The guide to NuCypher and decentralized threshold cryptography

Blockchain technology, central to the Web3 revolution, offers decentralization to combat internet monopolies and fraud, yet its burgeoning popularity has also exposed vulnerabilities, particularly in blockchain security, leading to significant financial losses. NuCypher, established in 2015, addresses these security challenges through decentralized threshold cryptography, a method that splits and distributes sensitive information across a network, requiring a threshold of participants to reconstruct the data securely. By implementing proxy re-encryption and a decentralized key management system, NuCypher enhances data security on blockchain platforms, exemplified by its Umbral and Ursula schemes. These innovations enable secure secret management, dynamic access control, and the development of blockchain bridges, while also offering use cases in end-to-end encryption, secret sharing, and protecting medical records. NuCypher's integration with the Ethereum blockchain and its use of the NU token underscore its commitment to secure decentralized applications, positioning it as a robust solution in the face of blockchain security threats.