Review on NULS by Fabrizio Zampieri
Nuls is climbing the Market Cap rankings... This Singaporean based project is…
Nuls is climbing the Market Cap rankings...
This Singaporean based project is trying to develop a highly adaptable blockchain that can be used for enterprise solutions. They have regularly used the phrase “Nuls is nothing, Nuls is everything”. In other words, Nuls is not traditionally defined and can be melded into anything that the community sees fit.
This open source project will give developers flexibility through its customizable infrastructure. Nuls will include cross-chain consensus, a multi-chain mechanism and smart contract support. In addition to creating a trustless decentralized environment, Nuls also allows the users to customize the chain to fit their own needs.
There are several blockchain problems inhibiting growth and development of the industry that have been identified by the Nuls team. One such issue is the cost of development. Because there is a shortage of blockchain proficient developers, those with skills can command higher salaries.
Nuls is working to make trustworthy solutions to business problems. The first solution for businesses is the creation of a simple programming environment. Then, Nuls will support the processing of millions of transactions per second through the use of parallel expansion technology.
Nuls tokens have been distributed in four parts: 40 million tokens, or 40% of the initial supply, were airdropped to users. Another 20% or 20 million tokens have been put aside for the development of Nuls. These tokens are unlocked at a rate of 5% or 1 million per month over the course of 20 months. Another 20% of the tokens have been put aside for community development, with no more than 4 million of these tokens to be used per year. And finally, 20% of the tokens were set aside for business partnership development and to support high quality third party Nuls project development, with no more than 4 million tokens to be used in any year. In addition to the initial supply of 100 million coins, there will be an additional 5 million NULS minted each year through Proof of Credit consensus. These will be used to reward miners and to secure the network.
The Nuls main blockchain uses a special and unique consensus mechanism known as Proof-of-Credit. The PoC consensus mechanism is modular like other elements of Nuls, and sub-chains will be able to replace core functional modules as needed. This will allow users to customize the rules for their sub-chain. The Proof of Credit mechanism works similarly to Proof of Stake, where users will need to lock up a certain number of NULS tokens in order to run a network node.
Pros
- - Nuls has recently been included in the top 10 most promising blockchain projects by China’s Center for Information and Industry Development (CCID). - Nuls is focused on making blockchain more accessible for developers and businesses. It seeks to do this through its modularity and the use of sub-chains. It's also trying to solve the scalability issue that is hindering the growth of the industry. - Nuls will also lower the cost of entry by removing complexity of blockchain and will make trust simpler. - Smmarily, the Nuls ecosystem will benefit developers, businesses, and cryptocurrency enthusiasts by providing needed solutions and increasing usage and adoption of blockchain technology.
Cons
- - Project needs more marketing and communication actions to make Nuls ecosystem better known outside. - Current NULS quotation is understimated (Nuls has great potentialities in the medium term).
