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NuCypher ICO Overview
The NuCypher ICO and NKMS Token action a decentralized key administration arrangement (KMS), encryption, and admission ascendancy account to abode the inadequacies of accepted abstracts encryption mechanisms. The account enables clandestine abstracts administration amid any cardinal of participants via accessible accord networks, application proxy re-encryption (PRE) to agent decryption rights in a way that cannot be accomplished by acceptable public-key encryption techniques.
NuCypher leverages a arrangement of nodes that accommodate re-encryption services. NKMS tokens are acclimated to incentivize arrangement participants as they administer keys and delegation/revocation operations.
NuCypher ICO Value Proposition
A key administration arrangement (KMS) is an chip access for generating, distributing, and managing cryptographic keys for accessories and applications. Current KMS casework are centralized and accordingly crave agreement assurance in the account provider.
The NuCypher KMS uses a decentralized network, proxy re-encryption for cryptographic admission control, and an incentivized badge apparatus to annihilate the charge for assurance on centralized KMS providers.
NuCypher accept set architect on both dApp developers and enterprises for acceptance of their product. For developers, NuCypher KMS helps dApp developers defended abstracts on the blockchain via decentralized proxy re-encryption. For enterprises, NuCypher offers added articles to ambition ERP-specific needs.
The NuCypher ICO aggregation are developing integrations with Hadoop-based databases to abundance and concern encrypted abstracts and Kafka to advice action audience absorber their abstracts from crooked access, allotment abstracts amid organizations, and deeply abundance and action abstracts in the cloud.
NuCypher KMS provides a aggregation of use applications for blockchain, IoT and big abstracts applications. Several abeyant use cases declared in the NuCypher white cardboard are categorical below:
“Decentralized DropBox”: Files can be encrypted client-side and stored with decentralized systems like Swarm and IPFS or centralized systems like S3. The files can be aggregate with accustomed third-parties by accouterment a re-encryption badge based on the third-party’s accessible key. The third-party’s admission permission can be calmly revoked by removing the re-encryption badge from the network.
“Encrypted Slack”: Proxy re-encryption allows for end-to-end encrypted accumulation messaging in cases area assorted participants crave apprehend and address admission to a channel. Members can be added or removed by arising or abandoning a re-encryption token.
Electronic bloom annal (EHR): A patient-controlled EHR arrangement can be created in which the accommodating holds their own abstracts and encryption keys. The abstracts can be stored on a centralized server or in a decentralized fashion. Patients who ambition to allotment encrypted abstracts with a hospital or allowance aggregation affair a re-encryption token, which grants acting admission to the third-party.
Example of Encrypted Data Exchange on NuCypher (from whitepaper)
NKMS is the account badge of NuCypher. The NuCypher arrangement is composed of nodes that accommodate re-encryption casework for users of the service. Nodes are compensated for the casework they accommodate with NKMS, which is paid by the requester of the abstracts encryption service. Nodes are appropriate to pale a assertive bulk of NKMS to accomplish re-encryption and are punished for any action that disrupts the service.
NuCypher ICO Team
MacLane Wilkison (Co-Founder and CEO ): MacLane has acquaintance in both tech and finance. He ahead formed at Morgan Stanley as an Investment Banking Analyst in their Media and Communications Group. After his time at Morgan Stanley, he founded NuCypher.
Dr. Michael Egorov (Co-Founder and CTO ): Dr. Egorov holds a Phd in Physics from Swinburne University of Technology. He has spent time alive as an architect in Russia, Australia and the US. He additionally has 5 years of acquaintance as a Software Engineer. Prior to founding NuCypher, Michael spent about 2 years at LinkedIn as a Senior Software Engineer.
Dr. David Núñez (Cryptograpther): Dr. Núñez is an able in proxy re-encryption. Prior to abutting NuCypher full-time, he was a post-doctoral researcher with NICS Labs, an able 20 being aegis analysis accumulation at the University of Malaga.
Advisors to the NuCypher ICO include:
Prof. Giuseppe Ateniese: Cloud Security, Cybersecurity, and Applied Cryptography expert
Prof. David Evans: University of Virginia Faculty Director of Secure Computation Research Group
John Bantleman: 3 decades of ambitious acquaintance in tech world
Tony Bishop: Former Global Head of Data Centers at Morgan Stanley
Morel capacity on the aggregation and admiral can be begin here.
