NuCypher’s mainnet is scheduled to launch in Q3 2020. If you would like to learn more about their mainnet launch and future staking opportunities with Figment Networks, then please contact Andres (email@example.com).
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.
NuCypher's KMS is intended to address the current limitations that consensus networks have securely storing/sending/manipulating private and encrypted data.
Figment Networks will be supporting the NuCypher mainnet and will provide nodes for those interested in participating in the Worklock.
On February 20th, 2020, Maclane Wilkison (CEO), and Michael Egorov (CTO) joined us to answer our NuCypher staking questions.
A minimum of 15,000 NU tokens are required to be in the active set.
The NU Token.
Q3 of 2020.
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.
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.
Rewards are released at the end of the lockup cycle that is chosen by the staker/node.
Rewards become liquid at the end of the chosen lockup period.
A validator can be slashed. Slashing penalties are still being discussed, as well as if validators will be slashed for downtime.