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NuCypher (NU) tokens are used on the NuCypher network to incentivize network participants for providing key management services and accessing delegation/revocation operations. NuCypher is a decentralized encryption, access control, and key management system for public blockchains, offering end-to-end encrypted data sharing and decentralized storage solutions. NuCypher uses proxy re-encryption (PRE) technology to securely share private data between multiple participants in public consensus networks. NU tokens are also used for staking to run a NuCypher worker node, participating in the NuCypher DAO, and validating DAO proposals. The NuCypher network is protected against malicious staking and automatically slashes suspected users' rewards.
NuCypher (NU) is a cryptocurrency and decentralised encryption service. It provides cryptographic infrastructure for privacy-preserving applications, enabling developers to secure data and manage access to information on public blockchains. The NuCypher network uses proxy re-encryption technology, which allows encrypted data to be shared securely between parties without revealing the original decryption key.
NuCypher (NU) is used for several key purposes:
- Data Encryption and Access Control: NuCypher offers end-to-end encrypted data sharing, allowing users to grant and revoke access to data securely.
- Decentralised Applications (dApps): Developers can use NuCypher to build privacy-preserving decentralised applications that require secure data exchange.
- Proxy Re-encryption: This technology enables encrypted data to be re-encrypted by a proxy server, allowing it to be shared with another party without exposing the original decryption key.
- Key Management: NuCypher's protocol supports the secure management and distribution of cryptographic keys.
- Staking and Incentives: NU tokens are used within the network for staking, where participants can earn rewards by providing encryption services and maintaining the network.
NuCypher was co-founded by MacLane Wilkison and Mikhail Egorov.
