NuCypher is a public blockchain cryptographic service connected to the Ethereum network to provide “secret management” services for the blockchain architecture.
What is NuCypher and How Does It Work?
Privacy is one of the sensitive issues in blockchain technology. Financial applications’ handling of sensitive information also necessitated the need for access control and password management. The NuCypher network emerged with the aim of decrypting data encryption and storage. It is a platform for data protection and privacy of distributed applications in blockchain networks. NuCypher, co-founded by Mikhail Egorov and MacLane Wilkison, was released at the end of 2018. It also took until October 2020 for the NuCypher network to complete the mainnet process.
NuCypher is developed on Ethereum as a Layer-2 solution and uses the PoS (proof-of-stake) algorithm. Unlike other blockchain projects, NuCypher is designed to create a layer of privacy. It allows DApps to securely store and share data without a trusted intermediary. It also performs re-encryption without decrypting or storing any private information. This is particularly useful for decentralized networks where nodes typically use pseudonyms and should not be trusted with sensitive information. There is also NuCypher’s cryptographic library. In parallel with the code libraries, the project provides an open source of code for the blockchain world.
What is NU Coin?
Created in the ERC-20 standard, NU coin is used in decentralized finance transactions. It is also a staking cryptocurrency. With staking transactions, users can earn passive income. NuyCypher, which has the NuFHE library, ensures the emergence of extremely secure accounts. NuCypher is not just about data privacy, it’s also about non-trust data privacy. When using a service such as emails, messages are securely encrypted throughout their journey to recipients’ inboxes. However, the security of its content still depends on the integrity of the central Email solution used. Although the trusted party is not acting maliciously, hackers can still attack a single point of failure.
Using a decentralized key management system, NuCypher provides developers with the ability to privately store, share and manage data on blockchains. NuCypher not only aims to prevent unauthorized access to data, but also allows the data subject to edit and revoke access to such data. This means that DApps can be fully compliant with regulations and protect financial information from bad actors and centralized attacks. Users with NU Coin can lock their assets in wallets and earn passive income at maturity. In addition, they can hide their identities in the form of a private password or signature. NU Coin investors can participate in NuCypher DAO security checks, which control smart contracts on the network.
Where and How to Buy NU Coins?
NU Coin is listed on many cryptocurrency exchanges. As an example of these; Platforms such as Coinbase Exchange, Gate.io, Uniswap (V2), SushiSwap, Bitget, Bitrue, Uniswap (V3) can be given. Users who want to buy NU Coin must first become a member of one of these platforms. After creating a membership in the preferred cryptocurrency exchange, an account must be opened. After completing the identity verification process, the desired amount of NU Coins can be purchased on the trading page. Purchased NU Coins can be used in transactions or stored in secure wallets for later use.
