NuCypher logo

NuCypher

Blockchain Service

Proxy re-encryption for distributed systems.

Date TBA

Hardcap 5,150,000 $

Rating

silver+

NuSypher is a proxy re-encryption protocol for securely exchanging and transmitting data in the blockchain networks and decentralized applications. It allows application developers to safely store and transfer encrypted data in public blockchains (Ethereum, NEO, etc.), as well as in distributed file storages (Swarm, IPFS, Storj).

One of the characteristics of public blockchains is the general availability of information. The same is for software built "over" the blockchains, for example, for distributed storages (analogs of file explorer on a PC), such as Swarm, IPFS, Storj.

"Proxy re-encryption" by NuCypher allows you to encrypt data using an intermediary in the form of a proxy server (it is miners in the NuCypher network), excluding their disclosure during processing. For example: Alice has confidential data, to which she wants to be able to delegate access. Alice encrypts her data with her own public key and stores it in the cloud or in a decentralized storage. Alice delegates access to Bob. The data is reset to Bob's key in the storage.

For cracking NuCypher hackers would have to hack each node (miner) in the network separately to get the necessary data. But the data will be encrypted.

In addition, PRE technology allows you to encrypt data for one recipient, and then create new "re-encryption" keys, allow access to many other recipients at once. This process allows you to give or recall back access to protected data at will.

Product: NuCypher network demo is available for download on PC. The team has an open Github

The main product PRE is registered with two patents:

 

NuCypher will be great in dApps with dynamic or "streamlined" access to information: from a decentralized version of an online cinema like Netflix or Ivi, to serious solutions in finance, healthcare, government structures, IoT, cloud storage.

Team: MacLane Wilkison - Co-founder and Executive Director. Engineer - programmer and financial analyst with two years of work experience in Morgan Stanley, in the department of technology, media, telecommunications and cloud technologies. He has certificates of CFA (financial analyst) and CISSP (certified specialist in information security).

Michael Egorov - Co-founder and Technical Director. He is also a software engineer. After graduation from MIPT he moved to Australia, where he obtained the degree of PhD for Ultracold atoms. From 2014 to 2015 he was working in the United States in LinkedIn as Senior Engineer. Michael was also an adviser in Bluzelle and Datum.

David Nunes(Cryptograpther): an expert on re-encrypting a proxy. Prior to joining NuCypher, he was a doctoral researcher from NICS Labs, a 20-year-old security research group at the University of Malaga.

Token: Ticker NKMS.

Type of the token: ERC20

Token: utility

As noted in WP, the protocol economy consists of a network of miners. Miners can receive re-encryption keys depending on the number of tokens they own. These coins are stored as a security deposit before activation of keys blocked in a smart contract. Anyone can become a miner, and their rewards depend on the number of re-encryption operations. NKMS is both the reward that miners receive for their contribution to work, and the price that consumers pay for accessing the services of re-encryption.

The NuCypher team intends to sell tokens in public simultaneously with the mainnet launch. At Presale in 2017, 30% of tokens were sold for 4,300,000 USD, but the hardcap is not defined yet

Partners: NuCypher joined the Enterprise Ethereum Alliance (EEA), NuСypher supported the MOBI (Mobility Open Blockchain Initiative) initiative and became a member of it. MOBI is an industry research association that will explore the potential of blockchain technology in the field of automotive and transportation to make our movement more secure, convenient and affordable. Partnerships of such level point to the team's actual desire to develop and expand the opportunities for using blockchain, sharing their knowledge and experience with industry giants and blockchain projects.

Solid investors: Polychain Capital, DHVC, FBG and Kenetic Capital

Competitors: Enigma, Keep, StarkWare Industries

Conclusion: There is no road map, no data about metrics. There is an MVP with a wide range of applications. A very good code with strong architecture. Strong team. Full legal transparency. Recently, on the Medium of the project, the announcement of the library's release of the completely homomorphic encryption of nuFHE was published. The security of user data is not only a huge problem for modern society, but also a niche for investment with great potential. Not only customers are concerned about privacy, but also the corporations themselves that store this data. Nobody wants to be involved in a scandal with another leak.

It is one of the most technically strong, high-quality and necessary projects in the ICO market.

Country

the USA

Ticker

NKMS

Token type

ERC-20

Accepts in

ETH ,
Polychain Capital Polychain Capital
1kx 1kx
BASE BASE
Y Combinator Y Combinator
CoinFund CoinFund
Compound Compound
Fusion Fund Fusion Fund
SEMANTIC VENTURES SEMANTIC VENTURES
Mission and Market Mission and Market
Galaxy Digital Galaxy Digital
Kenetic Kenetic
Hashed Hashed
Aminocapital Aminocapital
FBG Capital FBG Capital
Satoshi Fund Satoshi Fund
Nima Capital Nima Capital