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Highlights
- NuCypher is a service for other blockchains who wish to protect the data on their platforms
- With NuCypher users can share private data between a number of participants in networks, using proxy re-encryption (PRE) technology
- Overall, the year-to-date returns have been positive, with NuCypher increasing by 525% since the beginning of the year
The internet is in the midst of a revolution. The evolution of the internet, driven by blockchain technology, is heading towards what’s being labelled as Web 3.0. With this change comes new concerns over privacy and security, as different blockchain projects scramble to find a way to protect users’ data and information.
NuCypher is one such project focussing on providing this service to other blockchains.
What Is NuCypher?
Launched in 2018, NuCypher is a service for other blockchains who wish to protect the data being exchanged on their platforms. As such, this decentralised service provides access control and key management system (KMS) that other blockchains can employ to protect their users’ private information.
Is NuCypher a good investment?
With NuCypher, users can share private data between a number of participants in networks using proxy re-encryption (PRE) technology. In short, this technology makes NuCypher much more secure and protected than traditional blockchain projects.
Users of the network are incentivised to perform key management services by the distribution of NU, the native token of the NuCypher platform.
It also offers NU tokens to users to run a worker node, which is responsible for creating and sending information
CEO MacLane Wilkison cofounded NuCypher with Mikhail Egorov. MacLane is a software engineer and was previously an investment banker at Morgan Stanley. Mikhail Egorov served as the CTO of NuCypher and is a security researcher, physicist and scientist from the Moscow Institute of Physics and Technology.
Image Source: © Aiconimage | Megapixl.com
Price Performance
On 15 October, NuCypher exploded more than 1,115% to hit a new all-time high of US$3.58, as per Coinmarketcap. The spike came after it got launched on the South Korean crypto exchange, Upbit. However, the high was short-lived, and the price quickly plummeted back to close at US$1.43.
The price had another unexpected spike on 13 November, jumping to US$1.34 in just a couple of hours. Again, the spike was short-lived, with the price quickly dropping back down to US$1.11.
That being said, its current price is US$0.9978, is an improvement on its price seven days ago when it was valued at approximately 93 cents.
The Outlook
Like many other cryptocurrencies, NuCypher’s price in the future will depend on its future development.
According to NuCypher’s official website, efforts are underway to make the NuCypher version a fully 100% browser experience.
As the internet moves into its new decentralised era, platforms like NuCypher will be increasingly in demand, meaning that this one will be one to watch.
