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What is NuCypher (NU)?

NuCypher (NU) is a cryptographic services provider, decentralized Key Management System (KMS), and cryptocurrency. The platform is designed to enable developers to securely store private data of public blockchains. It accomplishes this task via the introduction of an interoperable security layer that allows users to keep data private and share information securely.

From its launch in 2015, NuCypher focused on industries that maintain large amounts of sensitive data like finance and healthcare. This approach helped the platform carve out a valuable niche market. Notably, the project was a member of Y Combinator’s Summer class of 2016. However, it wasn’t until 2017, that the network turned its eyes on providing its services to decentralized networks.

What Problems Does NuCypher (NU) Attempt to Fix?

NuCypher addresses multiple problems faced in the blockchain community. This structure helps to eliminate the damage down by data breaches. Data breaches are on the rise. A recent report highlighted this trend. The study found that there were 3,950 confirmed data breaches in 2020.

Data Breach Statistics - Statista

Data Breach Statistics – Statista

These breaches ranged from Microsoft being hacked leaving a database holding over 280 million customer records open to the public, all the way to the California Department of Motor Vehicles (DMV) falling victim to a ransomware attack. In total, millions of people’s private information were lost.

Data Breaches on the Rise

Sadly, the data breach wars are just getting started, the same report found that on average, a business will fall victim to a ransomware attack every 11 seconds this year. By 2025, these losses are predicted to top $10.5 trillion in value. The report also noticed some trends. Such as the fact that hackers have expanded their focus to include vulnerabilities inherent in touch ID sensors, facial recognition systems, and passcodes. NuCypher seeks to eliminate privacy leaks due to public inputs or outputs.

Developer Privacy Concerns

One issue that has plagued Dapp developers for years is how to securely store private data on the blockchain without sacrificing responsiveness. NuCypher addresses the limitations of using consensus networks to securely store and manipulate private, encrypted data leveraging Proxy Re-encryption (PRE). The protocol integrates an advanced cryptographic Infrastructure that was built from the ground up to service Privacy-Preserving Applications to increase security during these processes. The system enables developers to implement a dynamic access control mechanism to conditionally grant and revoke access to sensitive data based on user criteria.

Benefits of NuCypher (NU)

There are a lot of benefits users gain when they participate in the NuCypher ecosystem. NuCypher allows users to move information and computation to the cloud securely. Network nodes, which handle the encryption and decryption of this data never possess the encryption keys, so the data remains only visible to the approved parties. This system is called Proxy Re-Encryption (PRE). Its primary purpose is to protect users from data breaches.

NuCypher (NU) - Twitter

NuCypher (NU) – Twitter

For developers, there is an excellent selection of features that can help expand their Dapp functionality and security. Developers can store, share, and manage private data more efficiently. They can grant permission to sensitive information and manage private data. Specifically, the protocol simplifies the implementation and management of IAM tokens, database and SSH credentials, and the signing of encryption keys across dynamic environments. 

Ethereum-based

NuCypher lives on the Ethereum blockchain. Ethereum is currently the most popular Dapp and DeFi blockchain in the world. The network is very secure and provides users with high interoperability within the market. NuCypher users can also store and trade their tokens within the vast Ethereum ecosystem. This interoperability helps streamline use and onboarding.

How Does NuCypher (NU) Work?

NuCypher offers two main services to its clients – Secrets Management and Dynamic Access Control. The Secrets Management protocol is the system that handles the storing of sensitive data like passwords and private keys. The Dynamic Access Control system is what grants and revokes access to sensitive data after meeting the required criteria.

Umbral

NuCypher (NU) introduces an encryption scheme called Umbral. This system is unique in that it enables nodes to encrypt and decrypt data without access to the information directly. Only those who are in possession of the encryption key can access this data.

Ursula

Ursula is a network of operating nodes. These nodes perform encryption services for users. They operate as the platform’s secrets management system. They are also tasked with providing dynamic access control services to developers.

