We are currently active on NuCypher’s “Come and Stake it” incentivized testnet. Their mainnet is scheduled to launch by Q2 2020. If you would like to learn more about their mainnet launch and future staking opportunities with Figment, then please contact Clayton (clayton@figment.network).

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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. 

The NuCypher team is led by CEO and Co-founder Maclane Wilkison, and CTO and Co-founder Michael Egorov. 

They plan to use a proxy re-encryption scheme, which will allow encrypted data to be sent across their network without having access to anyone’s private key. 

The NuCypher token (NU) will function as a security deposit on the network, and will not be used to pay for services on the network. Fees are paid in Ethereum (ETH), and validators and delegators will be rewarded in NU. 

You can find more information on NuCypher’s website and on the NuCypher whitepaper. Their main communication channel is their Discord group, which can be found here

Frequently Asked Questions

How does a validator node qualify to be in the active set?

A minimum of 15,000 NU tokens are required to be in the active set. 

What is the name of the asset being staked?

The NU Token.

When does NuCypher plan to launch its mainnet?

Q1/Q2 of 2020.

What is the bonding period? Unbonding period?

Token holders must bond their token for at least a month, and can choose to bond for several years. The unbonding happens at the end of the chosen period.

What is the calculation for each type of reward?

The longer the token holder is willing to bond their tokens for, the higher their reward will be. For example, a token holder who is only willing to bond their tokens for a month at a time will receive rewards at roughly 54% a year, while a token holder who is willing to bond their tokens for a full year will receive a 100% rewards rate.

How are rewards disbursed to a validator?

Rewards are released at the end of the lockup cycle that is chosen by the staker/node.

Are rewards considered liquid?

Rewards become liquid at the end of the chosen lockup period.

Can a validator be slashed?

A validator can be slashed. Slashing penalties are still being discussed, as well as if validators will be slashed for downtime.