NuCypher ICO - Helping Secure Data on the Blockchain

Wanted to share my writeup about NuCypher which hasn't been covered much yet. I'll link to the video below and please follow me for more of these reviews. Thanks for the support! Let's make 2018 a great year!

NuCypher - Helping Secure Data on the Blockchain

NuCypher KMS helps dApp developers secure their data on the blockchain with decentralized proxy re-encryption as a service.

NuCypher is building deep technology that for the first time allows Hadoop-based databases to store and query encrypted data while maintaining high performance.
Body armor for big data.
Build in security into big data.
Patent existing
Technology meets high level government security certification.
Team previously build the world’s largest open source security database. ZeroDB

Sources

https://techcrunch.com/2017/05/15/nucypher-is-using-proxy-re-encryption-to-lift-more-enterprise-big-data-into-the-cloud/
https://en.wikipedia.org/wiki/Proxy_re-encryption
https://cdn2.hubspot.net/hubfs/2807639/NuCypher%20KMS%20Technical%20White%20Paper.pdf
http://finovate.com/exclusive-interview-nucyphers-cto-michael-egorov/
https://www.crunchbase.com/person/michael-egorov
http://blog.ycombinator.com/zerodb/
https://angel.co/nucypher/jobs
https://angel.co/projects/482887-hadoop?src=startup_profile
https://github.com/zerodb/zerodb

Problem

Trust a service provider with a key is dangerous.
No reliable security infrastructure for large scale projects
Current data masking companies security protocols not robust enough for sensitive data

Product / Solution

Basically NuCypher is a KMS for enterprise solutions. KMS = Key Management Systems.
Solving two MAJOR Issues Security/ Compliance
Click here for more info.
Utilizing high level proxy re-encryption - Source.

NuCypher KMS uses a decentralized network to remove the reliance on central service providers, proxy re- encryption for cryptographic access control, and a token incentive mechanism to ensure reliability, availability, and correctness

Because of the use of proxy re-encryption, an unencrypted symmetric key (which gives the ability to decrypt private data) is never exposed server-side, and there is no single point of security failure. Even if compromised, hackers would only get re-encryption keys but access to the file is still protected.
Enterprise Deployments

NuCypher integrates with big data platforms like Hadoop and Kafka to help enterprise clients shield their data from unauthorized access, easily share data between organizations, and securely store and process data in the cloud.

Shared Data Lakes

NuCypher enables seamless and secure sharing of sensitive data between organizations. Whether sharing with partners, vendors, customers, or regulators, NuCypher gives the data owner full control.
Cloud Enablement

NuCypher allows enterprises to securely use cloud service providers. Under a bring-your-own-key (BYOK) model, private keys never leave the enterprise, providing strong security controls and ensuring data can’t be accessed without authorization under any condition.

On-premise key management, instantaneous key rotation, and FIPS 140-2 compliance provide a powerful toolkit for enterprise cloud enablement.

Potential use cases include:

KMS-as-a-service for handling secrets in AWS instances (similar to Hashicorp Vault,
Amazon Key Management etc);
Safely storing encrypted secrets alongside code on GitHub;
Decentralized Digital Rights Management (DDRM);
Pay-to-view streaming;
Encrypted digital content marketplaces;
Private multi-user chats;
Private, shareable file storage;
Patients sharing medical records with healthcare providers;
Blind identity management;
Mobile device management and revocation.
Integrates with access control tools/ no change in UX

Token Function

Miners can hold a number of re-encryption keys proportional to the number of tokens they hold as a collateral deposit, locked by a smart contract. The miners are paid both for providing re-encryption services and making themselves available to re-encrypt data. The miners can be paid either by the owner of the data, or by users of the data

POW/POS system to reward validators

Timeline

Not much info - source
Team

https://www.linkedin.com/in/maclane-wilkison-67770a13/
https://www.linkedin.com/in/michael-egorov/
https://github.com/zerodb/zerodb
https://blog.nucypher.com/welcoming-professor-giuseppe-ateniese-fdd1c3d37760
https://angel.co/nucypher/jobs

Working with multiple tier 1 financial institutions - pilot stage with telcos/health companies

ICO / Token Metrics

No information to date.