In today’s world of Ubiquitous Computing, Network security plays an important role in preventing and reducing the chances of various network attacks and working on the various cryptographic algorithms to reduce the risk of getting affected. It is also a challenging situation to reduce the energy consumption of nodes and increasing the life time of sensor nodes. In this paper, Threshold Cryptography is studied and a novel cryptographic algorithm using multi node cryptography for text and image data is proposed. The proposed algorithm is an asymmetric cryptographic algorithm, which uses a key of variable length and encrypts the text and image files (all formats) and provides 2 factor encryption tothe data. The proposed algorithm is fast, lightweight, simple and offers a 2 factor protection to the data which makes it suitable for low resource devices.