NuCypher is an innovative software solution to bolster the security and safeguard user privacy of decentralized applications on public blockchains. With NuCypher, developers have a powerful tool for creating reliable and secure dApps with enhanced protection features.
What is NuCypher
NuCypher offers developers the ability to store and share their confidential information securely. It is an essential security layer linking various blockchains, allowing them to efficiently grant access permissions in decentralized applications.
The platform offers two primary services:
- Keeps critical data secure with Secrets Management - a solution designed to protect sensitive information such as passwords and private keys.
- Sophisticated data control - Dynamic Access Control protects sensitive information by granting or revoking access whenever necessary.
NU is a powerful motivator for nodes to support the network by providing reliable encryption services. It is an innovative reward system that further bolsters the security of users on this platform.
History of NuCypher
NuCypher was founded in 2015 by Maclane Wilkinson and Micheal Egorov to provide secure cloud-based data protection for various industries, particularly those that deal with large volumes of confidential information, such as finance and healthcare. Their technologies have been tested in experimental environments at leading banking institutions worldwide.
After achieving exceptional success with Y Combinator's 2016 Summer class, NuCypher was awarded $750,000 in seed funding. Since then, they have devoted themselves to developing their offerings and adapting them to be compatible with smart contracts, offering users of decentralized applications both secure data storage and advanced privacy capabilities.
How NuCypher works
NuCypher is revolutionizing how public blockchains are secured by safeguarding private data with cutting-edge cryptographic solutions.
Offering advanced security solutions, the platform integrates Umbral's robust encryption scheme and Ursula's decentralized network of operating nodes to provide secure secrets management services with dynamic access control.
Umbral and Ursulas
With Umbral, NuCypher provides a robust encryption solution that allows users to retain data confidentiality and securely share resources.
In a secure and trustless manner, data owners can delegate decryption rights to receivers via proxies named Ursulas. To ensure the privacy of the underlying content is maintained, these nodes remain independent from accessing this information - instead, they affect different conditions that must be fulfilled for unlock access.
Ursulas are incentivized to join the network and participate in validating transactions; this is achieved by staking NU tokens. Rewards are given in newly minted coins, but if a node fails at its duties or maintains poor service times, part or all of its stakes can be lost.
Ursula nodes are generously recompensed with NU rewards and Ethereum transaction fees for contributing to NuCypher's assurance of security and privacy services on the underlying Ethereum platform.
NU tokens can be staked via the Ethereum-based Proof-of-Stake (PoS) distribution mechanism, WorkLock.
A minimum node operator requirement of 2,000 individuals is necessary for 30 days to ensure network stability, and 353,913 NU tokens must be allocated.
After that, rewards will automatically restake every month unless opted out by operators; however, there are no guarantees regarding returns on NU token investments lasting over one year.
The NuCypher DAO is an interactive platform committed to fostering the growth and innovation of its protocol. From team announcements, research discussions, proposals for legitimate upgrades, or anything related to the community – there's something here for everyone! Join us as we explore all possibilities toward a secure blockchain network together.
NuCypher, a decentralized autonomous organization (DAO), is inviting proposals and fresh ideas to help maintain economic stability, bolster security measures and elevate the quality of service post-main net launch. Through its DAO forum, NuCypher offers individuals an opportunity to contribute groundbreaking conceptions for protocol upgrades that will ensure the long-lasting healthiness of the network.