NuCypher is currently trading at $0.0964, after a price change of 2.97% in the last 24 hours.
Ranked as cryptocurrency #291 by capitalization today, NU market cap is valued at $67,733,571. NU trading volume reached $3,465,568 in the last 24 hours. We track cryptocurrency data live in real-time. Make your own forecast on NU coin price prediction page.
What is NuCypher?
NuCypher is a data encryption protocol built on Ethereum that enables developers to manage private data on public blockchains. The protocol offers end-to-end encrypted data sharing on public networks through access control and key management systems. The developers access the encryption service through a network of NuCypher nodes by paying fees using Ether. Users can spin up the node through the staking of the native tokens.
NuCypher uses Proxy Re-Encryption, distributed key generation, and related threshold cryptography to enable the sharing and storage of private data on public blockchains. The platform operates as a layer-2 solution and is secured through the proof-of-stake consensus algorithm.
NU is the native token powering NuCypher. The token is a utility asset that permits users to operate nodes on the network. There are 703,000,000 circulating NU tokens from a total supply of 1,380,688,921 and a hard cap of 3,885,390,082. At the project’s mainnet launch in 2020, there were 1 billion NU tokens. The protocol uses the WorkLock mechanism to distribute tokens. WorkLock requires that users lock ether in a smart contract for an equivalent amount of NU tokens.
NuCypher was introduced in 2015 by Mikhail Egorov and MacLane Wilkison and transitioned to the blockchain model in 2017.