NuCypher – Decentralized Key Management System Blockchain?
NuCypher KMS is HTTPS for dApps. They leverage the power of other proxy re-encryption services. They are designed to guarantee the private data is brought with transparency to the public blockchains.
What is NuCypher?
This is a new platform that will allows multiple users to receive data on an encrypted network, each with their own specific re-encryption key. There have been several, successful case-studies like that of Datum, Wolk and MediBloc. There are several white paper listings that apparently prove all the data in the case studies is accurate.
NuCypher has been used on other sites like GitHub. They’ve also started an entire Slack community where you can learn everything you need to know about the startup. And finally, if you want the most detailed information available, then you can join the NuCypher Mailing list.
Basically, NuCypher is one of the first, if not the first – Proxy Re-Encryption companies. The leader of the team is MacLane, a highly prized software engineer, former investment banker and is on the team to provide all the financing services that NuCypher needs. He is specialized in media, technology and telecommunications as well.
One of the other co-founders is Michcael Egorov, he is also the CTO or Chief Technical Officer. Other than that, there is a massive team of advisors, each with their own specified traits and talents. The team, is one of the most diverse and experienced teams ever put together, according NuCypher.
How Does NuCypher Work?
The system has gone through a series of progressions. For the sake of example, here’s how it works:
Alice is a data owner, she encrypts data on her public key and then uploads it to the IFPS, S3 and Swarm, or any type of supported layer used for storing data. It will distribute access to valid users who can receive it. Alice will then create a series of re-encryption keys that she can use on NuCypher KMS network.
Ursla, a miner in another part of the world, then receives the re-encryption keys, as she stands by, preparing the re-key for data. She will then provide a service in exchange for the payment. It will be done in fees and other types of block rewards. The NuCypher KMS Network and the layer of storage never get to access Alice’s data.
Bob, another recipient who is valid to receive the data, then sends an access request to the network. As long as there is a valid re-encryption key exists. As long as specific conditions are met, the data is then re-entered to his public key. He will then be able to decrypt it with his own private key.
As you can see, NuCypher is one of the most innovative new companies to emerge in the recent year. Now, if you’re in the cryptocurrency or blockchain space, keep an eye on this company. Like always, be careful before making massive investments and take your time to ensure you are protected at all times.