pip3 install -r requirements.txt python3 bip39\_gui.py
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I． Project Introduction
NuCypher is the data privacy protocol layer of public blockchains and DApp. This project uses proxy re-encryption and blockchain technology to provide distributed key management and encrypted access control service, thus offering DApp and its developers the method to store, share and manage the private data on public blockchain in security.
II. Project Evaluation
1. Market analysis ，Total scores 0.7 ，Scoring 0.56
1.1 Market Profile
In recent years, the damage caused by various network threats is worsening, driving the growing needs of information security products and services. The key is the last barrier to protect information safety, so the key management service (KMS) is essential to blockchain industry. Traditional centralized KMS service providers are: Amazon Cloud HSM, Google Cloud KMS, Microsoft Azure Key Vault and True Vault etc. Inappropriate trust level needs to be set up to these centralized service providers while using their services. This may not be appropriate to safety-critical application and is vulnerable to nodes attacks. Unencrypted symmetric key will never be exposed to server as using proxy re-encryption technology. Even it is hacked, hackers can only get re-encrypted key, which also protects file access indeed. The emergence of NuCypher KMS provided a solution without trust required. This feature has huge potential for the internet environment market with frequent occurrence of security issues.
According to the score logic of model algorithm: very small market 0-2 (below 1 billion), small market (at 1 billion), medium market 5-6 (10 billion), big market 7-8 (100 billion), very big market 9-10 (above 1 trillion), this scores 8.
1.2 Competition Situation
There are mainly two kinds of competitive projects of NuCypher KMS:
According to the score logic of model algorithm: very high level of competition 0-2, high level of competition 3-4, medium level of competition 5-6, low level of competition 7-8, very low level of competition 9-10, this scores 9.
1.3 Risk Evaluation
1.3.1 Competitive Risk
The importance and urgency of information security made higher profit margin, thus much of the capital were distributed in this field. Giant companies, includes Google, Microsoft and Amazon etc. have made distribution in the field in advance and they are unlikely to give up their own-earned benefits. Information security field is capital and technology-intensive industry, where major companies have incomparable advantages as intensively cultivating. This is a challenge for NuCypher's early start.
1.3.2 Technical Risk
Since blockchains technology is developing continuously and cryptology is in continuous evolution, R&D team cannot guarantee the absolute safety at any time. The platform is vulnerable to cyber attacks which causes all digital currency to be stolen, lost, disappeared, destructed or devaluation.
1.3.3 ICO's Unknown Risks
Since there are no any details about ICO published so far, NuCypher is exposed to the risk on this point. For example, in the event of excessive amount raised, NuCypher will be discounted in terms of investment value. After all, NUCypher is protocol type project, with reasonable fund raising ranging from U.S.D 20 million to U.S.D 50 million.
According to the score logic of model algorithm: very high risk 0-2, high risk 3-4, medium risk 5-6, low risk 7-8, very low risk 9-10, this scores 5.
2. Token Status ，Total scores 0.8 ， Scoring 0.16
【Token name】: NKMS
【Total tokens 】: TBA
【Crowdfunding amount】: TBA
【Receiving tokens】: ETH
【Pre-sale time】: TBA
【Public offering time】: start public crowd funding after main network is on-line
【Whitelist】: join telegram, subscribe to mailing.
【KYC/AML】:Investors will be identified in accordance with the time sequences of joining the official telegraph group and mailing list.
【Whether to lock】:TBA
【Distribution of tokens】: Pre-allocation pool with small proportion (cooperative partners' pre-allocation tokens for the commitment of long running one or more nodes), the specific proportion is to be disclosed.
Token distribution mechanism, lock up status by team and fund utilizing have not been released.
According to the score logic of model algorithm: very small reasonable degree of token mechanism 0-2, small reasonable degree of token mechanism 3-4, medium reasonable degree of token mechanism 5-6, greater reasonable degree of token mechanism 7-8, greatest reasonable degree of token mechanism 9-10, this scores 2.
