What is NULS?
NULS is a modular blockchain that implements a credit evidence (POC) consensus protocol. The team behind it has set itself the task of providing an enterprise-level blockchain infrastructure focused on connectivity and adaptability. They plan to do so through customizable modules that include intelligent contracts, sub-chains, and multi-chain consensus. Let us have a look.
In this guide, we note:
- How does NULS work?
- Team and progress
- Where to buy NULS
- Where to save NULS?
- Final thoughts
- Additional resources
How does NULS work?
The NULS design consists of two functional parts:
- The microkernel is the foundation of the network. It outlines the underlying mechanisms of the project.
- The function modules the plug-and-play compartments are the blockchain. They have a low coupling with each other so you can change them at will.
The microkernel module manager allows you to connect different modules to your blockchain. For example, you have customizable control over intelligent contracts, storage, consensus, and accounts. Consider the relationship between modules and your blockchain as something that is similar to the relationship between WordPress plugins and your website.
Instead of hosting all applications in the main chain, the network uses subchains in a multi-chain system. For block verification, the subchains report to the main chain, which in turn checks their block headers. Therefore, the system needs some cross-chain communication.
To perform cross-chain verification, NULS has a cross-chain consensus domain (C3D). Simply put, each substring has its own set of nodes. They also have a number of nodes that communicate with the main block chain across chains. Nodes participating in the cross-chain consensus must load modules that work in both chains.
Consistency Check (POC)
Although you are able to put the consensus of your subchain on what you want, the NULS backbone uses the POC consensus. Similar to Proof of Use (PoS), POC requires you to lock a certain number of tokens to run a network node. The project also implements master nodes.
You will need 2,000 NULS to vote for masterternodes and 20,000 coins to create a node. If your node receives 200,000 votes, it becomes a master class.
Now the idea of knot / masternode is nothing new. However, NULS is unique in using a credit rating alongside them. The network calculates a credit coefficient for each node that determines the consensus reward. The calculation is:
Credit cardinality = Capacity coefficient + service coefficient
Capacity of capacity: Calculated by the number of blocks generated in the past
Customs coefficient: Calculated based on violations and the accuracy of the generated blocks
Each year, five million tokens are circulated, and the total offering started at $ 100 million.
Team and progress
The NULS team is surprisingly large for the current market capitalization of the project, which has over 30 members. The project will be led by CEO Liesa Huang and COO Isaac Kim. The project has global contributors, including team members from China, England, France, America and Australia.
Unfortunately, the roadmap on the project website is a bit dated. However, it looks like the team launched Mainnet in July 2018. Now they are working on NULS 2.0.
This next iteration includes multilingual modules, cross-chain functionality, and better interfaces for related products. Version 2.0 is currently undergoing alpha testing and should be available in Q2 2019 in testnet.
In essence, NULS is a decentralized app (dapp) platform and competes with similar projects. Ethereum is the best known competitor in space. Lisk is a similar project with the use of side chains. In addition, NEO and Cardano bring considerable resistance.
NULS 'unique value proposition includes the modular design and implementation of the "proof of credit" consensus mechanism.
Since its market launch in October 2017, NULS has followed the market to the tee. The coin's USD price reached an all-time high of $ 8.00 at the peak of the crypto-bull market in January 2018. After that, the price dropped steadily. In May 2018, however, he reached an all-time BTC price high of around 0.0006 BTC. The price seemed to reach a low of $ 0.40 (~ 0.0001 BTC).
Like most old coins, the assumption of positive price movements is crucial. However, this can take some time for NULS. The project's roadmap includes a target of just 15 NULS-based applications as the next milestone. Therefore you probably should not expect a price increase so soon.
Where to buy NULS
Most of the NULS trading volume is in Bit-Z paired with Bitcoin. However, we recommend that you engage with Binance instead, as this is more popular on most other coins. You can trade Bitcoin, Ethereum, Tether and Binance Coin for NULS on the platform.
You can also earn coins by clicking a node and choosing it in the ecosystem of the project.
Where to save NULS?
The NULS team offers one official wallet for Windows, Linux and Mac operating systems. In addition, they have developed a lightweight purse that allows you to store your coins without having to download the entire blockchain.
If you're looking for a mobile wallet, the NULS team will suggest the third-party AnyBit wallet.
The modular structure of NULS is undoubtedly unique in the space of the dapp platform. Although the project has not yet gained acceptance or recognition to make it a success, the development team continues to use the code in the Github repo and regularly releases updates.
The launch of NULS 2.0 and a market turnaround could be exactly what this project needs to focus on. Although it is low in the market cap rankings, you may want to keep an eye on something.
The article What is NULS? | A guide to the modular blockchain first appeared on CoinCentral.
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