One of the day’s biggest top gainers is NuCypher. The price of NuCypher is currently 0.4159 USD, with a 24-hour trading volume of 138.94 M USD. NU has gained 21.8% in the previous 24 hours. It is currently trading at 0.3336 USD, down -3.46 percent from its 7-day all-time high of 0.4308 USD and up 24,69 percent from its 7-day all-time low of 0.4308. The total supply of NU is 703, M NU, with a maximum supply of 3,89 B NU.
Introduction to NuCypher
NuCypher is a piece of software that aims to add security and anonymity to decentralized apps built on public blockchains like Ethereum.
NuCypher allows developers to store, exchange, and manage private data, with the goal of adding an interoperable security layer to diverse blockchains so that developers may grant permission to sensitive data across several dapps.
NU, the network's native cryptocurrency, is used to reward nodes who provide consumers with encryption services. Check out the NuCypher blog for additional regular updates from the NuCypher team, including project updates and research on their evolving technology.
MacLane Wilkison and Michael Egorov developed NuCypher in 2015 in San Francisco to help users securely transact data with cloud providers. In 2017, the NuCypher team decided to focus on smart contracts as a new application for their technology.
NuCypher was funded through a private seed round in which they raised $750 thousand, as well as pre-sales of the Simple Agreement for Future Token (SAFT) that raised over $15 million across two sales. In October of 2020, the NuCypher platform went live.
While the NuCypher Corporation assisted with the project's development, the project's power was handed to a software-based system managed by its users in June 2020, known as the NuCypher Decentralized Autonomous Organization (DAO).
Why should you invest in NuCypher? Where does its value come from?
The NU coin is used for holding, sending, and staking, as well as for maintaining and administering NuCypher's network.
Users that possess and stake NU gain the opportunity to run a NuCypher Ursula node and participate in NuCypher's DAO, where they can vote on protocol enhancements, fee rate modifications, and DAO tweaks.
NuCypher's NU coins can also be traded for other Ethereum network tokens and used within Ethereum-based apps as a second layer built atop Ethereum.NuCypher's attempt to integrate security and privacy measures into public blockchain systems may appeal to users.
Smart contract developers who want to keep proprietary information private or integrate privacy services into their decentralized applications could be interested in the NuCypher network.
If investors feel the market will one-day favor privacy and data management services created for blockchain applications, they may choose to acquire NU and add it to their portfolio.
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