How To Buy NuCypher (NU)?

A common question you often see on social media from crypto beginners is “Where can I buy NuCypher?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. Thanks to its massive popularity, you can now buy NuCypher on most cryptocurrency exchanges, including Coinbase and Binance in 3 simple steps.

Step 1: Create an account on an exchange that supports NuCypher (NU)

First, you will need to open an account on a cryptocurrency exchange that supports NuCypher (NU).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase NuCypher (NU) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy NuCypher (NU)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for NuCypher (NU) or NuCypher (NU) trading pairs. Look for the section that will allow you to buy NuCypher (NU), and enter the amount of the cryptocurrency that you want to spend for NuCypher (NU) or the amount of fiat currency that you want to spend towards buying NuCypher (NU). The exchange will then calculate the equivalent amount of NuCypher (NU) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of NuCypher (NU) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is NuCypher (NU)?

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 allows users to share private data between a number of participants in public consensus networks, using proxy re-encryption (PRE) technology. This decryption technology makes NuCypher much more secure and protected than traditional blockchain projects based on public-key encryption, according to NuCypher.

NuCypher (NU) are the native tokens used on the larger NuCypher network. The tokens are used 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. The NuCypher DAO is the protocol that controls network parameters and smart contract upgrades on the network. Users who stake NU can also participate in validating DAO proposals.

How Does NuCypher Work?

NuCypher provides cryptographic services to several protocols by securely storing private data of public blockchains.

The platform offers a secrets management system and dynamic access control services through Umbral, its encryption scheme, and Ursula, a network of operating nodes.

Umbral and Ursulas

Umbral is NuCypher’s encryption scheme that allows users to both keep data private and share information in a secure way. 

Data owners grant decryption rights to a data receiver in a process performed by “proxy” nodes, called Ursulas, who re-encrypt data for the recipients. (Of note, proxies don’t have access to the underlying data or unlocking keys, they are simply applying further conditions that must be met to unlock the data.)

Ursulas are required to stake NU to perform their network duties and earn newly minted NU tokens. Nodes may lose part or all of their staked NU if they perform incorrect re-encryption or have significant downtime. 

In addition to NU rewards, Ursula nodes are also rewarded in ETH transaction fees for providing NuCypher’s security and privacy services to applications hosted on the underlying Ethereum network.

What Is the NuCypher token (NU)?

NuCypher crypto (NU) is the native token of the NuCypher protocol. An Ethereum-based token with multiple use cases, holders of the NU token earn rewards by staking the coin to run worker nodes. When you stake NU on the network, you become eligible to run a node and receive incentives on a regular basis. You’ll be rewarded with a certain amount of NU whenever you facilitate and perform encryption services for users in the network. 

The NU token doubles as both utility and governance token. Depending on the quantity of NU a user holds, they may be entitled to vote and help determine the future direction of the NuCypher decentralized autonomous organization (DAO).

Who Are the Founders of NuCypher?

NuCypher was co-founded by Mikhail Egorov (the founder of Curve) and MacLane Wilkison. The white paper for NuCypher was first published in June 2017, but the testnet did not launch until November 2018.

Egorov formerly served as the CTO of NuCypher. He is a security researcher, physicist and scientist from the Moscow Institute of Physics and Technology.

Co-founder MacLane is a software engineer and the CEO of NuCypher. Prior to his involvement in blockchain, he worked as an investment banker at Morgan Stanley, where he provided financial services to enterprises in technology, media and telecommunications.

Both Egorov and MacLane participated in the U.S. startup accelerator Y Combinator in the summer of 2016. The following year, the whitepaper for the NuCypher project was published.

NuCypher launched its private testnet in 2018. The private treatment launch saw participation from major staking infrastructure providers including Bison Trails, Figment, InfStones and Staked.us.

The public testnet of NuCypher began in October 2019. However, the incentivized public testnet began in January 2020. The mainnet of NuCypher launched in October 2020 after distributing $45 million in NU tokens to nodes.

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.

The cryptographic libraries of NuCypher include;

• pyUmbral, the reference implementation of the Umbral threshold proxy re-encryption scheme;
• NuBLS, a threshold BLS signature library, and
• rust-umbral, a Rust implementation of Umbral with bindings to JavaScript and Python

NuCypher development updates in 2023

NuCypher, known for its decentralized encryption, access control, and key management systems for public blockchains, has seen various developments in 2023. The platform offers end-to-end encrypted data sharing and decentralized storage solutions, leveraging proxy re-encryption (PRE) technology. Here’s a detailed overview of NuCypher’s advancements in 2023:

• Enhanced Key Management System (KMS): NuCypher’s decentralized KMS continues to provide robust security features for public blockchains. The KMS allows users to securely store and manipulate private, encrypted data, facilitating private data sharing across public consensus networks.

• Governance through NuCypher DAO: Participation in the NuCypher DAO, powered by Aragon, is a key feature of the network. The DAO structure allows token holders to play a significant role in the decision-making process, contributing to the platform’s development and governance.

• Staker and Worker Nodes Functionality:

  • Staker Nodes: NU tokens can be locked into the Staking Escrow contract for a defined duration to generate two income streams: inflation rewards (NU) and policy fees (ETH). This system ensures network integrity and quality of service, with mechanisms in place to slash staked NU if a worker misbehaves.
  • Worker Nodes (Ursala): These nodes perform threshold cryptography operations, carrying out work on behalf of a Staker. It’s essential for worker nodes to remain online to provide continuous, on-demand services.

• Umbral Proxy Re-encryption (PRE) Technology: NuCypher’s PRE is a public-key encryption type that allows a proxy entity to transform data from one public key to another without accessing the underlying plaintext or private keys. This technology is crucial for enabling private data sharing across public blockchains and decentralized networks.

• Token Economics and Distribution: The total token supply of NU as of June 4th, 2021, was 3,885,390,082, with a circulating supply of approximately 648,750,000 (~16.7% of the max token supply).

• Market Presence and Utility: Despite the advancements in technology, the market performance and utility of the NU token are subject to market dynamics and broader cryptocurrency trends. As of December 17, 2023, NuCypher had a market capitalization of around $106.40 million with a circulating supply of 1.38 billion NU tokens.

In summary, NuCypher’s developments in 2023 have focused on enhancing its key management system, governance model, and the functionality of its staker and worker nodes, along with the continued application of its Umbral PRE technology. While NuCypher maintains its relevance in providing encryption and privacy solutions for decentralized networks, its market performance and utility continue to evolve in the dynamic crypto landscape​​​​.

Official website: https://www.nucypher.com/

Best cryptocurrency wallet for NuCypher (NU)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for NuCypher (NU)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).