What is NuCypher (NU) | What is NU token
What Is NuCypher (NU)?
NuCypher is a decentralized threshold cryptography platform that provides data privacy, access control, and other cryptographic services to decentralized applications and protocols. The network currently supports threshold proxy re-encryption and is extensible to other threshold cryptography primitives like threshold signatures (TSS), distributed key generation (DKG), Shamir’s secret sharing (SSS), and proxy re-signing (PRS).
NuCypher is a layer 2 resource allocation protocol on Ethereum that uses a Proof-of-Stake (PoS) mechanism to coordinate worker nodes.
NU is used for:
- Staking to run a NuCypher worker node. Proper behavior is ensured via staking, with malicious nodes subject to slashing penalties.
- Participating in the NuCypher DAO, which controls network parameters and smart contract upgrades. Users that are staking NU can validate DAO proposals.
NuCypher’s cryptographic libraries can be found on the project’s GitHub and include:
- pyUmbral, the reference implementation of the Umbral threshold proxy re-encryption scheme
- NuBLS, a threshold BLS signature library
- rust-umbral, a Rust implementation of Umbral with bindings to JavaScript and Python
What is the circulating supply of NU?
NuCypher’s mainnet launch was on October 15, 2020 with a total supply of 1 billion NU, the majority of which is locked according to this release schedule. There is a max supply of ~3.89 billion NU, ~2.89 billion of which is released as inflation rewards to Stakers according to the staking economics paper.
What is the history of NuCypher?
NuCypher was created by Mikhail Egorov (the founder of Curve) and MacLane Wilkison.
The two participated in the U.S. startup accelerator Y Combinator in summer 2016 and published the initial NuCypher whitepaper in 2017.
A private testnet was launched in 2018 with participation from major staking infrastructure providers like Bison Trails, Figment, InfStones, and Staked.us. The public testnet began in 2019, with an incentivized testnet in early 2020.
The network launched via the WorkLock, a novel node distribution mechanism, in wich >2,000 node operators stake 353,913 ETH in order to run NuCypher nodes.
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