 2017, and the testnet became available in November of 2018.
Mikhail Egorov is the CTO at NuCypher.
MacLane Wilkinson serves the role of the CEO at NuCypher.
$NU / USD
How does NuCypher's (NU) performance compare to assets of a similar market capitalization?
30 Day Return
Similar Market Cap
60 Day Return
Similar Market Cap
We're monitoring 70 NuCypher Github repos for commits, code additions and deletions. This data is factored into the Developer Rank.
Weekly Commits (All NuCypher Repos)
Commits vs. The Market
- Past 4 weeks: 72 commits vs. an average of 36
- Past 12 weeks: 218 commits vs. an average of 134
- Past year: 2,033 commits vs. an average of 945
Most Active Repos
|Active Reddit Users (past 24h)||11|
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