NuCypher ICO Review: Keeping Your Data Safe

What is Nu Cypher?

Nu Cypher is an ICO project that’s been developed to enhance the security of decentralized applications. As of now, the project raised $4.3 million in its pre-fund. Its main purpose is to protect dapp developer’s data from third parties and hackers.

nucypher ico reviewIn fact, Nu Cypher is a Y-combinator alumnus that created a security platform for the Internet of Things, cloud, big data, and blockchain. Based on this, users are able to not only protect their dapps but use others within the network to further encrypt it.

Its main technology is the use of proxy re-encryption. This is a public key that allows for a third party to modify cipher texts to each other without learning the complete message behind it. This way, users can share their data without having to decrypt it or sharing the private key.

How Does it Work?

This list demonstrates how NuCypher can keep your data safe.

  1. Encrypted Group Chat: Members can be added or removed from a chat through the use of adding or removing a the re-encryption token. This prevents the issue of sending messages and the overhead of encrypting.
  2. Blind Identity Management: This service can be constructed through the service’s KMS. The server encrypts the user’s identity credentials for third-party applications, without the internet provider having access to your data.
  3. Mandatory Access Logging: In some enterprise or corporate settings, clients must use the access logs for sensitive files. This requires that each file that’s accessed to be recorded. It’s also undergoes re-encryption to mandate the logging rules.

What Issue Does it Solve?

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.

Token Sale Information

  • Website: View
  • Whitepaper: Read
  • Accepted Payment: ETH
  • Token Type: ERC20
  • Sold During Pre-Sale: 4,300,000 USD

Disclaimer: All of our information is for educational purposes only. Don’t think of us as financial advice! Speak to an advisor and invest at your own risk.

Positives
  • Decentralized Data Safety: With its token, users can chat, send app data, or even conduct business without their data becoming breached.
  • Token Utility: With NKMS token, you can keep your online identity safe from third parties.
  • User Incentive: Users receive NKMS token each time they participate on the network. Thus, giving them an incentive to contribute and collaborate with other users.

Negatives
  • App Utilization: How will NKMS token be used on off-chain applications? We want to know how NuCypher can help offline apps as well.

Nucypher
3.4

Summary

To conclude, every user should look into NuCypher if they are serious about keeping their information safe. Through the use of blockchain technology, it could potentially be a innovative way to solve the issue that centralized companies couldn’t. Ultimately, we would like to see how this company plays out in the future.

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Adam Cole has been a crypto enthusiast for years. First getting involved in Bitcoin mining in late 2010, he has now diversified his portfolio and dug deeper into the alternative coins of the space. As new and exciting ideas arise in cryptocurrency, Jeremy is always looking for the next big thing and a coin which not only appreciates in value but also has a steady increase in use and demand. Jeremy has seen the rise of coins such as Ethereum and by studying the technical and fundamental side of ETH, he has learnt how to find similar coins that are likely to have a bright future.

1 Comment
  1. Nucypher is solving a big issue in blockchain.. 3.4 stars seems too underated for its potential in my opinion!

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