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What is NuCypher and how does it make data and credentials more secure between users? Learn more about Young Platform and follow the market trends

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What is NuCypher?

The NuCypher project offers an end-to-end encryption system, entrusting data security to the decentralisation typical of the blockchain. NuCypher allows private data and credentials to be shared between two or more users. The technology used is called PRE (Proxy Re-Encryption) and aims to make the NuCypher system more secure on average than similar crypto projects.

Why follow NuCypher?

The reference token is NuCypher (NU). The total supply comes to 1 billion tokens, but up to 3.89 billion NU could exist. What is NuCypher used for? Owning NU allows you to participate in the network’s DAO and, therefore, in project decisions. NuCypher is a layer 2 of Ethereum and uses a Proof-of-Stake consensus mechanism: NUs are required to participate in the validation process.

How was it created?

NuCypher’s mainnet has been online since autumn 2020. However, the project had already been in development for at least two years. More precisely, the whitepaper was drawn up in 2017 and the first testnet went online in 2018. The founder is Mikhail Egorov, who created another great crypto project: Curve. Another figure behind NuCypher is MacLane Wilkinson, an IT engineer and the project’s CEO. On the official website, there is a large forum dedicated to DAO, a Discord channel, a blog and a YouTube channel.

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