- NULS -6.87729%
- Coin Supply: 40,000,000
- 24H Vol: $1,254,944
Nuls Coin Review: What You Need to Know
If you’ve been paying attention to the Coin Market Capitalization ranking recently, you might notice a relatively unknown coin slowly making its way up through the ranks. Nuls (NULS) is a cryptocurrency which has started to generate quite a bit of interest, despite its previous obscurity.
The Nuls project is based in Singapore and aims to develop an enterprise level blockchain that adapts based on the needs of the company. Commonly heard by those close to the project is the phrase “Nuls is nothing, Nuls is everything.” This is essentially due to the fact that Nuls has the ability to meld into whatever the community needs it to be.
But is Nuls a wise investment? Does the Nuls project have strong potential that investors like to see or does it require more defining and clarification?
Let’s take a deeper look at what Nuls is, how the technology works, and the team that’s driving the project. Does Nuls coin have what it takes to be successful? Read on to find out.
What is the Nuls Project?
Nuls wants to solve problems many blockchain networks run into by establishing a project that focuses on modularity and sub-chain operability. The design is separated into two distinct parts: modules and microkernels. This aids to create an underlying network tool, along with compartmentalized functionality for the blockchain.
Basically, the Nuls project would provide security and scalability to a blockchain network while keeping in accordance with programming behaviors. Since the blockchain is designed for modular operation, Nuls allows for the removal or addition of modules any time they’re needed.
Additionally, the Nuls project is open-source, which means developers will have versatility by using an infrastructure that can be customized. Nuls also includes contract support, cross-chain consensus, and a multi-chain mechanism. Not only does this project create a completely trustless and decentralized environment, but it also gives users the ability to customize the blockchain to fit their needs.
The blockchain and the network both still make use of all the complexity associated with blockchain technology. This includes storage, smart contracts, consensus mechanisms, and cryptography. Nuls, however, has been designed to that it hides these complicated systems which allow developers to concentrate on what they’re building rather than the complexity of the network.
It’s through this method that Nuls tries to find a solution to problems that reside in the real world. At the same time, the project wants to remain simple while giving access to developers no matter what their skill level. By using modules which can be customized, Nuls is giving programmers the opportunity to develop without running into the complexities often associated with the blockchain.
Additionally, the project is doing what it can to provide its services to commercial businesses in an effort to quickly spread the adoption of blockchain technology.
Who Are Nuls?
The Nuls leadership team is comprised of individuals with extensive amounts of blockchain knowledge and experience. Plus, the staff has a single, shared vision, which centers upon creating a blockchain which drives the adoption of the technology behind blockchain.
Co-founder and lead developer of the Nuls project is Jason Zhang. Zhang brings almost a decade or programming experience to Nuls, the majority of which was used to create security systems for financial institutions. Thanks to this type of work, Zhang is deeply familiar with cryptographic algorithms, along with PKCS and PKI standards.
Additionally, during his tenure in the banking and financial industry, Zhang spent time learning about smart card security, mobile banking, and PC banking. He also spent time developing cross border payment systems, a project which required the cooperation of 17 different banks.
Lily Wang is the second part of the Nuls leadership team. She is the originator of the project idea, which she conceived during her time at the Chongqing TV & Science Channel. Wang is a negotiator and strategizer, focusing on establishing methods of cooperation from a global perspective. She aims to promote Nuls and its community through strategic business partnerships in an effort to increase awareness of the blockchain and drive adoption of the Nuls platform.
The last piece of the Nuls puzzle is co-founder Reaper Ran. Ran is currently the Community Leader of the Nuls project. He has been involved in the blockchain industry since 2013, developing a solid understanding of operations through his experience with the NEO and BitShares community boards. His primary goal is to grow and develop the Nuls community.
What Problem Does it Solve?
There are many problems concerning blockchain adoption and development which the Nuls team has identified. One big issue they’re discovered is the cost to develop on the blockchain. This is primarily due to a shortage of programmers who understand blockchain technologies, which means those that do can demand higher pay.
The expectation is that eventually, this type of supply and demand will begin to show signs of leveling out as more professionals learn the skills necessary to develop for the blockchain. At that point, the technology will begin to see more adoption among businesses, gaining the trust of the most reliable blockchains. Nuls wants to be on the front end, offering trustworthy resolutions to the problems businesses face.
One way Nuls wants to address this problem is by creating a programming environment that’s easier to use and understand. The project wants to reduce the learning curve by developers by removing some of the complexity associated with the blockchain. Simultaneously, the platform wants to provide extendability to those developers who have more blockchain experience and understanding.
Additionally, Nuls wants to create a blockchain environment which is flexible and adaptable for multiple use cases. This is done by creating a modular layout and adding in a multi-chain system. This includes smart contracts for job automation.
Lastly, Nuls plans on using a technology it calls parallel expansion in an effort to support the method of processing millions of transactions every second. This effort is made possible by the multi-chain method created by Nuls. The intention is to solve issues of scalability which have been a challenge for blockchain since its inception.
When blockchains can confidently scale to support business growth, the industry will be much more likely to adopt this technology for its own use cases and projects.
