Track market-moving stories before they get noisy

NuCypher, a decentralized encryption, access control, and key management system (KMS), serves as an encryption service for public blockchains. It offers end-to-end encrypted data sharing on public blockchains and decentralized storage solutions.

NuCypher allows users to share private data among a group of participants in general consensus networks, using proxy re-encryption (PRE) technology. According to NuCypher, this decryption technology makes it significantly more secure and protected than traditional blockchain projects based on public key encryption.

NuCypher (NU) is the native token used within the larger NuCypher network. Tokens are used to incentivize network participants to perform key management services and access authorization/revocation operations. NU tokens are also used to stake for operating a NuCypher worker node. The NuCypher network is protected against malicious activities and automatically cuts off the rewards for suspicious users.

On the other hand, NU is also used in the network to join the NuCypher DAO. The NuCypher DAO is the protocol that controls network parameters and smart contract upgrades. Users with NU stakes can also participate in the verification of DAO proposals.

Unlike most blockchain projects designed for better transactions, IoT operations, voting mechanisms, etc., NuCypher is created for other blockchains. It acts as a privacy layer for blockchains.

NuCypher provides a privacy infrastructure for the decentralized web with proxy re-encryption (PRE), threshold signatures (TSS), distributed key generation (DKG), and other threshold cryptography techniques.

Using the NuCypher network, users can conditionally grant and revoke access to data to multiple users simultaneously. NuCypher’s encryption service offers almost unparalleled security for sensitive data transfer, combining it with the trustless and censorship-resistant nature of traditional public blockchains.

NuCypher was co-founded by Mikhail Egorov (founder of Curve) and MacLane Wilkison. The technical review for NuCypher was first published in June 2017, but the test network was not released until November 2018.

Egorov previously served as NuCypher’s CTO. He is a security researcher, physicist, and scientist from the Moscow Institute of Physics and Technology.

How to Buy NuCypher Coin?NU Coin can be purchased quickly and securely through Binance, the world’s largest cryptocurrency trading platform in terms of trading volume. To buy NU Coin, one must first sign up for Binance and then send fiat currency. After sending a fiat currency like  US dollars, one can buy NU Coin by trading it against Bitcoin (BTC), Binance Coin (BNB), Tether (USDT), and BUSD.

Furthermore, on Binance, users can place a buy order not only at market value but also at a lower value. For this, using the Limit tab and entering the amount and price you wish to buy at will suffice.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Threshold Network has proposed to acquire BitGo‘s Wrapped Bitcoin (WBTC) product, offering $36.4 million worth of their native T tokens.

The move aims to transition WBTC from centralized custody to Threshold's decentralized model, merging it with their tBTC Bitcoin (BTC) bridge.

The proposal was presented by NuCypher's co-founder and Threshold contributor MacLane Wilkison and involves minting additional T tokens, equivalent to 15% of its current fully diluted supply, as a grant to BitGo.

This would make BitGo the largest stakeholder in the Threshold Network while maintaining the bridge's decentralized nature.

Moreover, the proposed acquisition would combine WBTC's $9 billion market cap and widespread adoption with tBTC's permissionless bridging mechanism. Wilkinson argues this approach better achieves BitGo's goal of multi-jurisdictional and multi-institutional custody.

If accepted, the merger would be implemented in stages. Threshold would gain merchant privileges for WBTC and gradually transfer the existing WBTC supply to decentralized custody, with deposits spread across multiple wallets to ensure security.

Should BitGo decline, Wilkison claims that the DeFi ecosystem will “require a safe and orderly offboarding of WBTC.”

In this case, the additional minting of the T token could be used to subsidize the costs of offboarding WBTC from the ecosystem and migration to alternatives like tBTC and cbBTC.

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Addressing the controversyNotably, the proposal comes following BitGo's recent announcement that it would adopt a multi-jurisdictional custody model to accelerate its global expansion plan. This would be achieved by transferring WBTC's control to a joint venture with BiT Global.

This movement raised concerns in the crypto community due to TRON founder Justin Sun‘s involvement, especially after 12,000 BTC were removed from USDD's backing. USDD is the stablecoin tied to the Tron ecosystem.

Despite BitGo's CEO Mike Belshe assuring the market that Sun would not be able to move funds, major DeFi protocols, including MakerDAO and Aave, have already taken steps to limit their exposure to WBTC.

Threshold's proposal aims to address these concerns and ensure the continued stability of WBTC in the crypto ecosystem.

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