NUCYPHER aims to solve a number of problems facing the crypto community as it helps restrict data breaches.
But what is NuCypher (NU) and what are the price predictions for 2021, 2022, 2023, 2024 and 2025?
What is NuCypher (NU)?
One issue that has plagued decentralised application (dapps) developers for years now is how to securely store private data on a blockchain without sacrificing responsiveness.
This is where NuCypher comes in. An Ethereum token aiming to provide a security and privacy layer (something build on top of an existing blockchain) for dapps built on public blockchains, such as Ethereum and Solana.
NuCypher allows developers to store, share, and manage private data and aims to add a security layer to various blockchains where developers can allow permission to sensitive information on a number of dapps.
NuCypher offers two main services which are Secrets Management and Dynamic Access Control.
Secrets Management stores sensitive data, including passwords and private keys while Dynamic Access Control grants and revokes access to sensitive data.
This is done through Umbral, NuCypher’s encryption scheme, and Ursula, a network of operating nodes.
Umbral is NuCypher’s encryption scheme that allows users to keep data private as well as share information in a secure way.
Owners of the data give decryption rights to a data receiver in a process performed by “proxy” nodes, called Ursulas, who re-encrypt data for the recipients.
Proxy nodes, however, don’t have access to the underlying data or unlocking keys – they just apply more conditions which must be met to unlock the data.
Ursulas have to stake NU to perform their network duties and in return earn NU tokens which are newly minted.
Nodes can lose part or all of their staked NU if they do incorrect re-encryptions.
Ursula nodes are also rewarded with Ethereum transaction fees for providing NuCypher’s security and privacy services to dapps hosted on Ethereum.
Who founded NuCypher (NU)?
NuCypher was founded in 2015 by MacLane Wilkison and Michael Egorov to help users make secure transactions of data.
They moved their focus in 2017 to apply NuCypher’s technology to smart contracts.
NuCypher raised $750 thousand in a private round of funding and Simple Agreement for Future Token (SAFT) pre-sales, where they raised more than $15 million in two sales.
The NuCypher platform then launched in October 2020.
The project transferred power to a software-based system controlled by its users called the NuCypher Decentralised Autonomous Organisation (DAO) in June 2020.
NuCypher (NU) price predictions 2021, 2022, 2023, 2024, 2025
When NuCypher launched in October 2020, it traded at around $0.20.
Its price then dropped to around $0.06-$0.07 before returning to its former level.
The token’s Coinbase listing in December 2020 then sent it to highs of $0.30.
The price then declined back to $0.20 by the end of June 2021 which was caused by a combination of a downward market and the announcement of NuCypher’s merger with Keep, which caused a lot of uncertainty.
On October 15, 2021, NuCypher’s price soared more than 1100 per cent to $3.58 before dropping back to around $1.30 after South Korea’s largest cryptocurrecy exchange Upbit listed NU.
But forecasting site WalletInvestor predicts NuCypher will finish 2021 back at around $0.30
By the end of 2022, they predict NU will reach $0.39, $0.47 by the end of 2023, $0.54 by the end of 2024 and by December 31, 2025, WalletInvestor predicts NuCypher will reach $0.63.
Meanwhile, DigitalCoin predict NU will reach $2.11 by the end of 2021, $2.49 by the end of 2022, $2.97 by the end of 2023, $3.46 by the end of 2024 and $4.49 by the end of 2025.
