For a long time now, we have been surrounded by virtual currencies and the rate at which their use cases in day-to-day life are increasing is something that was never really anticipated one of the major contributors to this huge success is the cryptocurrency industry.
The crypto world has been more than successful in luring in potential investors from all across the globe and has managed to make a name for itself in the global marketplace as well. Not just that, the said industry has had a surge in its overall growth and popularity recently, thus helping it to reach greater heights!
Having said that, I believe, most of you are already familiar with the basics of the industry but, if for some reason that is still not the case, let me help you with that first.
To begin with, cryptocurrencies as the name suggests are nothing but a form of online or digital currencies that can easily be made use of for a variety of purposes including the purchase and sale of goods and services as well as for the purpose of trade and exchange over cryptocurrency exchanges available over the web.
In technical terminology, cryptocurrency is a blockchain-based platform that is known to be decentralized to its very core. Being decentralized, the crypto world becomes more than capable of stepping outside the overall control and jurisdiction of central authorities and can work freely without any unnecessary government interferences as well.
In addition to this, when the industry was first introduced there were not many currencies to choose from and honestly, not many people were looking to be a part of it either as people back then were very skeptical with respect to the return on investments they could expect as well as the safety of their money too.
On the contrary, looking around today, it feels almost unreal to see how far the industry has managed to come, having pools of currencies available today for investors to choose from, with newer ones coming in with each passing day and tons of new investors joining in every hour.
Speaking of a lot of currencies available today in the marketplace, some of the most popular ones worth investing in includes Ethereum, Polkadot, Binance Coin, Bitcoin, PancakeSwap, and Dogecoin, Cardano, EverGrow Coin as well as Baby Doge to name just a few of course.
Also, it is worth noting that, some of the major contributing factors to this extraordinary success of the industry include its negligible response time, the convenience it offers, ease of use, portability, intuitive nature, high-profit margins, real-time updates as well as the volatility of course.
Being volatile, it is important for you to be aware of the fact that, it is not always possible to predict the price changes and act accordingly as the price fluctuations in the crypto marketplace are almost immediate, thus leaving no time to plan. Therefore, whenever dealing in online currencies, keep in mind that, if the industry is providing you with an opportunity to earn huge profits and make quick money, if not done right, you could also end up having significantly huge losses as well.
Not just that, as per the chatter amongst some of the leading experts in the field, it has come to our notice that, crypto is rapidly progressing towards completely revolutionizing the global payment system and from where I stand, it looks like it has already started to do so as many merchants and businesses have started accepting crypto as an official mode of payment from their customers.
Now that you have a brief backstory about the crypto world, you will be able to have a much better understanding of what we have with us today, NuCypher. To know more, I suggest you read further!
Everything to know about NuCypher (NU)
NuCypher or as commonly referred to as NU is nothing but simply a decentralized encryption, access control, and key management system (KMS), specifically for public blockchains. Not just that, the said platform is known to offer end-to-end encrypted data sharing in public blockchains as well as decentralized storage solutions.
In addition to this, NuCypher is one of the platforms which is said to allow users to share private data amongst several participants in public consensus networks, with the help of proxy re-encryption (PRE) technology of course. Now, this decryption technology is said to make the platform much more secure as well as protected as and when compared to any other traditional blockchain projects that were based on public-key encryption, as said in a statement by NuCypher.
Before moving any further, it is probably worth noting that, the platform is known to have been founded by MacLane Wilkison along with Mikhail Egorov, and the whitepaper for NuCypher was first published all the way back in June 2017. However, the testnet did not launch until November 2018.
Also, NU is said to be the native utility token of the NuCypher platform, which as a matter of fact can be used for a variety of purposes on the platform itself like being used to incentivize participants on the network for performing key management services along with accessing delegation or revocation operations on the network itself. On a similar note, the NU tokens are also said to be made use of for the purpose of staking to run a NuCypher worker node.
Coming back to the topic, basically, the NuCypher platform simply deals with an array of applications that usually help in securing encrypted data with the help of NuCypher’s cryptographic infrastructure.
All In all, the platform is said to be working towards eliminating any and all complexities that are actually faced by data security service providers, while also seeking to promote cryptographic access control and the decentralization of the NuCypher platform. Know that since this cryptographic access control allows users to have full access to their encrypted data, it could also significantly reduce the dangers of data misuse.
Having said that, the said network is also protected against any malicious staking and is capable of automatically slashing a suspected user’s rewards. As discussed previously, NU is also used on the network for simply participating in the NuCypher DAO.
For some of you wondering as to what exactly is the NuCypher DAO? Allow me a chance to explain. As the name suggests, the NuCypher DAO is nothing but a protocol that helps in controlling network parameters as well as smart contract upgrades on the network. Moreover, users who stake NU can also more or less participate in validating DAO proposals, which is great, isn’t it?
NuCypher really is different and unique from other platforms in the marketplace as unlike most blockchain projects that are designed to serve customers, voting mechanisms, and IoT operations, along with better transactions, NuCypher was created for other blockchains and it really does act as a privacy layer for blockchains.
As mentioned, the platform provides a huge privacy infrastructure for the overall decentralized web with proxy re-encryption (PRE), distributed key generation (DKG), and threshold signatures (TSS) as well as several other thresholds cryptographies. Lastly, using this network, users can conditionally revoke and grant access to data with multiple users at a time.
Furthermore, NuCypher’s encryption service provides nearly an unparalleled security for sensitive data transfer while combining this with the censorship-resistant and trustless nature of conventional public blockchains.
Now that we have talked much about NuCypher, some of you must be wondering, whether or not it is a good idea to invest in the platform? If that’s the case, then let’s find out, shall we?
Investing In NuCypher (NU)
As of today, the price of NuCypher is about 0.320403 US dollars with a twenty-four-hour trading volume of 842,995,338 dollars. Not just that, in just the past twenty-four hours, the value of NuCypher has gone up by 89.33 percent, and with the current market cap of 225,243,397 US dollars, NU is currently placed at the #138 position as per the CoinMarketCap rankings.
Also, it is worth mentioning that, the current circulating supply of NuCypher is 703,000,000 NU coins, but unfortunately the maximum lifetime supply of the token is not yet available. In just the past week alone, the price of the platform has risen by 85.61 percent.
Reading so far, you must have gotten a fair understanding of the platform and by now, you should be able to figure out on your own whether or not investing in NuCypher is the right thing for you to do. Seeing what it has to offer when combined with its performance in the recent past as well as its plans for the near future, I certainly believe that NuCypher can prove to be a profitable investment in the near future, which is likely to provide you with higher returns and it is a possibility that your current investment may increase in value. But again, nothing can be said for sure!
As mentioned at the very beginning, crypto is a highly volatile marketplace and is extremely uncertain. Thus, It is very important for you to understand the fact that just like any other currency in the crypto marketplace, NuCypher does have its own risks as well and you should invest only if you are willing to take those risks and bear any and all losses if at all necessary.
If you are wondering, where can you buy NuCypher? Let me help you with that. Currently, NuCypher is available on all major crypto exchanges but, some of the popular exchanges that have NU listed on them include Upbit, Gate.io, MEXC, OKX as well as Huobi Global to name a few.
In conclusion, what are your thoughts on NuCypher? Do let us know in the comments area below. To know more about various cryptocurrencies, do check out other articles we have on our website. Thank you for your time & if you found our content informative, do share it with your investor friends!