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How to buy NuCypher (NU)
A beginner's guide to buying and selling NU in the US.
How to buy NuCypher
Look for an exchange that supports both fiat and cryptocurrency to simplify buying NuCypher.
- Open an account on an exchange that supports NU.
Most exchanges require an email address, phone number and proof of ID to register.
- Deposit funds into your account.
Fund your account with a bank transfer, pay with a credit or debit card or deposit cryptocurrency from a crypto wallet to buy NuCypher.
- Buy NuCypher.
Complete your NuCypher purchase and then find the best wallet to store NU.
What is NuCypher?
NU is the native token of the NuCypher network, along with being the utility token of the ecosystem. NuCypher offers a decentralized encryption, access control and key management system (KMS) for blockchain networks.
Holders of the NU token get the right to run a node on the network. Users can only run a node by staying online accessible to users and staking a particular amount of native tokens on the network as a collateral. The token model of NU is designed in a way to offer low liquidity so that users would stake tokens for longer terms, rather than using it as a speculative trading asset.
NuCypher was founded by MacLane Wilkison and Michael Egorov in 2015, although they did not tokenize it’s data encryption layer till December 2017, when they launched NU as a Simple Agreement for Future Tokens (SAFT) selling 31% of the initial token supply for nearly $4.4 million in what’s also known as a token pre-sale.In October 2019, NuCypher sold another 8% of it’s token supply through another SAFT to raise $10.7 million.
NuCypher (NU) is the 272nd largest cryptocurrency in the world by market cap, valued at $202,120,388. The current price of NuCypher is $0.574, which is 1.621% higher than yesterday. Prices have ranged between $0.588 and $0.552 over the past 24 hours. All prices are listed in US dollars and accurate as of April 17, 2021 12:04 UTC.
Where to buy NuCypherFind an exchange to buy, sell and trade NU by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
NuCypher coin priceUse our graph to track the performance of NU over time.
NuCypher at a glance
|Total NU supply||3,885,390,082|
|All time high||US$1.100|
|All time high date||February 21, 2021|
NuCypher price performance over time
How to sell NuCypher
You can cash out your NU with the same exchange you bought it through:
- Sign in to the exchange you have NU on.
If you store your NuCypher in a digital wallet, compare crypto exchanges to sell it on.
- Place a sell order.
Choose the amount of NU you'd like to sell.
- Complete your transaction.
Confirm the sell price and fees and close your sale of NuCypher.
What to consider when buying NuCypher
Cryptocurrencies are often highly volatile and a speculative asset class by nature, always understand the various factors impacting the price of a cryptocurrency before investing. If you’re considering investing in NU, do consider the following aspects before deciding:
- Inflation: According to CoinMarketCap, at the time of writing (April 2021), there are over 408 million coins in circulation. The maximum supply is capped at nearly 3.89 billion tokens. Be aware of how inflation may affect future value.
- WorkLock Mechanism: WorkLock is the network’s node setup mechanism which will be used to launch the network. It is essentially the smart contract on which the network is based. Over $125 million in Ethereum was locked in the smart contract through 2,011 nodes on October 5 2020. Later on October 17, it launched their mainnet distributing $45 million worth of NU tokens which were stake locked for six months from that date.
- Liquidity: Due to the core of the token model, the long term investors are incentivised to stake their tokens. The project discourages speculative trading on the NU token, thus the liquidity of NU as a token is lower than other DeFi protocols with similar use cases.
- Governance: In June 2020, Nu Cypher announced that the governance in the network will be decentralized from genesis using the NuCypher DAO, a Decentralized Autonomous Organization (DAO) to govern over the NuCypher Network. This DAO is powered by the Aragon network.
- Umbral: This is the specific threshold Proxy Re-Encryption (PRE) that enables users to share and store private data on public networks securely. NuCypher’s Umbral breaks it up into four steps: Grant, Encrypt, Retrieve and Re-encrypt. Such a process aims to ensure utmost security and transparency for the network and its users.
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