NuCypher is a privacy layer for other blockchains.
Table of Contents
What Is NuCypher (NU)?
NuCypher is a decentralized Key Management System (KMS) that addresses the limitations of using consensus networks to securely store and manipulate private, encrypted data. It provides encryption and cryptographic access control, performed by a decentralized network, leveraging proxy re-encryption. Unlike centralized KMS as a service solution, it doesn’t require trusting a service provider. NuCypher engables sharing of sensitive data for both decentralized and centralized applications, providing security infrastructure for applications from healthcare to identity management to decentralized content marketplaces.
How Does NuCypher Work?
NuCypher works with Ethereum’s layer 2 resource allocation protocol to mitigate the influence of PoS to enjoy works offered by worker nodes.
NuCypher employs an evolutionary method called the WorkLock to establish the network’s operational infrastructure in light of the modified distribution of authority. A minimum of 2,000 operators must stake between 353,913 and 400,000 at minimum to run a NuCypher node.
The History Of NuCypher
NuCypher was founded in 2017 by Curve’s founder, Mikhail Egorov, and MacLane Wilkison.
The designated public testnet of NuCypher started in October 2019, but the mainnet of NuCypher launched in October 2020 following the healthy distribution of $45 million in NU tokens to nodes.
Is NuCypher (NU) A Good Investment?
Nucypher improves the efficiency and smooth operation of many other blockchain-based networks. There is a great demand for affordable access to cloud services and data encryption protocols. This demand is expected to increase in the upcoming years, making it an attractive incentive to hold the coin for the long run.
As you can see on the graph below, the highest that NU has ever reached is $1.56 back in October 2021, and then it has dropped to below $0.20. NuCypher is still at its infancy but if it can continue to grow in users and adoption, we can potentially see another all-time high in the future.
To stay up to date with the current NU price data, click here.
Should You Buy NuCypher (NU)?
Since the launch of the mainnet it has seen participation from major staking infrastructure providers such Figment, InfStones, Staked.us, and Bison Trails. Based on their whitepaper, they have a lot more partnerships they would like to explore.
If you have done your due diligence on the NuCypher project and are particularly interested in what they are achieving within the crypto space, you can buy a few coins and familiarize yourself with the system, community and overall project. Cryptocurrencies can be risky, so invest wisely and be careful with your hard earned money.
As a rule of thumb, never invest money you can’t afford to lose.
The NuCypher Whitepaper
NuCypher released a whitepaper that describes the solutions that it is trying to solve, as well as proposed adoption dates for it.
If you want to read the NuCypher whitepaper click on the button below.
How Many NuCypher (NU) Coins Are There in Circulation?
The network has a max supply of 3.89 billion NU coins.
How Can You Buy NuCypher (NU)?
It’s actually quite easy to buy NU coins. All you need to do is follow these four basic steps:
- Create an account on a cryptocurrency exchange that lists NU. Below we share some of these exchanges.
- Complete the identity verification process. Some exchanges require a scan of an identity document such as a passport or driver’s license.
- Transfer money from your bank account to the crypto exchange. The exchange may accept other payment methods, but bank account transfers typically have the lowest fees.
- Once the money is available in your account with the exchange, select the “buy” option to purchase NU.
Where Can You Buy NuCypher (NU)?
The best places to purchase NU are at:
- Coinbase Exchange
- Uniswap (V3)