What Is NuCypher?

About NuCypher (NU)

NuCypher is a decentralized cryptographic services provider for private blockchains and enterprises. NuCypher provides end-to-end client data protection, authorization system, simple data distribution between organizations, and secure storage of the data in the cloud.

The main feature of NuCypher is the key management system (KMS), which provides security to dApp developers’ data on the blockchain. The encryption applies to each stored file. It happens due to cryptographic proxy encryption, with an interoperable security layer as a feature of KMS.

NuCypher has its native utility and governance NU token. The main purpose of the tokens is to incentivize the user's operation within the network. In fact, NU is the key to KMS.

Moreover, NuCypher is an Ethereum-based cryptocurrency that operates on a Proof-of-Stake consensus mechanism, so there are all the benefits of this mechanism such as staking, voting, etc. Stakers of NU get passive income for their staking efforts getting. The staking of NU helps to run a NuCypher nodes system.

Besides, NU is an irreplaceable part of the NuCypher decentralized autonomous organizations - DAO. The DAO controls the accuracy and order of all the blockchain processes.

Where did NuCypher (NU) come from?

In fact, NuCypher was launched in 2015. The co-founders of the NuCypher were Mikhail Egorov and MacLane Wilkison. The project participated in the U.S. startup accelerator Y Combinator’s Summer class of 2016. Although the Whitepaper was published, the first real launching was held only in 2017. The testnet platform was launched a year later in 2018. During the first and private testnet launch in 2018 such great infrastructure providers as Bison Trails, Figment, InfStones, and Staked.us joined the event. As a matter of fact, the public (meaning official) testnet of NuCypher was held in 2019. The mainnet was launched in October 2020.

Mikhail Egorov was a physics scientist and researcher from the Moscow Institute of Physics and Technology before he became the CTO of NuCypher.

MacLane Wilkison is the CEO of the project and the chief software engineer. Earlier he worked in the financial area, being an investment banker at Morgan Stanley.

What are the advantages of NuCypher (NU)?

1. KMS privacy layer
   
   NuCypher was initially created for serving other blockchains, to provide them with exceptional security, which is highly demanded in the crypto industry. It utilizes such encryption technologies as proxy re-encryption (PRE), threshold signatures (TSS), and distributed key generation (DKG) all of which combine different features of protection types.
2. DApps
   
   A high range of various dApps customs and functions help to significantly expand the possibilities of the enterprises that developers implement NuCypher into. Dapps let developers manipulate stored data more efficiently.
3. Dedicated team
   
   The team of NuCypher is very active on social media and always strives to keep in touch with their community.

What are the disadvantages of NuCypher (NU)?

1. Lack of development areas
   
   The project has already had quite enough partnerships with various enterprises, yet almost all of them cover a couple of business areas such as IT and techs, whereas the creators have always aimed to a bigger picture and have seen their project as a global multi-area network.

How to exchange crypto on SimpleSwap?

Now you know a little more about the NuCypher project. If you want to continue your immersion in the Crypto World and purchase some cryptocurrencies, you are welcome to use SimpleSwap by following the simple instructions below:

1. For example, you want to swap BTC to ETH. Select the currency you want to exchange (e.g. BTC) in the first drop-down list. Then enter the amount you want to swap.
2. Select ETH in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
3. Click the Exchange button.
4. Enter the Recipient's Address. ETH will be sent there. Be careful and make sure you use the correct address.
5. Create the exchange.
6. You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to ETH exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.