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Following NuCypher’s mainnet launch, 222.5 million NU tokens have been distributed to node operators in proportion to the quantity of ETH they’ve locked.
WorkLock Distribution & PoS Staking
Privateness-preserving blockchain community NuCypher has launched its extremely anticipated mainnet. The mainnet will function the infrastructure that may energy the community’s dApps.
NuCypher operates a proof of stake (PoS) blockchain the place validator nodes are rewarded for his or her “threshold cryptography providers” utilizing NU tokens. Earlier than the community launch, the group introduced WorkLock, an Ethereum-locking occasion for these considering changing into community validators.
Over 2,000 totally different nodes locked up greater than 350,000 ETH within the WorkLock contract.
On the mainnet launch, a complete of 222.5 million tokens have been distributed out of the present provide of 1 billion tokens. Nodes that participated in WorkLock started incomes NU tokens in proportion to the quantity of ETH, which they locked.
The newly distributed tokens (together with the beforehand locked ETH) will stay “stake-locked” for the subsequent six months, as per the WorkLock contract circumstances.
Stake locked signifies that WorkLock members can’t entry their ETH and NU holdings for the subsequent six months. And all rewards that the nodes earn will probably be robotically restaked.
Constructing Privateness dApps With NuCypher
Utilizing NuCypher’s proprietary proxy re-encryption approach, builders can construct privacy-preserving functions on prime of public blockchains by routing the sensible contract information via the NuCypher community.
All public blockchain information is at present freely out there, which isn’t ultimate for functions, like banking or healthcare, that require delicate information to be hidden.
The undertaking is backed by outstanding VC funds, together with Y Combinator, Polychain Capital, Arrington XRP Capital, and Bitmain.
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