Blockchain technology has now far surpassed just solving the double spending problem and created functional digital currency and has evolved into what many are calling the internet 3.0. Using blockchain in combination with Smart contracts and dApps, all concepts introduced by Ethereum, Blockchain has become a basis for revamping just about every digital industry we have available from cloud storage with Sia, Supercomputing with Golem, web hosting with Substratum and many more.
While many of these projects have admirable traits one thing remains consistent they aren’t easily accessible to a wider audience. dApps are still very much on the fringes of the internet and with such a low adoption rate it could be a while before we see functional dApps taking up market share in various sectors. This is a problem the team at NULS has spotted and are looking to correct with their version of blockchain modelling.
WHAT IS Nuls (NULS)?
NULS looks like a pretty ambitious project with many set in their ways on how a blockchain should operate and scale NULS is looking to offer an alternative solution.
The project aims to build a customizable modular blockchain ecosystem which runs on top of a microkernel and functional modules. The NULS mainet will also support smart contracts, multi-chain mechanisms, and cross-chain consensus. Prior to the formation of Nuls, the same team were actually working on Inchain.
The modular structure allows a simple ‘plug and play’ lego-like for private blockchains to be part of a public blockchain. This makes it very appealing to private companies and businesses that want to use blockchain technology, but are concerned about the implementation cost and maintenance.
WHY SHOULD YOU PAY ATTENTION TO Nuls?
The current goal of NULS is to improve the overall flexibility and convenience of blockchain technology. Unlike what most people may think, the current public and open-source blockchains are not suited for scaling, flexibility, or cross-chain solutions.
NULS wants to change that by building a customizable public blockchain infrastructure by offering the following:
Thanks to its native smart contract technology and the support for multi-chain mechanisms, NULS certainly has a lot of potentials. Every side chain integrated with this multi-chain approach will be attached to the main NULS blockchain in the future.
Smart contracts can be used as part of NULS to outline business logistics without having too much programming knowledge.
Proof of credit
NULS also uses the proof-of-credit algorithm to reach network consensus, rather than proof-of-work or proof-of-stake.
More about NULS
- NULS aims to offer a simpler programmable environment that caters to the less experienced developer.
- During the NULS AMA, it was stated that ‘there will be three large scale projects dealing with security and traceability in 2018’ showcasing adoption of the blockchain platform.
- NULS is already partnered with ecommerce company Elephant Alliance.
- NULS is part of/tied to InChain, an anti-counterfeiting platform.
- NULS received the “Outstanding Project Award” from the Chinese High-Tech Industrialization Association.
WHAT IS Nuls USED FOR?
As is usually the case with blockchain platforms, NULS has its own currency, which is also known as NULS.
These tokens will be used to support the decentralized applications running on top of this network, as well as paying for applications, supporting future developments, and paying for transaction fees.
CAN YOU MINE Nuls?
The short answer is no, nulls cannot be mined.
Nuls has looked into an alternative concept to that of the traditional Proof of Stake and tried to couple it with the idea of a Masternode and has called it proof of credit consensus.
In Nuls consensus mechanism, there would be two roles actively working.
- Firstly, the agent owner will have to stake 20,000 Nuls in establishing a 200,000 Nuls pool (agent node).
- The remainder of the Nuls will be formed by the 2nd role in the consensus mechanism — premium staker.
Each premium staker needs to stake at least 2000 Nuls to join an Agent Node. Based on the calculation, an agent node requires 1 agent owner (20,000 Nuls ) and at least 9 premium staker (180,000 Nuls).
The maximum capacity of an Agent Node is 500,000 Nuls. Once 200,000 Nuls has been staked, the node will go live and is able to participate in the consensus meeting.
As Nuls consensus mechanism has a village-style leadership, the agent node who is the owner ( village leader) would receive more rewards from transaction fees and commissions based on the agreement of the pool. Standard rewards will be given to the Agent owner (village leader) and premium stakers (villagers).
Although it seems that the Agent Node will receive a lot of rewards, one must remember that the Agent Node has to provide a server that runs 24/7.
While premium stakers have less obligation and can leave their staking as it will be delegated to the Agent Node to do all the work.
CAN YOU EARN Nuls?
As mentioned earlier you can purchase Nuls and submit your tokens to an Agent node for staking and earn rewards based on the performance of the node and as transactions are secured on the blockchain.
Nuls (NULS) users can earn digital currency via exchanges. Users can earn tokens through trading on different fiat and cryptocurrencies and take advantage of market fluctuations.
WHERE CAN YOU BUY Nuls?
Nuls is listed on a few of international cryptocurrency exchanges and is actively traded on websites like:
SHOULD YOU INVEST IN Nuls?
Plenty has been spoken about the potential of NULS and looking at its roadmap it does look like a promising project with potential aspects that would eventually become standard protocal across all blockchains making its proprietary software very valuable.
That being said NULS is still very much in the development phase and doesn’t have its own mainnet yet and upon its release, Inchain will be the first company to use the customisable blockchain feature.
NULS will have 3 stages of development, namely “ICE”, “WATER” & “STEAM”. As of now, NULS is in the “ICE” phase, which will introduce the main net, basic models, and smart contract technology. The main net is scheduled to launch between May and July of this year, which is also the time during which the PC and mobile wallets will be released.
NULS may have a solid product and adoption in the Asian market to bank on it does have big competition from other players and in the cryptocurrency space its not always about superior technology but a combination of use cases that can generate volume coupled with good marketing and partnerships which remains to be seen.
For more on Nuls check out their website
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Disclaimer: This article should not be taken as, and is not intended to provide any investment advice and is for educational purposes only. As of the time posting the writers may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency as all investments contain risk.