The CoinList team confirms that on October 15, 2020, their friends at NuCypher were able to launch their mainnet, bringing the NuCypher WorkLock period on CoinList to “a successful end.”
CoinList noted that participants in the WorkLock were able to stake their Ethereum (ETH) directly and operate their own nodes. They also had the option to take part in the CoinList WorkLock to stake Ether and run (transaction validator) nodes on users’ behalf.
As mentioned in a blog post by CoinList:
“2,861 CoinList users contributed 147K ETH (~$54M) of the 354K total ETH (~$124M) locked up across the network, representing over 40% of the total WorkLock amount.”
As confirmed in the blog post, the CoinList WorkLock “saw 6,749 registrants and 3,681 participation requests” from participants throughout the world. This helps with maximizing global engagement and “decentralizing” the NuCypher network. CoinList also mentioned that the “widespread user engagement is a strong testament to the community that NuCypher has built over the past three years.”
The announcement noted:
“NuCypher’s mainnet launched on October 15, 2020 and CoinList has successfully deployed its WorkLock nodes with Bison Trails on behalf of the CoinList WorkLock participants. The NU tokens will be unlocked at the end of the six-month WorkLock period 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 stated that the NuCypher team is their longtime collaborator. Both organizations have worked on the Come and Stake It (CASI) Incentivized Testnet KYC. CoinList has also teamed up with NuCypher to launch a hackathon. CoinList further notes that it remains focused on helping legitimate crypto and blockchain projects.
As explained by the Messari research team:
“NuCypher is a data encryption and protection layer for Ethereum (and eventually 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 encryption service via a network of NuCypher nodes in exchange for a fee (paid for in ETH). Participants can only spin up a node by staking NyCypher’s token, NU, on the network as collateral.”