What is NuCypher?
NuCypher is a relatively new decentralized key management system for blockchains. For all the developers who would like to use it, the decentralized applications are unlocked. KMS addresses the limitations in the management systems with the usage of consensus networks in order to manipulate and store the private and encrypted data securely. One can use the centralized critical management systems to share personal data on public blockchains, thus allowing greater control and protection of the data that is private.
Why is NuCypher Different?
NuCypher offers cryptographic and encryption access control without relying on the central service providers. The system leverages the power of proxy re-encryption technology to allow re-keying data encryption. This helps the network of the nodes to offer management operation without accessing the private keys or the direct text data.
NyCypher Team Background
The NuCypher team is an eclectic mix of computer scientists, engineers, distributed systems of engineers, and also cryptographers. The team can build cryptographic libraries, which include pyUmbral, a threshold proxy re-encryption scheme, NuFHE, an experimental fully homomorphic encryption library ZeroDB, which is an end-to-end encrypted database.
How NuCypher Works?
The core feature of the technology is the proxy re-encryption. There are cryptographic primitive features that help the third-party proxies to transform the texts for a number of public keys without learning anything about the underlying messages. With this process’s help, the system is securely delegated access to any private and encrypted information.
With the help of NuCypher, the blockchains are enabled to securely store and manipulate any secrets to give the decentralized applications away to work with data. The KMS is also very useful for centralized applications. KMS can be used in some ways, which include pay-to-view streaming, private multi-user chats, handling secrets in AWS instances, mobile device revocation and management, safe storage of the encrypted secrets alongside the codes, and blind identity management.
- Secure dApps
NuCypher uses secure dApps in order to help the developers secure any type of data with the decentralized proxy re-encryption.
- Enterprise deployments
The KMS is able to integrate with the data platform like Kafka and Haddop in order to help the clients to protect the data from any type of unauthorized access. This also allows the data to be shared easily between the organizations.
NKMS tokens are used by NuCypher as its backbone. The miners are rewarded through the token for any type of contribution and also pay for access to re-encryption services. The security of the system is incentivized by the token and correctness of the computation. When the miners stay online, this is the only time they can generate the token. If they provide any wrong re-encryption or cheat, then they lose the amount of their security deposit.
Both the developers and enterprises are able to use NuCypher alike. They have the option to leverage the power of the system for creating some highly-secure applications in financial services, and we can also use the applications in many other ways.