In the interview to ICODrops the co-founder says: “There was a pre-sale for the funds amounting to 4mln at a discount of approx. 50%. The approximate cap will be 25mln.
Total supply: TBA
NuCypher KMS is a decentralized Key Management System (KMS)
Its main technology is the use of proxy re-encryption.Proxy re-encryption (PRE) is a set of algorithms which allows a semi-trusted proxy to transform ciphertext from being encrypted under one key to another, without learning anything about the underlying plaintext
What about Multi-Party Computation (MPC) how is Proxy Re-Encryption different?
If encrypted data simply needs to be securely shared and access-controlled then proxy re-encryption can be used since calculations do not need to be performed on the data. However, when computation is needed then other technologies like MPC or fully homomorphic encryption (FHE) would be applicable. It is possible to use MPC and FHE for data sharing also, but it would be many orders of magnitude slower than proxy re-encryption for this task.
One of the largest issues in data sharing is protection. Even if you’re not making dapps, or anything blockchain related, your data is a target for hackers who are attempting to steal your information.
While many large companies such as Amazon has created a Key Management System (KMS), they still forgot one thing. These offerings require users to place trust within these centralized systems but still get exposed to censorship, cybercrime, service rejection and even economic espionage.
NuCypher uses blockchain technology to stop this issue. With features such as mobile device management, NuCypher uses a re-encryption token that would be created for certain devices.
When the device is retired or lost, you can send out re-encryption tokens to prevent access. Thus, making NuCypher a good project due to its ability to keep your information and history completely safe.
The NuCypher network is composed of nodes (think miners) who provide re-encryption services. These nodes are compensated for their work with the KMS token, which is paid for by data owner in return for the re-encryption service. Miners stake KMS to perform re-encryption and are punished if they are found to be wrongdoing. The network security will improve as the network participants increase.
TEAM, ADVISORS AND VC:
Team: (CTO Profile is very strong)
MacLane Wilkison: co founder nucypher, Previously analyst at Morgan Stanley
Michael Egorov (CTO): Technical advisor to Bluezelle
Giuseppe is one of the fathers of proxy re-encryption and the department chair in Computer Science at Stevens Institute of Technology.
Tony is a VP at Equinix, the author of Next Generation Data Centers, and former Global Head of Data Centers at Morgan Stanley.
Dave is a Professor of Computer Science at the University of Virginia and Faculty Director of the Secure Computation research group.
VC: STRONG VC BACKING
Polychain Capital, Galaxy Digital Assets Fund, FBG Capital, Semantic Ventures, Compound VC, Satoshi Fund, Kenetic Capital, Coinfun, Nima Capital, Amino Capital, Blockchain Korea Partners, 1KX, and Mission & Market
30% of the initial tokens were sold at presale for a value of $4.3M
ROADMAP: Not Published yet
Twitter followers: 4.5k
Strong Community support
Active on partnerships:
Origin protocol, Medibloc and Future partnerships with:
Datum — Data Marketplace
Bluzelle — Decentralized Database
Fluence — Decentralized Database
Wolk — Decentralized Database
IRYO — Healthcare
Wholesome.io — Healthcare
Medixain — Healthcare
Spherity — Internet of Things
Coval Emblem Vault — Digital Assets
Strong Community support
CTO is tech advisor to bluezelle
Strong VC Backing
Competitors in space like ENIGMA and KEEP NETWORK
Roadmap and Tokenomics not published yet but will be out soon
NuCypher is a great project in our opinion and we would like to rate this ICO 8/10
We, at Ledgerfund run one of the biggest Crypto Hedge Funds in the world and give returns in bitcoins. To know more about how you can invest your bitcoins in this fund, refer to our website: https://ledgerfund.io