protocols

ETH Enthusiasts: An Invitation to Participate in NuCypher’s WorkLock

With mere weeks before the launch of NuCypher’s WorkLock, now is the time for ETH enthusiasts to get involved.

ETH Enthusiasts: An Invitation to Participate in NuCypher’s WorkLock

Apr 21 2020 By Bison Trails

Highlights

  • WorkLock is a program where you can commit your ETH to running a NuCypher node and receive NuCypher tokens.
  • After ~6 months of running a node your ETH will be returned in full, along with NU Tokens.
  • 25% of the initial supply of NU Tokens will be distributed through WorkLock.

With mere weeks before the launch of NuCypher’s WorkLock, now is the time for ETH enthusiasts to get involved. WorkLock is NuCypher’s permissionless process where ETH holders can earn NU tokens for contributing useful work to the network by running a node.

Your ETH will be returned to you, with your earned NuCypher tokens, based on work that will likely be complete after running a node for about 6 months.1 As NuCypher is distributing approximately 25% of its initial token supply through WorkLock, this is the most advantageous way to join the network we expect to see.


What is NuCypher?

NuCypher is a decentralized Key Management System (KMS) that uses blockchain technology to allow data owners to share sensitive data with a large number of users in a secure manner. Any number of applications, from a centralized healthcare system to a decentralized content marketplace, can use NuCypher as security infrastructure for sharing data. NuCypher is a layer 2 protocol, a Proof-of-Stake based work token built on Ethereum.


Why is Bison Trails excited about NuCypher?

Bison Trails has worked with NuCypher since their first federated testnet in November, 2018. We continue to collaborate closely with the NuCypher development team on testing, protocol upgrades, and protocol documentation. We also have a unique perspective on the project and the importance of the team’s work.

Secrets management, access control, and data encryption are core security measures corporations take seriously. Many enterprises store a plethora of sensitive data and must adhere to varying levels of regulatory compliance depending on their industry and location. The costs for data breaches are not insignificant. In 2019, Marriott International booked a $126 million charge tied to a massive data breach. California’s new privacy law, CCPA, could cost companies a total of $55 billion to get in compliance, as determined in an independent economic impact assessment.

“Bison Trails is an invaluable collaborator: they've demonstrated a strong commitment to NuCypher, from running testnet nodes to providing feedback on network dynamics, slashing penalties, and stake pooling for a year. We appreciate their team's on-going contributions and are thrilled to see Bison Trails' support and enthusiasm for a successful WorkLock token distribution.” —MacLane Wilkison, Cofounder & CEO of NuCypher

Participate in WorkLock with Bison Trails

Bison Trails is excited to support NuCypher and make it incredibly easy for you to participate in the protocol.

  1. You will need to lock your ETH in the WorkLock contract, enabling you to receive your NuCypher tokens. WorkLock participants are guaranteed to recoup their deposited ETH as long as they run a node.
  2. As an infrastructure provider, Bison Trails will help you run a NuCypher Ursula worker node for the approximate 6 months necessary to unlock and return all your ETH back to you, along with the NU tokens earned through your participation. Want to dig deeper? Read the WorkLock explainer by NuCypher.

This is a fantastic opportunity to earn NuCypher. If you have ETH you feel comfortable locking up for 6 months and would like to earn NuCypher, send us a note to schedule a call.

We’ve been working hard building the most reliable, secure, private, and highly available node infrastructure for NuCypher, as well as for 20+ protocols, and we want to make sure you're ready to participate and capitalize on this opportunity.


Bison Trails: Pioneering Blockchain Infrastructure™

Bison Trails is an Infrastructure-as-a-Service company, based in New York City, specifically focused on blockchain participation. We’ve built a platform for anyone who wants to participate in new chains effortlessly (e.g. by running Cosmos Validators, Tezos Bakers, and Libra Validators, etc.)—without having to invest time and resources into developing any of the engineering, protocol, dev ops, or security competencies in-house. Our goal is for the entire blockchain ecosystem to flourish by providing robust infrastructure for the pioneers of tomorrow.


Footnote


  1. 1 The timeline for return of ETH depends on the behavior of other stakers across the system (i.e. both the staking participation rate as well as the duration others are staking for).

This document is for informational purposes only. Please do not construe any such information or other material contained in this document as legal, tax, investment, financial, or other advice.

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