Bitcoin has a long history. Some say it was the first cryptocurrency, but it may not be the one that lasts the longest. It seems that everyone is trying to beat Bitcoin at its own game, but with all the innovation happening in this field, there’s no reason why any new crypto coin can’t take over the market. NuCypher cryptocurrency is a cryptocurrency with a lot of potentials, and it might just be worth giving a try. Let's learn more about it!
What Is NuCypher Cryptocurrency?
NuCypher is a new cryptocurrency that works on decentralized blockchain technology, same as an online bank, but with more security for transactions. The cryptocurrency platform NuCypher is a brainchild of Maclane Wilkison and Michael Egorov, two very successful entrepreneurs who got together to create the next generation of digital currency.
NuCypher uses a proxy re-encryption protocol which is a special tool for public-key cryptography. It makes it possible for any number of users to securely share information. NuCypher is considered unique because it offers enhanced privacy layers even in a decentralized web. Further, it gives permission and revokes access to the data with multiple users at the same time.
So, does this mean that NuCypher is better than Bitcoin?
Is NuCypher Cryptocurrency Better Than Bitcoin?
NuCypher Cryptocurrency has been created to be a better alternative to cryptocurrencies like Bitcoin and Ether. The project was inspired by the need for better security. NuCypher offers a privacy infrastructure for the decentralized web with proxy re-encryption (PRE), threshold signatures (TSS), distributed key generation (DKG), and other threshold cryptography.
NuCypher is different from other projects based on public-key encryption, because it uses proxy re-encryption technology, which is considered much more secure and protected than traditional blockchain projects based on public-key encryption. NuCypher's encryption service provides unmatched security for sensitive data transfer. It's the most secure service available. With NuCypher, users can store, manage and share the data more efficiently and securely.
In summary, NuCypher Cryptocurrency offers better privacy, enhanced security, and much more flexible architecture.