NuCypher ICO presented a demo version on GitHub. The development team creates a service for encrypting the transfer of all elements of corporate correspondence. Existing products of such competitors as Google Cloud KMS, TrueVault, Amazon CloudHSM, Azure Key, HP Voltage will help to understand the technology of this platform.
The Process of Transferring Encrypted Data
Differences From Similar Products in The Market
Most competitors from a list above don’t offer a decentralization option. The NuCypher project doesn’t have a single key holder, it is generated by the nodes. According to the developers’ interview, the sender needs to have about 2,000 tokens to create one node.
In total two keys are created — public and private. Dual encryption resembles cryptocurrency wallets, only files instead of coins.
If the information’s owners need to open access to parts of files to third parties, they don’t need to send them their private keys. It is enough to send a request to create a smart contract for the necessary files. This operation doesn’t require private keys.
NuCypher Use Case For Encrypted Data Sending
Anne has a file, both public and private keys. Tomas has it too. Tomas gives Anne his public key. Anne encrypts her file with her private key and sends it to public Tomas’ key. Tomas open Anne’s file with HIS private key. The service also provides keys’ encryption during their sending using proxy servers. This mechanism prevents more than 50% of mine attacks.
The platform issues tokens to provides the encryption process. The system plans run POS-mining. Miners will receive coins for creating nodes (re-encryption nodes). More file transfer operations between network members = more reward for miners. A miner may lose tokens if he either loses or gives the system the wrong keys.
Growth Guarantee Token Prices From Developers
The security of data transfer depends on the number of miners (cryptographers) in the network. Therefore, developers should monitor the price of tokens and keep it at a good level. Otherwise, miners may switch to more profitable coin mining and the data encryption network will become vulnerable because lose its decentralization. This shouldn’t happen because decentralization is the main concept for the NuCypher project.
White Paper TALK: the documentation is written in technical language. A lot of information about technology, vulnerabilities, and methods of their’s solutions, few pictures. The text is intended for similar developers or investors who understand a bit of technology.
More Information About ICO
- ICO’s start and end: to be announced, the founders of the ICO wait for SEC decision.
- WhiteList: to be announced, it will be automatically created from the Telegram list of participants. The first users of the group will receive the maximum limit on the tokens’ purchase — up to $5,000, the other participants — up to $2,500. The developers have set purchase limits for the possibility of both creating nodes and decentralization.
- KYC: to be announced.
- Token type: ERC20.
- Capitalization: investors bought 30% of tokens in the autumn Pre-ICO for $4.3 million, so it is about $14-16 million. Anyway, the founders haven’t yet announced the Hard Cap.
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