NuCypher is a privacy layer for blockchains. It enables end-to-end encrypted data sharing on public blockchains (e.g. Ethereum) and decentralized storage solutions (e.g. IPFS). NuCypher allows users to conditionally grant and revoke access to data with multiple users at a time. NuCypher provides the backbone for applications that involve the transfer of sensitive data but also want to leverage the trustless and censorship-resistant nature of public blockchains.
Public blockchains allow apps to be trustless but prioritize transparency over privacy, which limits use cases for blockchains. Users cannot safely transfer sensitive information (e.g. medical data) with the current blockchain infrastructure. Today’s web apps rely on protocols like SSL to ensure data privacy and integrity - public blockchains will need a decentralized privacy and encryption layer like NuCypher.
The team has built a strong base of node providers, via their Come and Stake It (CASI) Incentivized Testnet and University Staking Program. The WorkLock network node setup model is further testimony to the team’s commitment to distributing NU to long-term stakers for network node use. The network has confirmed support from many staking infrastructure providers and institutional custodians.
NuCypher will be fully decentralized, with stakers governing the smart contracts via the NuCypher DAO. Using Aragon’s Agent technology, stakers will be able to submit proposals to the DAO and validate issues, proposals, and changes that affect the network. A successful privacy layer for public blockchains should not only be built by users, but should also be controlled and governed by users.
