Binance listed NuCypher (NU) token. The trading begins today

Binance announced today that it would list NuCypher (NU) on its platform. The exchange will also open trading for NU/BTC, NU/BUSD, NU/BNB, and NU/USDT trading pairs on 2021-06-04. NuCypher is decentralized encryption, key management system (KMS) and access control, encryption service for public blockchains. It offers users end-to-end encrypted data sharing on public blockchains, along with decentralized storage solutions.

NuCypher allows users to share private data among the specific number of participants in public consensus networks. The platform uses proxy re-encryption (PRE) technology for that purpose. Thanks to the decryption technology, NuCypher highly secure. According to the company, it is also much more protected than traditional blockchain projects based on public-key encryption.

NuCypher has recently launched its native token, NU. The company uses them to incentivize NuCypher network participants to perform key management services, as well as access delegation/revocation operations on the network.

Furthermore, token holders can use the NU for staking and run a NuCypher worker node with them. The network is protected against malicious staking. It will automatically slash a suspected customer’s rewards.

Investors can also use NU on the network if they want to participate in the NuCypher DAO. The latter is the protocol that controls network parameters, as well as smart contract upgrades on the network. In addition, customers who stake these tokens can also participate in validating DAO proposals.

Mikhail Egorov and MacLane Wilkison co-founded NuCypher. They published its white paper in June 2017. However, the testnet launched in November 2018.

What makes NuCypher stand out among other similar platforms?

Most blockchain projects are designed to serve customers, IoT operations, better transactions, voting mechanisms, and the like. However, the NuCypher team created it for other blockchains. This network is a privacy layer for blockchains.

The company also provides a privacy infrastructure for the decentralized web with fully homomorphic encryption (FHE) and proxy re-encryption (PRE) technologies.

Using this network, customers can conditionally grant or revoke access to data with multiple users at a time. Furthermore, NuCypher’s encryption service provides the highest level of security for sensitive data transfer. It combines this with the censorship-resistant and trustless nature of conventional public blockchains.