NuCypher (NU) Node Operator

To become an Ursula Node, you simply need to stake NU. If you decide to become a node, you agree to perform network duties. In return, you receive rewards in the form of NU and ETH. Notably, it’s vital that you maintain a high-quality node. Node operators are subject to reward slashing and removal from the network when they incorrectly handle their re-encryption responsibilities or have significant downtime.

Staking

Users can stake NU and receive rewards for their efforts. Staking NU is a simple way to secure a passive income. It’s considered safer than trading. Additionally, it’s less labor-intensive since you don’t have to spend hours monitoring the market conditions. Notably, Staking rewards are the only time newly minted NU tokens enter circulation.

NU - CoinMarketCap

NU – CoinMarketCap

NuCypher (NU) PRE network

The PRE network provides cryptographic access controls for distributed apps and protocols. As such, it’s a vital component of the developer’s tools provided by NuCypher.

NuFHE library

The NuFHE library is the system that allows for private computation on encrypted data by outsourced nodes. The protocol is described as a “proof-of-concept” by developers. Interestingly, the FHE library leverages GPU acceleration using CUDA and OpenCL. The protocol also supports the use of Fast-Fourier Transforms (FFT) or purely integer Number Theoretic Transforms (NTT) to speed up encrypted computations.

NuCypher (NU) NuBLS

NuBLS is the network’s BLS signature library. Its main goal is to implement threshold protocols. Specifically, threshold signatures (TSS) and a Proxy Re-Signature (PRS) algorithm designed by NuCypher called Penumbral.

NU

NU operates as the primary utility and governance token of the network. Users can pay for and interact with NU services using this token. The token also serves a vital role in incentivizing nodes. NuCypher holders can also participate in the community governance protocol by staking their coins. There are currently 648,750,000.00 NU in circulation according to CoinMarketCap.

NuCypher (NU) Consensus

NuCypher relies on Ethereum’s blockchain to remain valid. Ethereum is a Proof-of-Work (PoW) network. Like Bitcoin, network nodes, called miners, compete to add the next block of transactions to the chain. The node that successfully adds the next block receives a reward for its efforts. PoW networks are the most secure style of blockchain. However, they lack scalability.

Ehterum is in the middle of a major upgrade that would convert the network’s consensus mechanism over to a Proof-of-Stake (PoS) system. This upgrade will improve the network’s responsiveness, transaction throughput, and introduce more earning opportunities for users and Dapps such as NuCypher. Additionally, PoS networks require much less energy to secure. They provide a more sustainable alternative. Consequently, there has been an explosion in the number of PoS blockchains in the market.

NuCypher (NU) Community Governance

NuCypher relies on community governance to guide its development. Users who stake NU gain voting powers in the system. Anyone who stakes NU can put forth network proposals to better the community. These proposals are then put before the rest of the community. If a proposal is voted in, the network will begin implementation and release the funds from the community address.

History of NuCypher (NU)

NuCypher entered the market in 2015 as an affordable way to securely send data to and from the cloud. The platform was co-founded by MacLane Wilkison and Michael Egorov. Prior to starting NuCypher, Wilkison served as an investment banking analyst for Morgan Stanley. Egorov served as a senior software engineer prior to starting the project. Together, their experience helped to shape NuCypher into a valuable service provider.

Notably, NuCypher received a boost in notoriety early on after the network secured $750,000 in seed funding to expand its features. It wasn’t until 2017, that NuCypher shifted its focus to providing services to the blockchain market. This was a break-out year for the crypto market with the launch of new platforms occurring monthly. This growth caught the attention of NuCypher. This shift in focus was accompanied by the development of a new decentralized token-based model. Interestingly, the developers chose not to host a public token sale. Instead, they opted for a SAFT. The firm raised $4.4 million in December 2017 via a SAFT to further the project. In October 2019, the public testnet went live.

