what is NULS?

what is NULS?

It is a rapidly rising token in CoinMarket CAP ratings and has been included in the top ten Blockchain projects by the China Center for Information and Development (CCID). This Singapore-based project is trying to develop a highly adaptable Blockchain that can be used for business solutions. In this sense, the phrase “NULS is nothing, NULS is everything." In other words, NULS is not well defined and can be combined with everything the community deems appropriate.
This open source project will give developers flexibility thanks to their customizable infrastructure. NULS will include a cross-consensus, multi-chain mechanism and intelligent contract support. In addition to creating a decentralized and reliable environment, NULS permits users to customize the chain according to their needs.
The network and the Blockchain still use all the complex concepts of Blockchain, such as cryptography, consent mechanisms, storage and smart/intelligent contracts, but this platform is designed to hide these complexities so that developers can focus on what they want to build and not on complexity.
In this way, NULS is trying to solve real-world problems while still being simple and accessible to developers regardless of skill levels. The use of customizable modules gives developers the freedom to work without the limitations of technological complexity.
There are several Blockchain-related issues that inhibits their growth and diffusion and have been well identified by the NULS team. One of these is the cost of developers, in fact, as there are shortages of expert developers in Blockchain, those with good skills are paid with high salaries.
Precisely for this reason, NULS is working to create reliable solutions for companies. The first PA solution is, therefore, the creation of a simple programming environment.
Subsequently, NULS made its Blockchain adaptable to a variety of applications. This was done by projecting a modular design with a multi-chain system and an intelligent contract for the automation of basic activities.
The NULS token in addition to being used to pay transaction fees and reward miners, will also be used to support the future development of the project, to feed the digital resources of the sub-chain, to pay the application’s costs and also to support NULS-based applications.
The NULS token was distributed in four parts: 40 million of tokens, equivalent to 40% of the initial offer, were distributed to the users via airdrop; another 20% or 20 million tokens were reserved for the development of NULS. These tokens are issued with a percentage of 5% or 1 million coins monthly over a period of 20 months.
Another 20% of the tokens have been reserved for community development, with no more than 4 million tokens to be used each year. Finally, 20% of the tokens have been reserved for the development of commercial associations and to support the development of high quality third-party NULS projects, with a maximum of 4 million tokens to be used in any year.
In addition to the initial offer of 100 million tokens, each year through the Proof-of-Credit consent, 5 million additional NULS will be created. These will be used to reward miners and to protect the network.
To create a sub-chain, developers use a predefined number of NULS tokens. This will serve to certify that each sub-chain is, in fact, that of NULS and promotes an efficient ecosystem.
NULS's main Blockchain uses a unique protocol known as Proof-of-Credit. The PoC protocol is modular as other NULS elements and sub-chains, can replace the basic functional modules as needed. This will permit them to customize the rules for their sub-chains. The proof-of-Credit protocol works in a similar way as the proof of Stake protocol, where users will need to block a certain number of NULS tokens to run a network node. The amount required to run a node is community-enforced, and if a user decides to break a node's execution, they can immediately unlock their tokens and access them.
In summary:

  • NULS focuses primarily on making Blockchain more accessible to developers and businesses. It does this via its modularity and the use of sub-chains and hopes to simplify the complexity associated with Blockchain projects, while at the same time resolving the scalability problem that is impeding the growth of the sector.
  • NULS simplifies confidence, increasing the adoption rate of Blockchain technology by companies. The entry cost will also be reduced by eliminating complexity and increasing the availability of developers capable of scheduling Blockchain applications.
  • The NULS ecosystem will benefit developers, businesses and Cryptocurrency enthusiasts by providing the necessary solutions and increasing the use and adoption of Blockchain technology.

NULS reached its historic peak of 7.99 USD on January 10, 2018, when the entire Cryptocurrency market was on the rise. At that time, the token had a market capitalization of 319 million dollars. Since then, the price has dropped to 1.13 USD, following the sector's negative trend during 2018. In any case, since its inception (25/10/2017), with quotations at 0.0983 USD, to date, the gain remains considerable (+ 1.004 %!!!).
Also for NULS, as for all the most important Cryptocurrencies, we can expect another possible minimum period (absolute or relative) in this latter part of the year, but then (the conditional is obligatory) must begin another important period of Bullish and durable market.
Currently (07/11/2018), NULS is at $1.12. Market capitalization is approximately 44 million dollars (CoinMarketCap.com source), ranking NULS 119th by market capitalization. In the medium/long term (12-60 months), NULS is certainly a very interesting token given the excellent technical characteristics and the importance of the project around the world. As a result, even your quotation should be considerably appreciated once this bearish trend is over. Currently it is possible to buy NULS in some of the most famous trading exchanges (Binance, OKEx, Kucoin, Coinbene) but will soon be available with other exchanges.

 

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