What Is NuCypher?
NuCypher (NU) is a token powering NuCypher network – a decentralized key management service (KMS). NuCypher works as a privacy layer on top of the Ethereum blockchain, providing additional encryption options to the data being exchanged on blockchain-based Dapps and facilitating key management operations.
NuCypher was founded in 2015 as an encryption service protecting the data being moved or stored on the cloud. The product has quickly found its customers in industries highly sensitive to information safety, like healthcare and banking. As the service continued to prove its value, the founders decided to expand into the blockchain space. After several rounds of testing, in October 2020 NuCypher launched its mainnet.
NuCypher doesn’t offer its services to the end users, focusing on serving blockchains themselves instead. The service description involves a lot of highly technical details mostly irrelevant to the ordinary users, but the founders are hoping that in time NuCypher will become a security protocol of choice for Dapp developers.
NuCypher token is used for staking by node providers and for governance purposes. Note that in June 2021 the community voted to merge infrastructure with another crypto security project, Keep. This union is called KEaNU, but the principal products will stay separate. The merger is going to take place by the end of the summer of 2021, with the new token – T – issued to NuCypher and Keep holders.
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