What is NuCypher (NU)?
NuCypher —— A Decentralized Key Management System (KMS)
- NuCypher is a decentralized encryption, access control and key management system (KMS), encryption service for public blockchains. NuCypher offers end-to-end encrypted data sharing on public blockchains and decentralized storage solutions.
- NuCypher provides a privacy infrastructure for the decentralized web with proxy re-encryption (PRE) and fully homomorphic encryption (FHE).
- NU is the native token used on the larger NuCypher network to incentivize network participants for performing key management services and accessing delegation/revocation operations on the network; also used for staking to run a NuCypher worker node and for participating in the NuCypher DAO.
- NuCypher KMS provides the infrastructure for a variety of applications that require sharing of sensitive data as a basic functionality. The ability to condition decryption operations on public actions on the consensus network, such as the publication of certain messages, payments made between specific parties, and others.
NuCypher Key Metrics
NuCypher is a security protocol layer built on the Ethereum network that provides distributed key management and encrypted access control services. As a distributed key management system (KSM), it aims to facilitate end-to-end encrypted data sharing of DApps and protocols.
Combining the two technologies of proxy re-encryption and blockchain, access rights are stored in the underlying network, and data owners can only explicitly grant access rights through sharing policies. NuCypher's goal is to realize the safe sharing of private data between any number of participants on the public network through complete trust in the privacy sharing process.
NU is the native tokens used on the larger NuCypher network to incentivize network participants for performing key management services and accessing delegation/revocation operations on the network.
The NU tokens are also used for staking to run a NuCypher worker node. The NuCypher network is protected against malicious staking, and would automatically slash a suspected user’s rewards. NU is also used on the network for participating in the NuCypher DAO.
NuCypher Project Team
NuCypher was co-founded by Mikhail Egorov (the founder of Curve) and MacLane Wilkison.
MacLane, co-founder and CEO, is a software engineer who worked as an investment banker at Morgan Stanley, providing M&A and financing services for technology, media and telecommunications companies. He has CISSP, CFA and FRM certifications.
Egorov currently serves as the chief technical officer of NuCypher. He is a security researcher, physicist and scientist from the Moscow Institute of Physics and Technology. He is also the co-founder of LoanCoin, a decentralized banking and crowdlending network.
NuCyphery has a strong technical team, also a strong consultant team, some of whom are famous scholars in secure multi-party computing and proxy re-encryption. Among them, Dave Evans is a professor in the direction of secure multi-party computing and network security at the University of Virginia, and Giuseppe Ateniese is the proxy Professor and expert in the direction of re-encryption and anonymous communication.
NuCypher Technical Characteristics
- Proxy re-encryption technology (PRE)
A very important core technology of NuCypher is proxy re-encryption technology, which is an "asymmetric encryption" through a third party (that is, the public key and private key in the blockchain, public key = address, private key = authority) Technology for sharing private information.
Proxy re-encryption (PRE) is a type of public-key encryption (PKE) that allows a proxy entity to transform ciphertexts from one public key to another, without learning anything about the underlying message. Compared to existing PKE protocols which are ideal for 1-to-1 communication, PRE is more scalable for N-to-N communication with arbitrary numbers of data producers and consumers.
- Fully Homomorphic Encryption Technology (FHE)
Homomorphic encryption is a kind of encryption method with special natural attributes. Its characteristic is that it can realize multiple calculation functions between ciphertexts, that is, calculating first and then decrypting can be equivalent to first decrypting and calculating.
This feature can not only realize the calculation of the ciphertext by the keyless party, the ciphertext calculation does not need to go through the key party to reduce the communication cost and transfer the calculation task; it can also be achieved through homomorphic encryption technology so that the decryption party can only know the final result. It is impossible to obtain the information of every ciphertext, so that the security of the information can be improved. NuCypher developed its own NuFHE based on EFHE, which has GPU acceleration using CUDA and OpenCL.