NULS Cryptocurrency Overview
NULS cryptocurrency is a digital platform token with multi-blockchain technology. The main feature of the site is a unique offer for business, which provides the opportunity to implement the integration of the blockchain in the activities of an enterprise.
Based on complex smart contracts, which are the main component of Nuls technology, company executives will be able to program their own business models in the Nuls ecosystem and put them into operation.
The developers of the platform announced the main task of their ‘brainchild’. According to their idea, the platform’s functionality should increase the indicator of businessmen’s confidence in decentralized applications based on blockchain technologies.
The project team has developed a flexible, customized structure that allows you to customize applications and programs to the special needs of a particular company or company.
In addition, a feature of this cryptocurrency is the use of a special mechanism of consensus Proof to Credit, which, like other features of the project, can be subjected to a certain modification to the needs of a particular customer.
- The trading symbol is NULS.
- Founder – Jason Zhang (holds the post of lead developer).
- The year of cryptocurrency foundation is 2017.
- The total number of coins at the moment is 40,000,000 NULS.
- Capitalization – $ 103,622,000 USD.
- NULS cryptocurrency exchange rate – $ 2.59 USD (as of 07/17/2018).
- Official website: https://nuls.io/
The main mission and purpose of creation
Nuls is a blockchain platform with a modular architectural structure. This feature allows you to easily configure the modules and the performance of the sub-chains to fit your needs.
Nuls has a two-component design consisting of:
- Functional modules.
The microkernel provides the basic mechanisms for the network. At the same time, functional modules are separate blockchain functions.
Thanks to the hot-plug principle implemented by the development team, it is possible to add and remove modules directly during operation.
The main goal that guided the team during the initial development of their product is to implement the decentralized nature of NULS, which will eliminate distrust in the use of technology and allow users to individually customize the chain, based on their needs.
Each platform user will be free to choose:
- Specific consensus rules;
- Rules regarding data storage;
- Specific smart contracts;
- Arbitration rules;
- Accounting systems involved;
- As well as other permissions for your sub-chain.
The final subchains can be either public or developed in a private form based on a specific consortium.
The Nuls team has directed all its efforts to creating a project that solves not only the problems of the real world, but also simplifies the activities of the developer. As a result, customizability of modules in accordance with needs promotes innovation and does not limit the range of possibilities.
The project team
The project team consists of dozens of specialists who have a large supply of knowledge and experience in the cryptosphere. Also, many of them are focused on specific regions of the globe, which guarantees success in various regions that have their own social, economic, political and legal features.
The main leadership of the project consists of 3 people:
- Jason Zhang;
- Lily Wang;
- Reaper Run.
Jason Zhang has over 7 years of programming experience. In addition, 6 years of his professional career has been associated with work in the field of banking security. His professionalism and relevance is confirmed by the fact that several dozen banks in the People’s Republic of China resorted to his help. His activities in the company KeYou, which is engaged in the security of various banks in the Middle Kingdom, were rated extremely highly and brought him fame and recognition. He has vast experience in providing security when making treasury payments, using smart cards, and mobile banking devices. Jason Zhang is currently the lead developer of the project.
Lily Wang is a co-founder of the project. Previously worked on two Chinese television channels. The first is dedicated to popular science content, the second is news. The team appreciates her ability to competently negotiate and build strategies for interacting with partners. The main goal that Lily is trying to achieve is to create multilateral cooperation with partners from around the world. She also devotes part of her activities to developing and expanding the NULS community.
Riper Run has been deeply studying blockchain technology since 2013. In the project, he devotes most of his attention to interaction and work with the community. Prior to that, he had experience in other project communities such as BitShares. In general, his main goal is to support and develop the NULS project community in every possible way. He is also a co-founder of the site.
NULS tokens and their mining
The token has already begun to be used in the integrated promotion of the project ecosystem.
Its main tasks:
- Payment for support of work of applications working on the basis of NULS technologies;
- Payment for the applications themselves;
- Implementation of one of the tools for exchanging digital sub-asset assets;
- Support for the project development process;
- Miner reward and transaction payment tool.
40% of tokens were sent to all ICO participants. This is approximately 40 million coins.
20% of the total number of tokens (20 million) will be reserved in the fund aimed at financing the further development of the project. As soon as the network starts up and its improvement begins, they will be unlocked and 5% of the total amount (1 million coins) will go to the open market every month.
Another 20% will be used to finance the community and in the field of business cooperation. No more than 4 million tokens per year will be spent on each of the areas.
As for mining, about 5 million NULS will be created by consensus Proof of Credit annually. According to the developers, this amount will allow to realize a worthy reward for miners who provide comprehensive network security.
The Proof of Credit protocol will work in much the same way as the Proof of Stake. To start the node, you need to block a certain number of tokens. A specific amount has not yet been determined and the community will elect it by a common vote later. It is worth noting that stopping the node immediately unlocks user tokens.
How and where to buy
The easiest way to acquire Nuls is through popular cryptocurrency exchanges. These include:
- Binance, on which the pairs are most often available: NULS / BTC, NULS / ETH, NULS / BNB;
- Bit-Z, on which pairs are available: NULS / BTC, NULS / ETH;
- OKEx, for which you can use the options: NULS / BTC, NULS / ETH, NULS / USDT.
In a special section of the official website, various versions of the Nuls cryptocurrency desktop wallet desktop client are available for download:
- Wallet Client For Windows;
- Wallet Client For MacOS;
- Wallet Client For Linux.
Also at the moment, there is a development of a mobile and web version of the official wallet.
You can leave your feedback and suggestions regarding existing and future beta versions of the wallet client on Reddit. Also, for feedback, you can send a message to the company’s official email inbox.
As for informal wallets, here you need to pay attention to the fact that the Nuls token is created on the ERC20 standard, which allows you to use any wallets that support this particular standard to store it. In our opinion, the most convenient options will be: MyEtherWallet, Mist, Ledger, Trezor.
In the near future, developers have planned activities that will lead to the completion of activities to develop basic modules and improve built-in modules. Also, a considerable number of applications are being prepared for launch, which will be integrated into the project ecosystem.
In the summer of 2018, it is planned to launch at least three large applications that will work on the network. And smart contracts, by the end of this period, will work in at least 3 programming languages. A general improvement of the project ecosystem is also planned, which includes:
- Launch blockchain browser;
- Release of a kit to develop applications;
- Introducing other common languages into the project.
The last item of the developers’ plans for 2018 includes the date (December 2018), which is the approximate period when the release of the smart contract module and the addition of the risk insurance system to the NULS will take place.
Most likely, the project developers made the right choice when they relied on interaction with large companies. At the moment, there are many prerequisites for the fact that in the near future corporations will begin to actively switch to some technological opportunities that the blockchain opens for them. Most likely, in the near future the project will be able to ‘shoot’ well.