This article was first published on Huobi Group - Medium
🔹What is NuCypher ?
NuCypher is a data encryption and protection layer for Ethereum (and eventually other networks) and decentralized applications (dApps) that does not rely on a central service provider. The protocol, which the team calls a decentralized key management system (KMS), aims to give developers the ability to store, share, and manage private data on public blockchains. Developers receive this encryption service via a network of NuCypher nodes in exchange for a fee (paid for in ETH). Participants can only spin up a node by staking NyCypher’s token, NU, on the network as collateral. Source
🔹How is NuCypher different?
NuCypher offers cryptographic and encryption access control without relying on the central service providers. The system leverages the power of proxy re-encryption technology to allow re-keying data encryption. This helps the network of the nodes to offer management operation without accessing the private keys or the direct text data.
🔹What are the main use cases of NU?
Miners are rewarded through the token for any type of contribution and also pay for access to re-encryption services. The security of the system is incentivized by the token and correctness of the computation. When the miners stay online, this is the only time they can generate the token. If they provide any wrong re-encryption or cheat, then they lose the amount of their security deposit.
🔹Where can you buy NU on Huobi?
Now, that you have learned a bit about the protocol, how it is different and where you can buy it on Huobi that wraps up this quick overview!
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