NuCypher wallet

What is NuCypher (NU)?

Proxy re-encryption is the trick NuCypher turned into a network. Data is encrypted once by its owner, and when access should be granted to someone else, a set of independent nodes transforms the encryption so the new recipient can decrypt it, without any of those nodes ever seeing the plaintext and without the owner having to be online. That gave applications a way to share private data on public infrastructure and to revoke that access later.

For anyone holding the token, one fact outweighs the technology. NU was the staking and governance token of that network, and NuCypher combined with Keep Network to form Threshold Network, where the merged token is T. NU converts into T at a fixed ratio through an on-chain contract that has no deadline. The consequence is that a NU balance still transfers like any Ethereum token, but the live staking and governance happen on the T side. Holding NU is closer to holding a convertible claim than an active position in a running network.

Supported networks in Tangem (1): Ethereum.

When you do convert, it is a contract call you approve yourself: Tangem passes the transaction to the card, the chip signs it, and the key behind your address is never exposed to the phone or the site you are connected to. Your address is unchanged before and after, which is the quiet advantage of holding a token in this state here.