This, plus the current idea and the availability of already implemented products make ICO NuCypher interesting and promising project.
The mechanism is as follows: It is not possible to obtain physical access to the data due to the use of a decentralized system. According to a report from CoinJournal, NuCypher, a platform that offers security and encryption services for distributed systems, has pulled in $4.3 million. NuCypher uses blockchain technology to stop this issue. Hardcap: Updating Softcap: $4.3 million The project is inspired by the re-encryption of Proxy for distributed systems. The NuCypher network is composed of nodes that provide re-encryption services. The proxy, a service provider on NuCypher’s network, can do this without knowing what the original encrypted data was.
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- Foundation (Representative democracy)
- Node voting (Democracy)
- Private company (Dictator)
NuCypher aims to protect confidential data from being eavesdropped on symmetric and asymmetric cryptography.
Proxy is an Internet server that transfers information and controls to create security for the Internet access of clients called Internet service users. This translates well to a KMS where granting and revoking access to encrypted data is the core functionality of the system. This is a decentralized system for storing patients’ data on health care facilities (in other words, medical records). The NuCypher project is a service that deals with such tasks. Proxy re-encryption can be used to share encrypted data with multiple people that have different keys. NuCypher’s Proxy re-encryption is built on a few technical concepts: Data Encapsulation This uses symmetric key encryption.
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What is NuCypher ICO, its working principle and how promising are the project’s tokens for investments?
For initial release NuCypher will ensure that the nodes are staying online and correctly re-encrypting the data without requiring anonymization. NuCypher uses a form of PKE called Proxy Re-encryption, which uses a semi-trustless third-party called “the proxy” to transform encrypted data to another receiving party. It’s a method for John to share encrypted data with Christina, without sharing his private key or needing to decrypt the data first. The key used to encrypt the data is then encrypted and stored with the encrypted data. However, instead of updating its official resources (white paper and website), the project’s team does this via its Medium blog. The MediBloc user can provide his or her medical data to any clinic where he plans to get treatment through a private key.
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Founded in 2016, NuCypher works to secure and encrypt big data, the blockchain, the cloud, and the internet of things (IoT).
Patents The team holds patents for: Background NuCypher is a blockchain privacy layer that provides proxy re-encryption as a service. It’s a distributed network that can perform re-encryption when access is granted to certain data. Its main purpose is to protect dapp developer’s data from third parties and hackers. With features such as mobile device management, NuCypher uses a re-encryption token that would be created for certain devices. This list demonstrates how NuCypher can keep your data safe. Using a technology called proxy re-encryption, NuCypher, which is part of the core infrastructure stack for dApps, lets developers store, share and manage private data on public blockchains.
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The token can be used to pay commissions for trading, data storage and advertising.
Project advisers are the following specialists: The project team successfully held a presale in the autumn of 2017, collecting about $ 4.7 million and selling 30% of the tokens. NuCypher is another project, quite popular and actual, to ensure a successful ICO before its announcement. [Short general description]: NuCypher KMS is a decentralized key management system (KMS), encryption, and access control service. NuCypher’s decentralized key management system promotes the potential of re-encrypting proxy and then brings private data to public blockchains. It provides powerful security control and ensures that data cannot be accessed without permission in any situation. Bob is able to decrypt the encrypted data with the symmetric key.
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- Michael Egorov: Founder and Chief Technology Officer of NuCypher, and the advisor to theDtum project.
NuCypher KMS provides the infrastructure for a variety of applications that require sharing of sensitive data as a basic functionality. The encrypted data and encrypted key are then stored. The website provides information about the project, the public ICO, the team and the answers to the most frequently asked questions. Bob downloads the encrypted data file and the encrypted key. NuCypher (www.nucypher.com) is a service that allows data owners to encrypt information and provide access to it only to the right users.