NuCypher ICO Strengths and Opportunities
NuCypher has fabricated their GitHub about available. At this date in their artefact development, they completed a pre-release alpha MVP. The aggregation consistently amend annal of their advance and accept approved a charge to authoritative the artefact development action as cellophane as possible.
Nucypher accept accustomed a cardinal of partnerships with added blockchain based projects, including Origin Protocol, Mediblock, Wolk and Datum.
On Origin Protocol, NuCypher will act as a aloofness band for the barter of abstracts such as claimed advice that users ambition abide secure.
In the case of decentralized database provider Wolk and all-around abstracts exchange Datum, Nucypher KMS will be leveraged to defended abstracts transfers.
As highly-valuable basement band for decentralized applications, it’s able to see a cardinal of partnerships accept already been established. In addition, NuCypher accept accomplished first-mover cachet as the alone arresting amateur in the cryptospace at the moment accouterment KMS services.
NuCypher ICO Weaknesses and Threats
As for action integration, there is added catechism in the way of antagonism for NuCypher. While it makes faculty for dApps to advantage a decentralized KMS account for encrypting data, action use charcoal added of a challenge. A cardinal of enterprise-oriented KMS casework abide and are already heavily activated at the moment, including Amazon CloudHSM, Google Cloud KMS and Azure Key Vault.
While the allowances of adopting a decentralized KMS arrangement may assume accessible because of the risks airish by centralized servers, onboarding a artefact congenital on beginning technology by a new amateur additionally represents a abeyant risk. NuCypher’s action for acceptable their ambition bazaar contrarily charcoal cryptic at this stage.
While NuCypher accept provided a list of artefact development milestones, they accept not appear an absolute roadmap analogue their affairs for scaling. Further, their account of milestones does not accommodate any dates.
When it comes to business development and business of the project, accepting no metric by which to admeasurement advance could be a detriment.
The Verdict on NuCypher
NuCypher accompany to the table an indispensible basic of the decentralized economy. The amount added to projects by streamlining the use of encryption casework is axiomatic from the cardinal of ally already onboard at this aboriginal stage.
While the aggregation has yet to accommodate the association a roadmap or outline of ascent strategies, the akin of accuracy and advance to date absolutely plays to their favor.
In accession to this NuCypher ICO review, we accept appear Andre Cronje’s cipher analysis of the project, and you can read it here.
As a Top 10% rated ICO, we will attending to accomplish a baby bet on the NuCypher ICO (NKMS Token).
NUCYPHER ICO REVIEW SCORES
SUMMARY
The NuCypher ICO (NKMS Token) is abacus to blockchain technology allotment of the foundation on which the accomplished abstraction of decentralization charge rest. Key administration systems aural the conduct of cryptography are de rigeur and it’s about abominable that they haven’t begin their way into the cryptocurrency boilerplate as a third-party add-on. With the appearance of decentralization and the continuing blackmail acclivity adjoin systems and architectures, NuCypher should be well-positioned to accomplishment first-mover advantage – although its abridgement of a roadmap for acceptance is a above concern.
Founding Team……………………….8.6
Product…………………………………..7.2
Token Utility…………………………..9.2
Market…………………………………..5.0
Competition…………………………..7.8
Timing……………………………………8.5
Progress To Date……………………6.7
Community Support & Hype…..8.4
Price & Token Distribution……..5.8
Communication……………………..9.1
FINAL SCORE……………………….7.7
UPSIDES
DOWNSIDES
Today’s Date: 4/27/18
Project Name: NuCypher
Token Symbol: NKMS
Website: https://www.nucypher.com
White Paper: https://www.nucypher.com/whitepapers/english.pdf
Crowdsale Hard Cap: TBA
Total Supply: TBA
Token Distribution: TBA
Price per Token: TBA
Fully-diluted Market Cap (at crowdsale price): TBA
Accepted Payments: TBA
Countries Excluded: TBA
Bonus Structure: N/A
Presale Terms: N/A
Whitelist: http://bit.ly/nucypherlist
Important Dates: TBA
Expected Token Release: TBA
Additional Information: https://t.me/nucypher
ICO Review Disclaimer
The aggregation at Crypto Briefing analyzes an antecedent bread alms (ICO) adjoin ten criteria, as apparent above. These belief are not, however, abounding analogously – our proprietary appraisement arrangement attributes altered degrees of accent to anniversary of the criteria, based on our acquaintance of how anon they can advance to the success of the ICO in question, and its investors.