How to Buy NuCypher (NU)

BinanceBest for Australia, Canada, Singapore, UK, and most of the world. USA residents are prohibited from buying NuCypher (NU) here.  Use Discount Code: EE59L0QP for 10% cashback off all trading fees. 

Gate.io Best exchange for USA residents.

NuCypher (NU) – Servicing a Growing Blockchain Community

The concept behind NuCypher is solid. The demand for both access to affordable cloud services and data protection mechanisms is at all-time highs. The expansion of the decentralized economy and the rise in data breaches has driven demand for NuCypher’s services further in the market. You can expect to see continued demand for high-end decentralized encryption protocols moving forwards. As such, NuCypher is well-positioned to service the market.

Naabiae Nenu-B is a Medical Health Student and an SEO Specialist dedicated to flushing the web off fake news and scam scandals. He aims at being "Africa's Best Leak and Review Blogger" and that's the unwavering stand of Xycinews Media.

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Fx Analysis

Gold Rebounding After Negative Fed Reaction

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  • Policy Induced Tumble Impacts Gold
  • Recovery Starts as Bond Yields Dip
  • Jobless Claim Increase Provides Momentum

The price of gold slumped late in the week following the hawkish views that came from the 2-day Fed meeting. News of a double interest rate hike to come in 2023 but the upkeep of the tone that inflation will remain transitory, did not sit well with the gold market as it slumped more than 5% at some stages, and well of the highs set earlier in the year. Despite this, and slipping close to $1750, it has started a recovery of sorts. This has picked up pace today as US bond yields dip and the market digests the increase in jobless claims on the week. In other commodities news, the sell-off has also been felt across precious metals and beyond.

Rate Hike Slams Gold Market

One of the key reasons behind the quick slump in gold prices on hearing the news from the meeting is that the precious metal does not play well in periods of higher interest rates. The non-yielding asset tends to be less favored when other types of assets can provide an improving yield. Should the inflation worry remain, and the Fed stick with their plans for a double rate hike in 2023, then many trading gold will certainly expect prices to fall further.

The other factor, beyond the general uncertainty of the whole situation that is playing out at the moment for gold in clearer view, is the rising US Dollar. This strengthening Dollar typically reduces demand for gold and therefore can result in price drops as seen.

Bond Yields Provide Recovery Potential 

Despite the fall-off in price that was evident through the middle of the week, gold prices managed to gain some ground again from lower levels in the previous trading session. This has seen them pick up around 1% to sit just below the $1800 in the early trading today.

Part of the reason behind this would seem to be US Treasury Yields. Both the 10-Year and 30-Year yields have drifted significantly lower despite the increase in inflation expectations. This stands by the thinking that any inflationary pressure that is felt can pass through quickly and be a transitory concern.

Increasing Jobless Claims Signal Further Respite

Another factor that has contributed to an upward recovery in gold prices today, along with silver which has dipped but not as strongly, is the US employment figures that were released yesterday. These weekly numbers came in at their highest point of the month with 412,000 initial claims. This is above both the number for the previous week and analyst expectations.

Given this confluence of data then, it may well be possible to see gold run up above the $1800 mark again prior to the end of this week. In the longer term though, it looks likely that prices could fall lower particularly if the Fed sticks by its plans for a 2023 increase of rates and inflationary concern continues.

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Fx Analysis

Investing in 1inch Network (1INCH) – Everything You Need to Know

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What is 1inch Network (1INCH)?

The 1inch Network (1INCH) functions as a multi-chain DEX aggregator and DeFi ecosystem. The protocol integrates a proprietary aggregation system that is able to scan multiple DEXs (decentralized exchanges) in search of the best prices and rates. As such, the network and its token have seen considerable adoption since launch.

What Problems Does the 1inch Network (1INCH) Solve?

