NuCypher ICO Review And NKMS Token Analysis

NKMS

Security and Encryption Platform for Distributed Systems

80.0%

3 months ago

NuCypher ICO About

NuCypher KMS is a decentralized Key Management System (KMS) that addresses the limitations of using consensus networks to securely store and manipulate private, encrypted data. It provides encryption and cryptographic access control, performed by a decentralized network, leveraging proxy re-encryption. Unlike centralized KMS as a service solutions, it doesn’t require trusting a service provider. NuCypher KMS enables sharing of sensitive data for both decentralized and centralized applications, providing security infrastructure for applications from healthcare to identity management to decentralized content marketplaces. NuCypher KMS will be an essential part of decentralized applications, just as SSL/TLS is an essential part of every secure web application.

NuCypher ICO Review

A key management system (KMS) is an integrated approach for generating, distributing, and managing cryptographic keys for devices and applications (Fig. 1). A KMS includes the backend functionality for key generation, distribution, and rotation as well as the client functionality for injecting, storing, and managing keys on devices. As the root of trust, it’s critical that a KMS is appropriately configured, managed, and protected. Historically, this has meant deploying a KMS on-premises in hardware security modules (HSM) or using tools like HashiCorp’s Vault. However, this requires a high degree of technical sophistication as well as upfront capital investment. To ease the technical burden and provide more competitive pricing, vendors like Amazon CloudHSM, Google Cloud KMS, Azure Key Vault and TrueVault have begun offering KMS as a service. However, KMS as a service offerings necessitate placing an undue level of trust in the service provider, which may be inappropriate for security-critical applications.

Public consensus networks, such as Bitcoin and Ethereum, are a promising solution to this centralization problem. But the limitations of public consensus networks in performing cryptographic operations that involve the manipulation of secret data are well-established [1]. Consensus networks employ a volunteer network of nodes, which is subject to constant churn and not as reliable as central infrastructure when it comes to availability and enforcing access management rules. NuCypher KMS uses a decentralized network to remove the reliance on central service providers, proxy re- encryption for cryptographic access control, and a token incentive mechanism to ensure reliability, availability, and correctness. Because of the use of proxy re-encryption, an unencrypted symmetric key (which gives the ability to decrypt private data) is never exposed server-side (Fig. 1), and there is no single point of security failure. Even if compromised, hackers would only get re-encryption keys but access to the file is still protected.

Protocol economies consist of a network of miners that contributes work to provide a scarce resource and that is rewarded when said resource is consumed. In NuCypher KMS, miners are re-encryption nodes. Anyone can become a miner and their rewards are differentiated based on the amount of re-encryption operations provided. Access to the scarce re-encryption services must be controlled and allocated to the highest value uses. The mechanism by which we achieve this is NuCypher KMS Token (NKMS). NKMS is both the reward miners get for contributing work and the price consumers (owners of the data) pay for access to re encryption services. Vitally, the token also incentivizes correctness of computation and security of the system.

NuCypher ICO Comments

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  • 4 months ago Gabriel Stephen

    Good day! Any new details with regards to the progress of NuCypher ?Is there any prototype or MVP?

  • 4 months ago Hunter Levesque

    I think they just released pyUmbral recently https://blog.nucypher.com/unveiling-umbral-3d9d4423cd71 and testnet will be up very soon.

  • 4 months ago Miles Jonas

    No prototype I think @gabestephen

  • 4 months ago Gabriel Stephen

    Here's an update for NuCypher! Origin Protocol has announced they'll be using NuCypher for their sharing economy protocol.

  • 4 months ago Hunter Levesque

    I think that their official website can be improved by a lot. Thoughts?

  • 4 months ago Gabriel Stephen

    It's a bit convoluted for my taste.

  • 4 months ago Miles Jonas

    Maybe the all wanted to invest on something else rather than making the website look good. After all, if the information is there it's going to be a hit anyway.

  • 4 months ago Hunter Levesque

    I don't think that's a very good tactic to be honest. After all, it's the very first thing potential investors interact with.

  • 4 months ago Jonas Panerio

    Any word on when their token sale will begin?

  • 4 months ago Red Willis

    Yeah. Would love to here from them as well, I'll try checking on their Telegram channel and get back to you.

  • 4 months ago Draymond Green

    What is the purpose of the NU token?

  • 4 months ago Klay Thompson

    The purpose of the token is to distribute trust in the system. The whitepaper also points out that the token is hard to obtain in order to maintain the decentralization nature of the system as no miner can get close to 50 percent of the trust. Moreover, NU tokens can also be used as a collateral against a miner’s behaviour. The primary reason for introducing NU tokens is to make the system more secure and ward off any attacks that could result in acquiring the majority of trust. The NU tokens will be used to acquire the services of the project and to reward the miners that provide the re-encryption operations.

  • 4 months ago Klay Thompson

    NuCypher ICO targets a real problem with a solid solution through a proxy re-encryption that allows decentralized key management and cryptographic access control. Though the whitepaper is filled with technical details, the best thing about the project is their dedication and focus on developing the product before making their ICO public.

