Nuls (NULS) Review – The First Highly Customizable Blockchain Infrastructure
|White Paper URL||https://nuls.io/pdf/NulsWhitepaper1.1.pdf?vt=20180205|
Nuls provides a customizable, universal public blockchain infrastructure that provides smart contracts, multi-chain mechanism, and cross-chain consensus. The development is meant to be easier so that users can develop modes for the needs of your business through an open-source, pluggable and removable modules.
Update: Nuls expects to launch its mainnet in mid-July. Once the mainnet is
launched, NULS will have a token swap procedure. Holders of NULS tokens can either
transfer their ERC-20 tokens to an exchange that supports the swap to have it
automatically swapped by the exchange; or use an Ether account provided by NULS
to recycle the tokens.
Table of Contents
The Idea and the Team Behind Nuls
The chain structure of the blockchain is limited in performance due to its size. In addition, there are challenges in synchronization and performing technical updates on the decentralized network.
Nuls was developed as a solution to these challenges. Its ability to customize modules helps makes developers’ lives easier, without limiting the possibilities of what can be built. It does this with its flexible modules that can be easily added and removed to the blockchain.
The company was co-founded by Lily Wang now COO and Reaper Ran, now functioning additionally as the community leader. Lily has previously worked for Chongqing TV and Science Educational Channel as well as Weijingtong, a provider of the Chinese daily news. Her current goal at Nuls is in promoting the Nuls community and bulding multilaterial cooperation around the world. Reaper has deep knowledge of community operations form his work in the BitShares community. He was alos on the NEO community board. He is now responsible for community operations at Nuls.
Nuls is registered in Singapore. Members of the team are based around the world. The Nils team was previously part of the Inchain project, a Chinese team involved in a project related to counterfeiting. The Inchain project has many strong connections within both public and private sectors.
Since Nuls is a product of InChain, it is able to use their connections to form strong strategic partnerships, such as the Chongqing Municipal Committee of Information and Technology to establish the Chongqing Blockchain Alliance. It is hoped that this will promote further blockchain development in compliance with the Chinese government.
Nuls also announced a partnership with Bitshares, an open-source, public, blockchain-based, real-time financial platform at the end of the year.
Inchain also has an established partnership with the Elephant Alliance, a large Chinese e-commerce company.
In May, Nuls announced a partnership with the China Blockchain Industry Alliance. The goal is to be a strategic platform that can merge enterprises with blockchain industry research.
Nuls Token Price History
In lieu of an ICO Nuls airdropped its tokens to investors from the Inchain project. Investors could either choose to receive a refund or have their tokens airdropped instead at a 1:1 ratio.
The token price peaked at $7.99 by mid-January of this year.
The Nuls Technology
Nuls’s technology includes a modular-based architecture so as to enable customization. Replacement and new modules are relatively easy to make, as well as setting rules and customization for the sub-chain.
The Nul architecture has four components:
Proof of Credit (POC)
POC functions similar to Proof of Stake, in which nodes “stake” tokens in exchange for validating and mining transactions. Users can only start using the network after a certain sum of tokens are staked. For Nuls, the amount has yet to be determined, but will be voted on by the community. Users who want to stop running nodes do so by unlocking their tokens.
Since Nuls provides a customized blockchain, flexibility is key, so they’ve chosen to incorporate the Linux kernel for this purpose. With modular architecture, upgrades are easier, and adding improvements to the blockchain is simple as well. Nul’s modular components include: smart contracts, accounts, storage, and a consensus processor. It includes a module manager in which all modules can be managed, loaded and unloaded from the chain. Modules on the chain can communicate with other modules to allow for actions to be performed.
Blocks are verified through cross-chain consensus. Nuls operates through main chain and sub-chains; sub-chains reports to main-chains and main-chains audit and verify the block headers. The cross-chain consensus is made up of partial nodes on the main-chain and sub-chain. Nodes agree on cross-chain transactions between each other and share the data with other nodes in their own chain. These side-chains form and attach to Nuls’ blockchain.
A smart contract is a logic container. Each application can define and run its own business in smart contracts, which ensure the flexibility and adaptability of Nuls at the logic layer. Nuls also has a smart contract virtual machine (NULSVM) which enable it as a programmable blockchain. Users can develop their own blockchain with very little programming knowledge. After development, Nuls can launch the logic into a decentralized environment.
The NULS Token
Nuls is powered by tokens, known as NULS. NULS are used to support applications and development of the NULS platform, pay for applications costs, provide an exchange for sub-chain digital assets, and reward miners as well as pay transaction fees.
The 100 million NUL tokens will be distributed as follows:
- Airdrop – 40% of the tokens will be airdropped to the owners of the ERC20 placeholder token (20 million in total).
- Development – 20% of the total tokens (20 million) will be invested into platform development. After the mainnet is live, the tokens will be unlocked at a rate of 5% (1 million) per months over a period of 20 months.
- Community funding – An additional 20% of the tokens will be put towards community buildings, at a limit of 4 million tokens for any specific year.
- Business cooperation – The last 20% of the tokens (20 million) will be for business partnership and third-party projects, at a limit of 4 million tokens for any specific year.
How to Purchase NULS
The main way to purchase NULS is through Binance, either through trading bitcoin or ether. Binance currently has the largest volume of NULS trading and allows you to exchange NULS with BTC, ETH and BNB.
NULS is also available on the following exchanges:
- Bit-Z (Trade NULS with BTC on Bit-Z)
- OKEx (Trade NULS with BTC on OKEx)
- OKEx (Trade NULS with USDT on OKEx)
- QBTC (Trade NULS with USDT on QBTC)
- QBTC (Trade NULS with CNY on QBTC)
How to Store NULS
NULS can be stored in any wallet that supports ERC-20 tokens such as Coinomi, MetaMask and Myetherwallet.
For maximum security, however, you should store your CMT on hardware wallets such as Ledger Nano S and Trezor.
Roadmap and Future Updates
Nuls is scheduled to start running at least 3 applications on their platform in July, in addition to releasing a PC and mobile wallet.
Nuls announced a second round of public test-net starting on June 1st.
By the end of the year it hopes to release its smart contract module and have Inchain’s counterfeit project integrate with Nuls.