There are a lot of problems that 1inch helps to rectify. For one, the protocol tackles the lack of liquidity in the DeFi sector. The DeFi market is still very compartmentalized. This structure means that many projects never gain access to deep liquidity. By incorporating a multi-chain aggregator, the 1inch Network provides deep liquidity to the market.

1inch Homepage

1inch Homepage

Slippage

Slippage is another major concern that the 1inch Network tackles head-on. Slippage is the difference between the expected price of a trade and the price at which the trade is executed. It’s a major issue for most DEXs due to the structure of the liquidity pools. 1inch Network users enjoy minimal slippage because the protocol is very responsive. It can scan multiple DEXs and provide low slippage to users.

Benefits of the 1inch Network (1INCH)

Anyone will be able to enter the DeFi sector using the 1inch Network’s intuitive dashboard. This online interface will remove all the technical barriers associated with DeFi functionalities and allow you to track your investments in real-time from anywhere globally. The dashboard is currently under construction with its launch slated for this year.

Best Trade Rates

The 1inch Aggregation Protocol can check prices across multiple decentralized exchanges (DEXs). The protocol supports DEXs across the Ethereum, Binance Smart Chain, and Polygon blockchains. In this way, 1inch Network users always receive the best rate for a swap.

1inch - Homepage

1inch – Homepage

Low Fees

1inch introduced an Ethereum Gas Fee-pegged token called Chi to provide users with lower fees. In comparison to Ethereum’s fees, 1inch Network users pay around 40% less on average.

Secure

The technical structure of the 1inch Protocol provides a high degree of security to users as well. For example, insecure liquidity sources can connect to the 1inch Aggregation Protocol without users risking the loss of funds, The protocol integrates security checks during every transaction to prevent any losses.

More Features

1inch offers more features than the competition. Most DEXs are basic in their functionality. However, 1inch recently underwent a V2 upgrade that saw the network add a variety of advanced features such as Limit Orders. The upgrade also integrated an OTC swap feature for large orders.

How Does the 1inch Network Work?

The 1inch DEX Aggregation Protocol is the primary service provided by the network. The algorithm finds the cheapest way to place trades using all the different exchanges and liquidity protocols that can facilitate the trade. The protocol can further lower fees and rates by splitting the transaction up. The network supports splitting a single trade across 21 exchanges to achieve the best rate possible.

Liquidity Protocol

The Liquidity Protocol is another key DeFi feature available to users. This system enables decentralized token swaps. Notably, the main way to earn 1INCH tokens is by providing liquidity to 1inch’s liquidity protocol.

Governance

1inch token holders gain the right to put forth proposals to a community vote. The network’s governance mechanism determines the weight of your vote based on the amount of 1inch you hold in a network wallet or have staked. The system employs a decentralized autonomous organization (DAO) protocol to provide truly decentralized management to the network.

Farming Pools

Farming is another cool DeFi feature that 1inch Network users gain access to. Many investors prefer farming over staking because there are no required lockup periods or early withdrawal penalties. In this way, you can access your tokens if you need them without fear of losing rewards due to penalties.

1inch Stats

1inch Stats

Developer Portal

The 1inch Network was built from the ground up to serve as an underlying technology for Dapp developers. Developers can suggest new integrations or solutions that can be built on the 1inch API. Dapp creators can find answers to questions and other helpful information to bring their concepts to life in the Developer Portal.

1inch

1inch is the main governance token for the network. It was launched in December 2020. Today, the token is very popular. It’s available on several major cryptocurrency exchanges. Some of the biggest daily trading volumes occur on Binance, KuCoin, Huobi Global, FTX, and OKEx.

Chi Gas

Chi Gas is a network token used to power 1inch transactions. It’s pegged to the Ethereum network’s gas price. However, it’s only minted when the gas price is low and burnt when it is high. This strategy provides significant savings to all users.

1inch Wallet

The 1inch Wallet is a multi-chain platform that provides an easy-to-navigate interface and secure transaction capabilities. This versatile wallet was built from the ground up to streamline interacting with 1inch’s features.

