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As of writing past 24h movement ^7.32%, NU price: $0.2446
24h Trading Volume $35,300,892.33 ^158.23%
Market Cap $95,303,593.62 ^ 7.01%
What I like about NuCypher is that it makes sense and I can see it being used for multiple reasons. In the Computer science world we are exchanging files often by using encryption keys, so why not monetize encryption. That can come in handy with Web3. I like coins that make sense and that I can see it being used in the real world as we go forward to monetizing the Web instead of Big tech getting paid for our data.
I like the idea of getting paid for my data, not google taking my data and selling it. Major reason why I don't use FaceBook, they get rich of our data, it's time to put the power in our hands, to be paid for our data, we should be the ones getting paid supplying Big Tech our data.
NuCypher is a decentralized threshold Cryptographic Infrastructure for Privacy-Preserving Applications. Such as: data privacy, access control, and other cryptographic services for decentralized applications and protocols. NU is a layer 2 resource protocol on Ethereum that uses Proof-of-Stake (PoS) mechanism to coordinate worker nodes.
NU supports threshold proxy re-encryption and it's extensible to other threshold fundamentals like threshold signatures (TSS), distributed key Generation (DKG), Shamir's secret sharing (SSS), and proxy re-signing (PRS)
NuCypher is ensured by staking NU, while malicious nodes are subject to slashing penalties.
While Participating in the NuCypher DAO helps control network parameters and smart contract upgrades. NU stakers can validate DAO proposals.
"Proxy Re-Encryption (PRE) a different type of public-key encryption or (PKE) allows entities to re-encrypt data from one public key to another, without having access to the underlying plain text or private keys." nucypher.com
How It Works
Umbral is NuCypher's threshold proxy re-encryption scheme. Alice (the data owner) can delegate decryption rights to Bob (the recipient) for any ciphertext intended for her, through a re-encryption process performed by a set of trust-minimized proxies. When a threshold of these proxies participate by performing re-encryption, Bob is able to combine these independent re-encryptions and decrypt the original message using his private key.
From <https://www.nucypher.com/proxy-re-encryption>
Happy Crypto hunting,
Xox
Lilly
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