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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 can 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 companies” utilizing NU tokens. Earlier than the community launch, the staff introduced WorkLock, an Ethereum-locking occasion for these fascinated about changing into community validators.
Over 2,000 completely 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 following six months, as per the WorkLock contract circumstances.
Stake locked implies that WorkLock individuals can not entry their ETH and NU holdings for the following six months. And all rewards that the nodes earn might be routinely restaked.
Constructing Privateness dApps With NuCypher
Utilizing NuCypher’s proprietary proxy re-encryption approach, builders can construct privacy-preserving purposes on prime of public blockchains by routing the good contract knowledge by means of the NuCypher community.
All public blockchain knowledge is presently freely obtainable, which isn’t supreme for purposes, like banking or healthcare, that require delicate knowledge to be hidden.
The venture is backed by outstanding VC funds, together with Y Combinator, Polychain Capital, Arrington XRP Capital, and Bitmain.
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