History of the 1inch Network (1INCH)

1inch first went public during the 2019 ETHNewYork hackathon. The project is the brainchild of Sergej Kunz and Anton Bukov. Since its launch, the platform has attracted investor attention. Notably, the firm secured $15 million in funding from well-known companies in the tech sector including Binance Labs, Galaxy Digital, and Pantera Capital.

1inch Network (1INCH) - Twitter

1inch Network (1INCH) – Twitter

In November 2020, 1inch launched its biggest update yet. The V2 update added more functionality and responsiveness to the platform. It also enabled the system to conduct more complex trades to keep prices low. The aggregator can now use techniques like rerouting money earmarked as collateral for loans on decentralized lending protocols Aave and Compound.

How to Buy 1inch Network (1INCH)

1inch Network (1INCH) is available on the following exchanges:

BinanceBest for Australia, Canada, Singapore, UK and most of the world. USA residents are prohibited from purchasing 1INCH here. Use Discount Code: EE59L0QP for 10% cashback off all trading fees. 

Kucoin – This is the best option for USA residents.

1inch Network – Saving DeFi Users on Fees and More

1inch serves a vital role in the DeFi sector today. The platform enables regular users to secure passive incomes, save on trades, and find the best rates possible. In addition, the developers continually upgrade the network to incorporate new features and services. For these reasons, 1inch is set to remain a premier option for DeFi users moving forward.

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Fx Analysis

Forex Market Strength Continues With ECB at Odds on Inflation

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  • Dollar Continues to Rebound Stronger
  • ECB Policymakers Divided
  • Markets Dip Following Strong Start

The USD forex market has continued to rebound strongly into this week. This has further increased pressure on other major forex currencies particularly the Euro and Sterling. The Euro has also been struggling under the weight of disagreement between key policymakers at the ECB over how the group should approach the key inflation issues facing not only the European bloc but those in the US and around the world. The Dollar Index is also flexing its muscle moving up close to the 92 mark as Sterling and other majors lack momentum. Markets on Wall Street had a quiet start to the day after a very positive start to the week yesterday.

Dollar Demand Persists in Pushing Higher

Forex brokers noted a continuing strong demand for the Dollar through yesterday and into the trading session today as US Treasury rates moved higher and Fed Chief Jerome Powell reiterated his caution over rising inflation and the fact that the country continues to battle against the COVID-19 crisis despite a positive return to form for the economy. These pre-released remarks yesterday ensured the Dollar held firm in its position of strength.

Powell is set to address the House Select Subcommittee on Coronavirus Crisis shortly with those forex trading the Dollar and other currencies keeping an eye on his tone and whether it will support the rather hawkish turn of last week from the Fed. This will remain the key driver for the Greenback today with possible reverberations to carry through the week.

ECB Divided on Inflation Issue 

While the Fed in the US remains fairly uniform in their view, that is not the case currently in Europe where the ECB policymakers are decidedly divided on the concerns caused by inflationary pressure, and how they should be dealt with.

With the Euro under pressure from a strong Dollar and showcasing all the hallmarks of a strong inflationary presence as can also be seen in the US, there would appear to be some discord as to how the banks’ approach to inflation should be delivered. This follows their meeting last week where it was generally agreed that it could be tolerated if inflation were to move beyond the 2% goal. By how much, and for how long though, remains unclear.

Wall Street Quiet After Dow Roars

An extremely strong start to the week on Wall Street, particularly from the Dow Jones which rebounded more than 500 points from a dip last week on the news from the Fed meeting and proposed interest rate hikes. This was its best day since March while the other major indices posted more modest gains.

The early trading today has been much flatter with traders presumably awaiting any news or indication from Jerome Powell’s testimony. One of the biggest gainers so far today is Reddit favorite GameStop with a jump following the conclusion of their most recent, billion-dollar share sale.

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