The Nuls project did not participate in an ICO while the token aims to promote the ecosystem in its entirety. The NULS tokens are used not only as transaction fees but also as rewards for miners. Additionally, the coins are used for development support, application costs, powering sub-chain digital assets, as well as Nuls applications.
As opposed to an ICO, Nuls split its tokens into four separate parts. 40% of the supply – or 40 million tokens – were provided to users via airdrop. 20 million were set aside for Nul development. Tokens used for development purposes are released at a rate of 1 million per month until depleted.
20% is used for community development purposes, however, the caveat here is that these tokens are capped at 4 million each year. The last 20% are used for business development and partnership. Again, no more than 4 million of these tokens are to be used in any given year.
Not only is there an initial supply of 100 million tokens, but there will also be 5 million NULS created each year through the network’s Proof of Credit consensus, which we’ll talk about momentarily. These tokens are used to secure the Nuls network and reward miners for their efforts.
If users want to create a sub-chain on the Nuls platform, they’ll need to first pay a pre-determined amount using NULS coins. This allows the project to validate that sub-chains are Nuls-based chains, which promotes growth for the Nuls platform and ecosystem.
The amount required to create a sub-chain will change based on the current value at which NULS are trading. This is used as a way to keep the sub-chain cost at a fair price, which is done based on a vote by the community.
Sub-chain Exchange and Currencies
Using the NULS token on the sub-chain is a way to help secure the main blockchain. However, each sub-chain has its own token, which it will support. Sub-chains are viewed as assets of the Nuls platform. Conversion from and to smart assets is performed by the Nuls system.
A sub-chain does not have to issue smart assets, but if it decides to create one, a payment has to be maid to Nuls in order to do so. Upon creation of a smart asset, the sub-chain developer sets the ratio of NULS tokens to smart assets.
During this time, two separate pools are established. One pool is used for smart assets, while the other is a capital pool use for NULS tokens. The ratio of smart assets to NULS tokens is fixed upon creation, however, over time, market value will dictate conversion rates.
As a result, if the value of the smart asset rises, more NULS will be needed to support that value. In turn, the value of all NULS coins should increase. This is especially true as higher-quality projects are developed on the Nuls platform.
Proof of Credit Consensus Algorithm
While many blockchain projects use Proof of Work or Proof of Stake, the Nuls project uses a consensus mechanism referred to as Proof of Credit. This consensus algorithm is modular, just like the other parts of the Nuls platform. Sub-chains are able to substitute core modules as often as necessary. As a result, users have the ability to customize the regulations for their own sub-chain.
Proof of Credit is similar to Proof of Stake in that a specific number of NULS coins are required to run a node on the network. This amount is determined based on community agreement, and should a user want to quit running their node, they can choose to instantly unlock and obtain their tokens.
The Nuls coin is effectively a decentralized app platform, which means it is in direct competition of other similar projects. The competitor that gets the most attention is Ethereum, so Nuls really has its work cut out for it. Lisk is also considered a competitor with its utilization of sidechains. Additionally, Cardano and NEO bring significant opposition as well.The unique value of the Nuls platform is its modular design, as well as its Proof of Credit consensus system.
Most of Nuls’ trading volume happens on the Bit-Z exchange. The coin is paired with Bitcoin on the Bit-Z platform. We’d recommend you use Binance instead. You’ll have more trading options, and Binance is a well-established and popular exchange. You can trade Bitcoin, Ethereum, Binance Coin, and Tether for NULS on the Binance platform.
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Since its launch in 2017, the NULS coin has essentially followed the market. Nuls reached an all-time high in January of 2018, topping out at a little $8.00. Unfortunately, the price has faltered since that time. However, the coin is currently trading at around $1.00, up from its low point of $0.40.
As with many altcoins, adoption of the Nuls coin is essential to growth and price gain. When it comes to Nuls though, this may take time.
Visit the NULS site to find the official wallet. It’s available for Mac, Linux, and Windows operating systems. Additionally, the project has created a light version of its wallet which allows you to keep your coins without needing to download the blockchain in its entirety. If you prefer to use a mobile wallet, Nuls recommends that you use the AnyBit wallet, available for both Android and iOS.
Pros and Cons
Let’s take a look at some of the advantages and disadvantages of the Nuls coin project:
Should You Invest in NULS?
The Nuls project is focused on creating a blockchain environment which is easily accessible by developers as well as businesses. It does this through its customizable modules and the use of its sub-chains. With these tools, Nuls is hoping to hide and diminish the complexity and confusion often caused and associated with blockchain technologies.
Nuls wants to create a decentralized platform that drives adoption of blockchain by both businesses and developers, in an effort to bring growth to the industry. The project also aims to lower the cost of entry into the market by removing confusion related to blockchain, which will result in an increase in programmers within the community.
As always, it’s best for you to do your own research before you purchase any cryptocurrency. However, the Nuls ecosystem shows potential. Businesses, developers, and the crypto community as a whole need to find ways to drive user adoption and increase growth in the industry. Nuls is attempting to find a way to do just that.
Learn everything you’d ever want about Nuls by reading their whitepaper.