  • 4 months ago Jonas Panerio

    What kind of issue does NuCypher resolve?

  • 4 months ago Hunter Levesque

    One of the largest issues in data sharing is protection. Even if you’re not making dapps, or anything blockchain related, your data is a target for hackers who are attempting to steal your information. While many large companies such as Amazon has created a Key Management System (KMS), they still forgot one thing. These offerings require users to place trust within these centralized systems but still get exposed to censorship, cybercrime, service rejection and even economic espionage. NuCypher uses blockchain technology to stop this issue. With features such as mobile device management, NuCypher uses a re-encryption token that would be created for certain devices.

  • 4 months ago Gabriel Stephen

    Every user should look into NuCypher if they are serious about keeping their information safe. Through the use of blockchain technology, it could potentially be a innovative way to solve the issue that centralized companies couldn’t.

  • 4 months ago Jonas Panerio

    How can NuCypher keep my data safe?

  • 4 months ago Draymond Green

    Encrypted Group Chat: Members can be added or removed from a chat through the use of adding or removing a the re-encryption token. This prevents the issue of sending messages and the overhead of encrypting. Blind Identity Management: This service can be constructed through the service’s KMS. The server encrypts the user’s identity credentials for third-party applications, without the internet provider having access to your data. Mandatory Access Logging: In some enterprise or corporate settings, clients must use the access logs for sensitive files. This requires that each file that’s accessed to be recorded. It’s also undergoes re-encryption to mandate the logging rules.

  • 3 months ago Hunter Levesque

    How do you ensure that NuCypher equity holders and node operators interests are aligned?

  • 3 months ago Gabriel Stephen

    Found this from Telegram: "First, our equity investors invested in 2016 prior to any blockchain/token plans. To be fair to them we gave them a pro rata cut of our team allocation (with long lockups). Second, our company will retain some of the tokens on our balance sheet and our primary business model will be to stake and run nodes. Third, as part of employee compensation we include both stock options and tokens."

  • 3 months ago Gabriel Stephen

    NuCypher bring to the table an indispensible component of the decentralized economy. The value added to projects by streamlining the use of encryption services is evident from the number of partners already onboard at this early stage.

  • 2 months ago Maverick Carter

    Who are NuCypher competitors?

  • 2 months ago Draymond Green

    There are centralized key management systems: AWS CloudHSM, azure key vault, hashicorp vault - for decentralized not anyone with a similar approach using proxy re-encryption. Multi-party computation (MPC) is being used by projects like Enigma to achieve similar goals.

  • 2 months ago Klay Thompson

    Why does NuCypher need to launch a token and what is the purpose?

  • 2 months ago Steve Kerr

    Developer has released updates: In the midst of Security audits for pyUmbral — (NCC Group, Trail of Bits). Security audit prep for our codebases as well as fixing minor code quality issues. Improved signatures for our proxy re-encryption scheme and enforcing correctness checks in the protocol. Security and functionality improvements to OpenSSL’s ECC API. Renamed the network repo from “nucypher-kms” to “nucypher”. Various bug fixes and performance enhancements to our Solidity smart contracts. Stepwise staking unlock, more info coming soon. Added Geth as a possible backend for blockchain interaction. Improvements to the NuCypher Signature API. Implemented our BytestringSplitter serialization in pyUmbral. NuCypher developer starter guide. Removed Populus (due to lack of support) and built our own framework for testing and executing smart contracts.

  • 2 months ago Draymond Green

    HEre's what's to come: Continued security audits from leading security firms NCC Group, Trail of Bits, and Least Authority. Solidity smart contract and network code audit from Least Authority and Trail of Bits. Ursula KFrag verification when she accepts a Policy. Re-encryption metadata format formalization. TreasureMap code finalization. Continued integration of blockchain components into the NuCypher network as we approach a testnet release. pyUmbral security audit result.

  • 2 months ago Draymond Green

    When is the ICO/public sale/main net?

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ICOPicker - MacLane Wilkison
MacLane Wilkison
Co-Founder and CEO
ICOPicker - Dr. Michael Egorov
Dr. Michael Egorov
Co-Founder and CTO
ICOPicker - Dr. David Núñez
Dr. David Núñez
Cryptographer

Token Info

  • Symbol/Ticker NKMS
  • Platform Ethereum
  • Type ERC20
  • Bonus

Presale Info

  • Presale Price null ETH
  • Presale Start Date 05/23/2018
  • Presale End Date 05/23/2018

Investment Info

  • Tokens for Sale 4300000
  • Total Token Supply 4300000
  • Price Per Token null USD
  • Soft Capital 0 USD
  • Hard Capital 0 USD
  • Accepting ETH

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3 months ago


  • Token NKMS
  • Platform Ethereum
  • Price null
  • Soft Capital 0
  • Hard Capital 0
  • Accepting ETH
  • Country N/A
  • Restrictions
  • Know Your Customer Yes
  • Whitelist Yes

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