The use of the blockchain initially promised greater privacy and data security, primarily in the implementation of transactions in tokens. However, the potential of blockchain technologies quickly moved beyond the financial sphere. One of the most promising areas of the blockchain application is the transfer, processing, storage and protection of data. The NuCypher project is a service that deals with such tasks. What is NuCypher ICO, its working principle and how promising are the project’s tokens for investments?
The essence and principle of NuCypher
NuCypher (www.nucypher.com) is a service that allows data owners to encrypt information and provide access to it only to the right users. Or simply provide it with secure storage. Information security is provided by proxy encryption, as well as by decentralized system.
The mechanism is as follows:
- The user encrypts the information, receives private and public code. Then the data is sent to the blockchain.
- Miners confirm transactions.
- Another user who has access to this info, finds it through a public key, and accesses it through his private key. This private key is generated by the data owner. Access to it may be different from the owner’s access to the data. For example, some data may be closed from everyone but the owner.
- If necessary, the owner can withdraw accesses, and the data will again become closed.
It is not possible to obtain physical access to the data due to the use of a decentralized system. This is one of the main advantages of the service in comparison with classic centralized systems. Those that have powerful cybersecurity, but with servers located in a specific location.
NuCypher Mining (more precisely, the opportunity to receive rewards for transaction confirmation) will work in PoS mode. This means that users who have an established number of tokens (these coins will be frozen on the account, will become the proof of the user’s solvency) will be able to earn on the confirmation of transactions.
NuCypher already exists for more than a year as a full-fledged company with several working products. The most interesting of them is MediBloc. This is a decentralized system for storing patients’ data on health care facilities (in other words, medical records). Using this service, customers can be not only confident that they won’t lose data anywhere (as it happened with “paper” medical records), but they also may not worry about the confidentiality of information.
The MediBloc user can provide his or her medical data to any clinic where he plans to get treatment through a private key. In addition, he can transfer the data to the laboratory for research, or even sold to a specialized research center.
In addition, NuCypher supports Wolk and Datum projects. The first service allows users to privately send information to advertisers for marketing research, the second service is a decentralized database store using NuCypher KMS.
By the way, Keep Network project’s features also can be used in improving modern blockchain-related troubles.
The project team of NuCypher ICO
Now they didn’t yet staffed the project team, and it includes only a dozen specialists. The “Team” tab contains a link to vacancies on the ICO NuCypher website.
Two co-founders: MacLane Wilkison (CEO) and Michael Egorov (CTO) head the project. MacLane is a software engineer who previously worked for the investment department at Morgan Stanley. He was responsible for the technical side of providing financial services to large enterprises, and is familiar with working with confidential data. Michael is a graduate physicist, winner of the 2003 International Physics Olympiad, and an employee of the Moscow Institute of Physics and Technology.
Project advisers are the following specialists:
- Dave Evans is a professor of computer science at the University of Virginia.
- Giuseppe Ateniese is Professor of Computer Science at Stevens University of Technology, an expert in proxy encryption.
- John Bantleman is a serial entrepreneur who specializes in IT projects.
- Tony Bishop is vice president of Equinix. He managed the Morgan Stanley data center.
Project Prospects and ICO
The project team successfully held a presale in the autumn of 2017, collecting about $ 4.7 million and selling 30% of the tokens. Apparently, the raised funds are still enough to work on the platform. And the creators of NuCypher take it slow to announce the ICO. According to preliminary forecasts, it should take place in the first half of 2018. Before the release of the most complete version of the NuCypher platform.
Those wishing to purchase the token of the project on the ICO at face value should think about getting into the whitelist now. To do this, first, you need to join the project communities in social networks and subscribe to the newsletter. And not just to keep yourself up-to-date of the latest NuCypher ICO news. As practice shows, the open sale of project tokens, popular with investors, tends to become closed, accessible only to users from the white list.
The creators of the project promise to distribute ICO tokens so that, at a minimum, provide all participants from the white list with the necessary number of coins for mining the PoS.
Summary of NuCypher ICO
NuCypher is another project, quite popular and actual, to ensure a successful ICO before its announcement. The fact that developers are not trying to attract more investment than required number to continue development, causes even more confidence in the project. This, plus the current idea and the availability of already implemented products make ICO NuCypher interesting and promising project. And make tokens an asset with the potential for growth in the first days of release on the stock exchange.
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