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Following NuCypher’s mainnet launch, 222.5 million NU tokens have been distributed to node operators in proportion to the amount of ETH they have locked.
WorkLock Distribution & PoS Staking
Privacy-preserving blockchain network NuCypher has launched its highly anticipated mainnet. The mainnet will serve as the infrastructure that will power the network’s dApps.
NuCypher operates a proof of stake (PoS) blockchain where validator nodes are rewarded for their “threshold cryptography services” using NU tokens. Before the network launch, the team announced WorkLock, an Ethereum-locking event for those interested in becoming network validators.
Over 2,000 different nodes locked up more than 350,000 ETH in the WorkLock contract.
At the mainnet launch, a total of 222.5 million tokens have been distributed out of the current supply of 1 billion tokens. Nodes that participated in WorkLock began earning NU tokens in proportion to the amount of ETH, which they locked.
The newly distributed tokens (along with the previously locked ETH) will remain “stake-locked” for the next six months, as per the WorkLock contract conditions.
Stake locked means that WorkLock participants cannot access their ETH and NU holdings for the next six months. And all rewards that the nodes earn will be automatically restaked.
Building Privacy dApps With NuCypher
Using NuCypher’s proprietary proxy re-encryption technique, developers can build privacy-preserving applications on top of public blockchains by routing the smart contract data through the NuCypher network.
All public blockchain data is currently freely available, which is not ideal for applications, like banking or healthcare, that require sensitive data to be hidden.
The project is backed by prominent VC funds, including Y Combinator, Polychain Capital, Arrington XRP Capital, and Bitmain.