In recent years, the success of decentralized technologies has led to their adoption in various domains. One such project making waves is NuCypher, which provides decentralized encryption and access control services. NU, which has quickly risen to the top of many investors’ and analysts’ watchlists, is garnering attention for its technical intricacies. In this article, we’ve gathered all the essential details about NU for you, as Zatrun.com has conducted a comprehensive review of the project.

NU Coin: What Is It?

NuCypher serves as a cryptographic infrastructure for privacy-preserving applications. It acts as a privacy layer for decentralized applications (dApps) based on blockchain and Proxy re-encryption. In simpler terms, NuCypher offers encryption services for public blockchains and decentralized storage solutions, enabling end-to-end encrypted data sharing. NU, on the other hand, is an ERC-20-based token.

The NuCypher project has gained attention with its goals and technical foundation following the publication of its technical documents. It’s described as a privacy layer for decentralized applications based on blockchain and Proxy re-encryption. It provides cryptographic infrastructure for privacy-preserving applications, offering threshold access control (TAC) for securing private data and access control according to chain conditions. By utilizing Proxy re-encryption technology, it allows private data to be shared among various participants on public consensus networks.

The project claims to have achieved a more secure and protected decryption technology compared to traditional blockchain projects based on public-key encryption. NU tokens are used within the broader NuCypher network. Built on the Ethereum network, it offers critical solutions as a public blockchain encryption service.

Unlike most blockchain projects designed for better transactions, IoT operations, voting mechanisms, and similar elements, NuCypher is specifically designed for other blockchains. Its role as a privacy layer for blockchains is a crucial distinguishing feature.

NU Coin Founders: Who Are They, and Where Are They From?

NuCypher was co-founded by Mikhail Egorov and MacLane Wilkinson in 2017. Mikhail Egorov, one of the co-founders, previously served as the CTO of NuCypher. MacLane Wilkinson, another co-founder, currently holds the position of CEO for the NuCypher project.

Egorov and MacLane joined the Y Combinator startup accelerator in the United States in 2016. A year later, they released a technical review for the NuCypher project. The NuCypher private testnet began in 2018, featuring participation from major staking providers such as Bison Trails, Figment, InStones, and Staked.us. The public testnet was launched in 2019.

NU is primarily used as an encryption service for blockchains. NU, the project’s ERC-20 token, is versatile and serves various functional purposes. It can be used for:

1. Encouraging network participants to perform key management services and access authorization or revocation operations on the network.
2. Staking in the operation of NuCypher nodes.
3. Safeguarding the network against malicious staking and automatically cutting rewards for suspicious users.
4. Participating in DAO activities on the network.
5. Allowing NU stakers to participate in the validation of DAO proposals.

What Makes NuCypher (NU) Project Stand Out?

By utilizing Proxy re-encryption technology, NuCypher allows users to share private data among a variety of participants on public consensus networks. This unique feature provides a privacy layer for decentralized applications (dApps) based on blockchain and Proxy re-encryption. Here are the primary features that set the NU project apart:

1. Threshold Access Control (TAC) provides access control to private data and secrets based on chain conditions.
2. Offers secure, granular access control under predefined conditions for encrypted data to numerous recipients.
3. Provides cryptographic security for a subset of chain conditions, granting access to encrypted data for pre-defined recipients.
4. Serves as a privacy layer created for other blockchains.

Advantages and Disadvantages of NuCypher (NU) Coin

NuCypher, as a provider of cryptographic infrastructure for privacy-preserving applications, offers numerous advantages. Although the advantages outweigh the disadvantages, as is the case in many projects, there are still some drawbacks. Here are some of the advantages of the NuCypher (NU) project:

Advantages:

1. Allows users to lock their assets in their wallets to earn passive income.
2. Anonymizes user identities by converting them into private keys and signatures.
3. NU owners can participate in DAO security controls.

Disadvantages:

1. Susceptible to cyberattacks when stored in online wallets.
2. Operates in a market with high risk factors and uncertainties.

In conclusion, NuCypher (NU) is a project that stands out as a vital player in ensuring privacy and security in the decentralized world. Its unique features and robust infrastructure make it a noteworthy project for investors and enthusiasts alike. However, it’s essential to be aware of the potential risks and volatility in the crypto market when considering NU as an investment option.