NuCypher is a cryptographic infrastructure for privacy preserving protocols and applications. Their Key Management System (KMS) plans to address the current limitations that consensus networks have securely storing/sending/manipulating private and encrypted data.
Their proxy re-encryption scheme, allows encrypted data to be sent across their network without having access to anyone’s private key.
The NuCypher token (NU) functions as a security deposit on the network, and is not used to pay for services on the network. Fees are paid to workers in Ethereum (ETH), and worker nodes will also be rewarded in NU for being online.
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Figment is a venture funded, registered Canadian company based in Toronto. Canada offers stability, rule of law and clear crypto regulation.
Serving the world’s largest NU holders.
30+ years of experience successfully scaling internet infrastructure companies.
Active participant in the NU ecosystem.
Third-party custody solutions are available through our institutional partners.
The world’s most advanced physical IDC + multi-cloud staking infrastructure.
You maintain custody of your NU at all times.
Protected via industry-leading Staking & Delegation agreement.
Wallet: Metamask - add custom token: 0x4fE83213D56308330EC302a8BD641f1d0113A4Cc
Explorers:
In short: both are currently enabled.
NU rewards and transfers began on Oct 14, 2020. However, the vast majority of NU must vest before unlocking.
NuCypher's native token, NU, is used to stake and to participate in DAO governance.
In short: stakers are earning a yearly maximum of 36.6% in newly circulating NU tokens in addition to the ETH-based revenue that the network generates in usage fees.
You can self-custody your NuCypher NU tokens, ideally using a Ledger hardware wallet.
Figment has partnerships with a number of top-in-class custodians: support@figment.io
The NuCypher protocol takes control of your NU tokens while you are staking. If you "wind down" your stake, this process will take whatever number of days that you have committed to (eg. 180 days) before the protocol returns your NU tokens to you. While your NU are staked, you may participate in DAO governance by voting on different proposals.
Rewards become liquid at the end of your selected lockup period, and this process begins only once you have sent the transaction to "wind down."
In short: a negligible amount can be slashed initially (and TBD via DAO governance)
A NuCypher node can be slashed, but at a rate so minute that it's monetarily irrelevant (while still being trackable). Having these data points will enable the NuCypher community to use the NyCypher DAO to set an appropriate slashing policy in future.
Yes: if your worker node fails to perform or to be online, your earnings will not be optimal.
In short: a maximum of 36.6% of the supply at launch will be introduced into circulation by the end of Year 1.
NuCypher will ultimately approach a maximum supply of ~3.885 billion tokens.
When the network launched on October 14, 2020, there were 1B tokens in circulation. 366M NU will be distributed to staking nodes each year until Year 5, at which time the NU reward distribution rate will begin decay.
As of Oct 14, 2020, NyCypher is introducing new tokens into circulation at an annual rate of 36.6% of the total supply, a subsidy used to reward staking nodes for being available to perform work on the NuCypher network.
NuCypher will use a "decentralized autonomous organization" (DAO) to govern the policies and processes for the network protocol.
