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The following year, the whitepaper for the NuCypher project was published. NuCypher launched its private testnet in The private treatment launch saw participation from major staking infrastructure providers including Bison Trails, Figment, InfStones and Staked. The public testnet of NuCypher began in October However, the incentivized public testnet began in January What Makes NuCypher Unique? Unlike most blockchain projects that are designed to serve customers, better transactions, IoT operations, voting mechanism, and the like, NuCypher was created for other blockchains.
NuCypher is a privacy layer for blockchains. NuCypher provides a privacy infrastructure for the decentralized web with proxy re-encryption PRE , threshold signatures TSS , distributed key generation DKG , and other threshold cryptography. Using the NuCypher network, users can conditionally grant and revoke access to data with multiple users at a time. NuCypher's encryption service provides almost unparalleled security for sensitive data transfer.
It combines this with the trustless and censorship-resistant nature of conventional public blockchains. Factoring in the monthly release of the NU tokens, 1,,, NU tokens have been issued with ,, currently in circulation. The tokens are released monthly as rewards to stakers, according to the staking economics paper. NuCypher is a layer 2 resource allocation protocol on Ethereum that uses a proof-of-stake PoS mechanism to coordinate worker nodes.
The network runs on a novel node distribution mechanism which NuCypher calls the WorkLock. To run a NuCypher node, a minimum of 2, node operators would need to stake , The minimum lockup staking period is 30 days.
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