3. Technology Analysis，Total scores 1.5 ，Scoring 1.2
3.1 Technology Highlight Total scores 1 Scoring 0.8
3.1.1 Proxy Re-encrypted Technology
The important core technology about NuCypher is proxy re-encrypted technology, which can achieve private information sharing in way of asymmetric encryption by the third party. This brings two direct benefits: 1. The difficulty of encryption is strong enough, the sharing process of this private data can be secure enough as long as the third-party agent is out of trouble; 2. Users can control whether to share their own data by means of authorization, which increases the flexibility of data access.
3.1.2 Mechanism Design in Security
In NuCypher design mechanism, all processes of re-encryption and decryption shall be implemented by miners, so it appears to be of essence on how to select reliable miners and ensure key security. For this purpose, NuCypher designed a series mechanisms to prevent miners from cheating and to protect the safety of encryption mode, it is generally to increase the cost of cheating to miners.
Collateral Mechanism of POS Algorithm:
NuCypher adopted the consensus algorithm of POS. POS has obvious benefit that the enough tokens must be put in nodes as collateral, thus to operate the mining of encryption and decryption as well as to be rewarded correspondingly. With the collateral, miners will pay the price and costs if cheat. This is the most direct and effective restriction mechanism.
Pseudo Anonymous Mechanism:
In the whole process of encryption and decryption, the system deals with anonymous for all re-encrypted keys. This is for concealing what on earth is encrypted and whether it is worth anything during the operation by miners. This prevents some restless nodes from cheating with other nodes due to the combination of benefits. It is very essential to the security of system.
Segmentation of Key Proxy:
If a certain node is not encrypted based on set strategy and need enciphered data again immediately. In that case then, there is a risk of cheating by miner because you do not know what on earth is happening. Therefore, NuCypher came up with the segmentation of key proxy. To put it simply, one task is split to different miners and data readers, and they shall cooperate with each other to complete the task.
3.1.3 Incentive System of Self-censorship
NuCypher designed a sort of mechanism similar to sting operation, called the rule of challenge protocol. If the system send the "false" data to miner for encrypted on purpose, and miner disclose the "false" data, then miner will be proved cheating on one hand, meanwhile, no user will suffer the loss on the other hand, as this is false data. Most of all, anyone in the network may act as this challenger under sting operation. Once you doubt that miner is cheating and you succeed in the challenge, you will get collateral tokens by miner as a reward.
3.1.4 Incentive System of Self-censorship
NuCypher's another interesting property is that its security will be improved with the increasing number of participants in network. It achieved the same result by different methods as Zilliqa is getting faster with the increasing number of miners. As the security risk of whole network comes from the possibility of node cheating, then the more participants on network, the less the risk of conspiracy cheating by nodes. Enough nodes may significantly improve the security and censorship-resistance in the system. Meanwhile, the existence of challenge protocol as the self-censorship mechanism also would increase the number of supervisors as participants grow in number.
3.2 Code Updates
Github is the most visited web with the most active base of "nucypher", which checked in code for 1618 times in total, including 5 branches in 2 versions. 5 participants in development, 26 times diverge, 1 follower, 1 collector, 19452 times taken as reference. As you can see from the code update on Github, the overall update frequency and extent is in medium level, the fundamental framework and core function are still being developed. However, we need to be clear that NuCypher is not the underlying public blockchain but protocol layer. So the lack in the progress of development and frequency is acceptable.
According to the score logic of model algorithm: unpublished code 0-4, code in medium condition 5-6, code in good condition 7-8, code in best condition 9-10, this scores 7.
3.3 Development Difficulty
NuCypher was not developed on new blockchains but based on Ethereum, and it can be used by DApp from other blockchains. In addition, in order to ensure NuCypher to most remain unaffected by the performance bottleneck of Ethereum, NuCypher KMS will not interacted with underlying blockchains unless data owner start new access strategy. It is critical that the project take the semi-credible centralizing surrogate from fully credible re-encrypted technology of blockchains, thus greatly improving the security and reliability of the system.
