Home » NuCypher ICO — Blockchain’s Protection of Corporate Correspondence

NuCypher ICO — Blockchain’s Protection of Corporate Correspondence

[ICO] NuCypher — a Potential Analogue to Google Cloud KMS

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.

  • Develop/POC
  • Bursting
  • Backup/Archive

The Process of Transferring Encrypted Data

Enterprise Data Center
Transformation key
Third party
Cloud transforms data while in use without knowing private keys

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.

Tokens Purpose

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.

Never lose a chance to learn more - never means now

Despite are you a player, businessman or investor, it can be a good idea for you to go to the official ICO website, learn more about the project and invest in it if you really keen on this industry.

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On the other hand, if you’d like to learn more about investing, trading and everything about crypto, visiting our forum might be a good chance to do all of these in one place.

4 days left until the end of #WorkLock and over 100k #ETH has been escrowed.

Stake NU and help disrupt the Merchants of Infrastructure.

One week left. 66K #ETH locked. #WorkLock

Twitter feed video.

2 weeks down, 2 weeks to go. 50K #ETH locked.

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NuCypher ICO presented a project with a promising idea. It opened access to technology on GitHub. The founders have assembled an excellent team of experienced both developers and advisors. Investors can read more about this team in their thread on our forum. Tokens are the basis of the project, not just bonuses for attracting new investors. A potential investor can personally get answers from the developers in their Telegram group. The project is interesting for investors.
  • NuCypher provides a prototype of the project, investors can find a part of its code on GitHub.
  • A large team of eight full-time developers and four advisors.
  • Tokens sale limits — most investors will be able to participate in the ICO.
  • Social networks popularity.
  • The team of creators personally communicates with their investors, not using the Amazeed service.
  • The developers used Apache Software Foundation technologies.
  • No tokens sale date, it TBA after the SEC decision.

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