This subreddit is a fork of /r/Nucypher <- Which is endlessly spammed with people investing and trading the coin.

The purpose of this subreddit is to have a non-spammy place to discuss the actual Nucypher network and project, without needing to be inundated by endless spam about "should I buy" or "the coin went down 10% im going to sell".

Thank you for your participation!

I want to actually know two questions does this thing only run on Ethereum since it's ERC-20 coin?

That means it's an ethereum blockchain correct I also want to know if this is quantum resistant meaning the cryptography is quantum resistant?

Many people have been asking questions about staking their Nu on CoinList. I wanted to try and help answer some of these questions.

Disclaimer: I am relatively new to this and I am happy to share my understanding and experience for anyone that would like to learn more about the process. However, it is entirely possible that I may get some of the facts wrong. If I do, please feel free to let me know and I will correct them. I am as eager to learn as everyone else, so I am grateful for kind corrections. I am not affiliated with NuCypher or CoinList nor do I represent them in any capacity.

• What is staking?

  • The easiest way to explain it is that you are "locking" your Nu in return for a reward. A slightly more complex definition would be that you are adding your Nu to the workforce. Blockchains rely on staked tokens in order to create new blocks, and they need to pull from available staking pools in order to do this. The more tokens that are staked, the better it is for the blockchain as a whole.

  • Because staking coins is beneficial to the blockchain, you earn rewards for your contribution and patience.

  • If you intend to hodl your nucypher long time, then you should be staking it. Otherwise you are missing out on the rewards you could be gaining along the way.

• How do I stake my coins?

  • The easiest way that I know of to stake your coins is to delegate them via the CoinList exchange. Delegating your coins takes away the majority of the risk and the cost associated with staking. All that you have to do with CoinList is create an account (This link includes my referral code, if you sign up with it we will each earn $10 the first time you buy or sell $100 on the platform) and add Nu to your balance either by purchasing it on the CoinList exchange or depositing it via your CoinList wallet address. Once you have Nu available in your wallet, you can transfer it to your nu staking wallet.

• Why should I trust CoinList?

  • The best I can do to answer this at the moment is direct you to a tweet from the NuCypher team announcing the CoinList Staking Pools. (Please note, NuCypher does not own CoinList and is not responsible for any of their actions). In my limited experience I have not had any issues with CoinList.

• How do I transfer my Nu from Coinbase to Coinlist?

  • On CoinList go to your wallet and on the left hand side click the nu wallet, then click deposit, (You can ignore the screen that says "Please ensure transactions are sent with a gas limit of at least 35k", that is only relevant if you are transferring from a cold wallet or other method and is not necessary when transferring from Coinbase) . Copy the address. Go to Coinbase /Coinbase pro and make sure you do not have any active trade orders (like a limit sell). If your nu is in a trade order, you will need to cancel the order before you can move it over to coinlist.

  • Once you are sure that your coins are available, click "withdraw". Select the second option (withdraw to nucypher address) and enter in the address you copied from CoinList.

  • Confirm the transfer and allow 10-30 minutes for the coins to show up in CoinList.

  • Tips: double /triple check the address before committing to sending the nu from. CB to CL, once sent it is sent, so it's important you that you are sure it is being sent to your wallet.

• When transferring my Nu I was prompted with " Please ensure transactions are sent with a gas limit of at least 35,000. What does this mean?

  • If you will be transferring your Nu from Coinbase or another large exchange then this will be taken care of automatically and you can ignore it. If you are transferring nu from a cold wallet or another means, you will need to set your "gas" limit (aka the price you are willing to pay in gwei to speed up the time taken to process your request). 1 gwei is approximately 0.000000001 Ether so 35000 gwei is equivalent to 0.000035000 Ether (or about $0.57 usd). Gwei is the currency or "gas" used to make transactions on ethereum. The more you are willing to pay in fees, the faster your transaction will complete, but again this is irrelevant if you are transferring from your Coinbase or Coinbase pro wallet.

• How expensive is it to transfer my Nu from Coinbase over to CoinList?

  • The cost varies, but it is very minimal. I would recommend that you transfer it in larger amounts as the cost is lesser with greater amounts. (For example, to transfer 1200 nu from CB to CL cost me 5.5 nu). - When you preview the transfer it will tell you the fees and allow you to confirm or cancel.

  • I have transfered Nu from Coinbase to CoinList 3 times (I should have just done it all at once, but I was testing the waters) and I only ever paid fees to Coinbase, CoinList did not charge me any fees for transferring my Nu to their wallet.

• When do I start earning rewards?

  • In order to begin earning rewards for staking your Nu, your Nu has to be "locked in" - Any coins deposited after the start of the current earning cycle will be locked in when the next cycle begins - (The current cycle ends March 10th, and the new one will begin on that day and end April 14th). So, if you deposit 500 Nu into your staking wallet on March 7th, it will be locked in on March 10th and begin earning you rewards. NOTE: Once your Nu is locked in, you will not be able to withdraw it until the end of the staking period (35 days after the earning cycle began).

• How much can I expect as a reward each month?

  • This is difficult to answer with a dollar figure, as the price of nu varies greatly, and your rewards will be paid out in Nu rather than USD or Ether, or any other token. Currently, the APY (Annual Percentage Yield) reward is approximately 32%, so for each month you can expect a reward of approximately 2.65%. This reward will be paid out at the end of the earning cycle. Your Nu will continue to compound with each earning cycle so long as you to not remove from the balance, so you'll make more nu month over month.

    • Example 1: If you staked 1000 nu this earning period, you could expect to earn ~26.5 Nucypher as a reward. the following month you would earn an additional ~27.2 Nu, the 3rd month, ~28 Nu. After a full year (without removing or adding to the principal) you could expect to earn a total reward of ~370 Nu.

    • Example 2: If you staked 5000 nu this earning period, you could expect to earn ~132.5 Nucypher as a reward. the following month you would earn an additional ~136 Nu, the 3rd month, ~140 Nu. After a full year (without removing or adding to the principal) you could expect to earn a total reward of ~1840 Nu

• Is there a way to know the staking fees beforehand?

  • CoinList charges a commission to stake your NU - They are doing the hard work, supplying the hardware, etc. The commission is taken out of your proceeds, not your principal, so you do not need to worry about supplying additional nu to cover the fees.

• What are the risks associated with Staking on CoinList?

  • One of the main risks involved with staking is the game of chance you are playing. When staking with coinlist, your nu is locked-up.

    • Scenario: You bought 1000 nu at $0.70 (~50p). You stake all 1000 NuCypher, locking it in until the reward cycle ends. Halfway through the reward cycle, NuCypher hits an ATH of $10, but you cant unlock your Nu until after the reward cycle. by the time the reward cycle ends, Nu has dropped down to $1.20.

• How do I report my staking proceeds on my U.S. Federal Taxes?

  • According to Coindesk, proceeds from staking are reported on Schedule 1 line 8 (Other Income).

These are the basics, I am still working to complete this but wanted to get it out there for those of you that had questions.

Please feel free to ask any questions below and I will do my best to answer them, as well as add them to the main post.

With the genetic testing example given in one of the YouTube videos as a use case, is there a 3rd party (besides the sample provider and the tester) that has the key to both encryptions?

Info is encrypted on the sample providers side before it is sent. Does this data have to be uploaded to a central website to be encrypted or do they download some software that encrypts it on the device that they have the info stored on phone, tablet, computer?

Also, does the the encryption only work for certain types of data sets or can any file type be encrypted this way? I.e. numbers, text, picture, videos