Stefano had the pleasure of judging the NuCypher hackathon hosted by CoinList last week, and rarely been so excited about a new technology.Big disclosure up front: Stefano has been an investor in NuCypher since 2016 through one of his funds and is also a direct personal investor. Yannick is also a direct investor.
Proxy re-encryption feels like magic. The ability to encrypt once and decrypt on an individual basis just by issuing a new decryption key and not having to re-encrypt everything enables so many novel new use cases.
One of my favorites was "thisfeedisalwaysforsale"
, which implements a harberger tax on top of a stream of data.
Anyone can buy access to the stream of data and pay a tax on it depending on the price it sets, and anyone can buy it and take it away from them.
With NuCypher we finally have the ability to run such a scheme in a fully decentralized way where the contract would be issuing and revoking decryption keys to the buyers, with absolutely no risk of double-dipping by previous buyers.
We're living in the future people.