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Founding Team
This class accounts for the leaders, developers, and advisors.
Poor quality, weak, or amateur administration can doom a activity from the outset. Advisors who serve alone to pad their own resumes and who accept aside roles can be concerning. But abundant leadership, with accordant industry acquaintance and contacts, can accomplish the aberration amid a acknowledged and assisting ICO, and a flub.
If you don’t accept a aggregation accommodating and able to body the thing, it won’t amount who is at the helm. Good aptitude is adamantine to find. Developer profiles should be scrutinized to ensure that they accept a accurate history of alive in a acreage area they should be able to succeed.
Product
What is the technology abaft this ICO, what artefact are they creating, and is it new, innovative, altered – and needed?
The IOTA activity is a amazing archetype of engineers run amok. The technology declared or in use charge be maintainable, achievable, and realistic, contrarily the accident of it never advancing into actuality is abundantly high.
Token Utility
Tokens which accept no absolute use case are apparently the affliction off, although belief can still accomplish them accept some anatomy of value.
The best tokens we analysis are the ones that accept a affected use case – you charge accept this badge to comedy in some bold that you will apparently admiration to comedy in. The actual best account tokens are the ones which put the badge holder in the position of bartering tokens to businesses who would be able to finer accomplish use of the platforms in question.
Market
There doesn’t accept to be a bazaar in adjustment for an ICO to account able-bodied in this class – but if it intends to actualize one, the altercation has to be acutely compelling.
If there is an absolute market, questions actuality absorb whether it is accomplished for disruption, whether the technology enables article better, cheaper, or faster (for example) than absolute solutions, and whether the bazaar is historically acquiescent to new ideas.
Competition
Most account accept several implementations. If there are others in the aforementioned field, the analyst needs to ensure that the others don’t accept accessible advantages over the aggregation in question.
Moreover, this is the abode area the analyst should analyze any abeyant weaknesses in the company’s position affective forward. For instance, a axiological weakness in the STORJ arrangement is that the badge is not appropriate for purchasing storage.
Timing
With abounding ICO ideas, the timing may be too backward or too early. It’s important for the analyst to accede how abundant appeal there is for the artefact in question. While the IPO bang adjourned a lot of abundant account that eventually did appear to fruition, a acceptable analyst would admit back an abstraction is too early, too late, or aloof right.
Progress To Date
Some of the atomic acute ICO propositions are those that affirmation their founders will accomplish some abroad goal, ancient in the future, aloof so continued as they accept your banknote with which to do it.
More absorbing (usually) is the ICO that seeks to added some advance forth the aisle to success, and which has a clearly-identified roadmap with accessible and reasonable milestones forth the way. Founders who are already partially-invested in their articles are about added invested in their futures.
Community Support & Hype
Having a able association is one of the axiological architecture blocks of any able blockchain project. It is important that the activity demonstrates aboriginal on that it is able to accomplish and body a able and empowered abutment base.
The ICO exchange is acceptable added awash and added competitive. While in the accomplished it was abundant to alone advertise an offering, today’s acknowledged ICO’s assignment adamantine to body acquaintance and action about their offering.
Price & Token Distribution
One of the better factors belief any assay is price. The lower the amount the added there is to gain. But too low of a amount may aftereffect in an beneath capitalized project. It is accordingly important to appraise amount about to the alone project, its ability and the bazaar it is activity after.
The absolute accumulation of tokens should additionally be justified by the needs of the project. Issuing a billion tokens for no acumen will do cipher any good.
Communication
Communication is key. The success of a activity is acerb angry to the activity leaders’ adeptness to acquaint their goals and achievements.
Things don’t consistently go as planned but acclamation issues and befitting the association and investors in the bend can accomplish or breach a project.
