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Binance listed NuCypher (NU) token. Trading starts today
Binance announced today that it will list NuCypher (NU) on its platform. The exchange will also open trading for the trading pairs NU / BTC, NU / BUSD, NU / BNB and NU / USDT on June 4th, 2021. NuCypher is a decentralized encryption, key management system (KMS) and access control, encryption service for public blockchains. It offers users end-to-end encrypted data exchange on public blockchains as well as decentralized storage solutions.
NuCypher enables users to share private data between a certain number of participants in public consensus networks. To do this, the platform uses proxy re-encryption (PRE) technology. Thanks to the decryption technology, NuCypher is highly secure. According to the company, it’s also much better protected than traditional blockchain projects that rely on public-key encryption.
NuCypher recently launched its NU native token. The company uses them to motivate NuCypher network subscribers to perform key management services as well as delegate / revoke access on the network.
In addition, token holders can use the NU for staking and operate a NuCypher worker node with them. The network is protected against malicious unplugging. It automatically cuts a suspicious customer’s rewards.
Investors can also use NU on the network if they want to participate in the NuCypher DAO. The latter is the protocol that controls network parameters as well as smart contract upgrades in the network. In addition, customers using these tokens can also participate in the validation of DAO proposals.
Mikhail Egorov and MacLane Wilkison co-founded NuCypher. They published their whitepaper in June 2017. However, the testnet was launched in November 2018.
What makes NuCypher different from other similar platforms?
Most blockchain projects are designed to serve customers, IoT operations, better transactions, voting mechanisms, and the like. However, the NuCypher team made it for other blockchains. This network is a data protection layer for blockchains.
The company also provides a data protection infrastructure for the decentralized web using fully homomorphic encryption (FHE) and proxy re-encryption (PRE) technologies.
Via this network, customers can conditionally grant or revoke access to data to multiple users at the same time. In addition, NuCypher’s encryption service offers the highest level of security for the transmission of sensitive data. It combines this with the censorship-resistant and trustless nature of traditional public blockchains.
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