NuCypher technology uses the project ZeroDB of open source end-to-end encrypted database as reference, with being fully verified on technology, and it is comparatively mature technology. The control service of cloud data access provided to enterprises have applied DEMO (non-blockchains products), while NuCypher has issued threshold proxy re-encrypted version Umbral, which has been verified to re-encrypt through a set of nodes to ensure the security of key segmentation mechanism. In addition, the test network of this project will pop up online in several weeks, so it could be concluded that this project is at high maturity level of technology with less difficulty on development.
In respect of project operation, there is broad market space for KMS on big data, Internet and blockchains, along with much of application context. Furthermore, the major cost is the development costs in early stage, the maintenance costs in later stage is relatively less.
According to the score logic of model algorithm: development with very high difficulty 0-2, development with higher difficulty 3-4, development with medium difficulty 5-6, development with less difficulty 7-8, development with very less difficulty 9-10, this scores 7.
4. Project Status ，Total scores 0.5，Scoring 0.25
NuCypher team seed round (PE): Total U.S.D 750,000 was raised on August 9, 2016, with investors as following: Ycombinator, Mission and Market, Fusion Fund and Base Ventures.
Token in pre-sales phase: total U.S.D 4.4 million was raised on December 12, 2017. Lead investors: Polychain Capital, Semantic Ventures.
Although the project initiator has started development in 2015, NuCypher have not announced specific ICO date, the overall progress is slow. But NuCypher's cooperating party has nearly 11 projects, related fields covering decentralized data base, medical field, Internet of Things and digital assets etc., including popular projects such as Bluzelle, Origin Protocol and other recent popular items. NuCypher has high level of recognition and advantage on technical practicability and ecological construction.
According to the score logic of model algorithm: very low degree of achievement 0-2, lower degree of achievement 3-4, medium degree of achievement 5-6, higher degree of achievement 7-8, very high degree of achievement 9-10, this scores 5.
5. Team Member Total ，scores 1.5 ，Scoring 1.05
5.1 Founding Team
MacLane Wilkison Co-Founder and CEO
As the software engineer and the former investment banker of Morgan Stanley, he provided M&A and financing services to science-and-technology, media and telecommunication enterprises in his career of transnational financial service, with having the certificates of CISSP, CFA and FRM.
Michael Egorov Co-founder and CTO
He is the physicist and scientist of Moscow Institute of Physics and Technology, with having the PhD degree of philosophy and physics. Bronze medalist of International Physics Olympiad (IPhO) in 2003. Held the post of senior engineer in LinkedIn, as well as the advisor of Bluzelle and Datum from 2014 to 2015, with 5 years’ experience as a software engineer.
David Núñez, PhD (Cryptograpther)
Dr. Núñez is the expert in proxy re-encryption. Before joining NuCypher in full-time position, he was the postdoctoral researcher in NICS Laboratory. NICS laboratory, which is staffed by 20 researchers, was established by University of Malaga, focusing on studying in security field.
The founder has the certification of CISSP, which is the most authoritative, professional and systematic information assurance certification in the world. He is the CTO with having 5 years of experience as a software engineer. Dr. DavidNúñez is the expert in cryptography and the core team member, who is excellent both in professional and working experience. Although the core team of this project is arranged with clear division and records, most of team members are technical developers. It hasn’t seen any promotion staff working in this team and the telegram is mainly operated by CEO and CTO, which is not good for project running.
Dave is the professor of security computing research group. Giuseppe is the expert in proxy re-encrypted technology, which is the technology adopted in NuCypher. John is serial entrepreneur with having thirty years of experience in managing high-growth software company. Tony is the vice-president of Equinix, the author of data center in next generation and the former director in the Global Data Center of Morgan Stanley. The advisors of this project have the strength to offer sufficient counseling and guidance on encryption and management.
As the project ZeroDB is undertaken by this same team, so this team has got plenty practice on data encrypted and proxy re-encrypted development, laying the solid foundation for project completion.
According to the score logic of model algorithm: very weak team strength 0-2, weak team strength 3-4, medium team strength 5-6, strong team strength 7-8, very strong team strength 9-10, this scores 9.
