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The CoinList team confirms that on October 15, 2020 their friends of NuCypher they were able to launch their mainnet, bringing the NuCypher WorkLock period on CoinList to “a successful end”.
CoinList noted that WorkLock participants were able to stake their Ethereum (ETH) directly and manage their nodes. They also had the ability to take part in the CoinList WorkLock to stake Ether and run nodes (transaction validation) on behalf of users.
As mentioned in a CoinList blog post:
“2,861 CoinList users contributed 147,000 ETH (~ $ 54 million) of the total 354,000 ETH (~ $ 124 million) blocked through the network, representing more than 40% of WorkLock’s total amount.”
As confirmed in the blog post, CoinList WorkLock “saw 6,749 subscribers and 3,681 requests to participate” from participants around the world. This helps maximize global engagement and “decentralize” the NuCypher network. CoinList also said that “the extensive user engagement is a strong testament to the community NuCypher has built over the past three years.”
The announcement noted:
“The mainnet of NuCypher was launched October 15, 2020 and CoinList has successfully implemented its nodes WorkLock with Bison Trails on behalf of the participants CoinList WorkLock. The NU token will be unlocked at the end of the period of six months WorkLock in 2021 and half of the locked ETH will be unlocked approximately halfway through the WorkLock period, while the other half will be unlocked after six months. “
CoinList also said the NuCypher team is their longtime collaborator. Both organizations worked on the incentive Come and Stake It (CASI) KYC testnet. CoinList also partnered with NuCypher to launch a hackathon. CoinList also notes that it remains focused on helping legitimate crypto and blockchain projects.
As explained by the Messari research team:
“NuCypher is a layer of encryption and data protection for Ethereum (and possibly other networks) and decentralized applications (dApps) that does not rely on a central service provider. The protocol, which the team calls a decentralized key management system (KMS), aims to give developers the ability to store, share and manage private data on public blockchains. Developers receive this cryptographic service via a network of NuCypher nodes in exchange for a fee (paid in ETH). Participants can only start a node by staking the NyCypher, NU token on the network as collateral. “
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