6. Institutional Investors ，Total scores 1.5， Scoring 1.2
Bluzelle (decentration database), Origin Protocol (sharing economy protocol), Datum (data market), Fluence (decentration database), Wolk (decentration database), IRYO (medical treatment), Wholesome.io (medical treatment), Medixain (medical treatment), Spherity (Internet of Things), Coval Emblem Vault (digital assets), ZeroDB
Of which, Bluzelle is planning to take NuCypher as its access control, and NuCypher's CTO is one of technical advisors of Bluzelle. While ZeroDB (https://github.com/zerodb) is the project of open source end-to-end encrypted database. NuCypher was established after the further development of the key technologies in the project. Both came from the same company and share the same development team and website.
There are many partners. NuCypher, with independent ecological system, has partners from many encrypted technology fields including decentralized database, data market, sharing economy protocol, medical treatment, Internet of Things and digital assets etc., and has developed its own ecological system.
It is thus clear that many institutional investors of blockchains are in favor of this project, especially Kenetic Capital and HASHED, who have gotten recognition and influence in token field. Kenetic Capital had invested ETH and bitcoin etc. well-known projects, HASHED had invested EOS and keyber network etc. The fact that these well-known institutions joined the investment is the largest confirmation to project initiator.
According to the score logic of model algorithm: very weak strength of institution 0-2, weak strength of institution 3-4, medium strength of institution 5-6, strong strength of institution 7-8, very strong strength of institution 9-10, this scores 9.
7. Drawing Attention，Total scores 1.0， Scoring 0.3
We collected some data from social platform and the results are as follows:
According to the score logic of model algorithm: very low level of activity 0-2, low level of activity 3-4, medium level of activity 5-6, high level of activity 7-8, very high level of activity 9-10, this scores 3.
8. Rating Info ，Total scores 1.0， Scoring 0.8
We collected the scores to Nucypher from the following four rating agencies. The average score is 8.425 after converted to a decimal system.
According to the score logic of model algorithm: very low score 0-2, low score 3-4, medium score 5-6, high score 7-8, very high score 9-10, this scores 8.
9. Social Response，Total scores 2.0，Scoring 1.4
Scoring 1.8 As a protocol layer to data protection, NuCypher KMS has good prospects and advantages on both directivity and technology implementation, it is very nice.
Scoring 2.6 The project team is technical-weighted as a whole. It hasn’t seen any promotion staff working in this team and the telegram is mainly operated by CEO and CTO, which is not good for project running.
Scoring 3.7 There are many partners. NuCypher, with independent ecological system, has partners from many encrypted technology fields including decentralized database, data market, sharing economy protocol, medical treatment, Internet of Things and digital assets etc.
Scoring 4.5 The technology of blockchains is still immature. The critical point of project completion is to get consensus. This project is low at the level of community activity.
Scoring 5.7 The development idea of technology was clear. Open-source technology was implemented in mid-late period and adopted innovative mixing techniques to realize chain cross.
Scoring 6.5 Based on EOS.IO structure, pop up from the main net of EOS, and verified a certain risk existed before getting excellent performance.
Scoring 7.6 Although the market space is big, BAT and Google etc. magnates enter market in case, the market space will be squeezed.
Scoring 8.5 The project is still in initiating stage and token have not been launched.
Scoring 9.9 It has advantage of backwardness, move innovative technology as compared to other competitive products.
Scoring 10.8 The R&D of blockchains is strong, deep in technology accumulation. Technical staff are good in experience background.
III. Review Summary
As a protocol layer to data protection, NuCypher KMS has good prospects and advantages on both directivity and technology implementation. Team, application context, the progress of development and mechanism design all made this project mature. In terms of investment value and commercial value, it is worthy of investing. However, its ICO scheme was slow to announce and it shall be aware of unknown risks, such as unreasonable ICO scheme due to immoderate financing.
This project has fewer competitors in the circumstance. It has strong technological strength and was invested by well-known institutions, worth looking forward to the prospect.
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