What is Nuls?
This blog post will cover:
- What is Nuls?
- Where did Nuls come from?
- What are the advantages of Nuls?
- What are the disadvantages of Nuls?
- How to buy Nuls on SimpleSwap?
What is Nuls?
First of all, NULS is an adaptable, customizable, decentralized, modular network. Then, it’s an open-source, public, microservice-driven blockchain that operates on a Proof of Credit (PoC) consensus mechanism. The unique, modular-based arrangement of the system enables the developers to create and implement modules simply and using any development language they want. The number of modules is vast: there are smart contracts, microservices, cross-chain consensus, the multichain system. Nuls team has thoroughly worked on flexibility and customization of their creation. As they say, the project’s mission is to set a new level industry standard in enterprise-level blockchain adoption.
Where did Nuls come from?
Nuls was launched in September 2017 and is based in Singapore. As it usually goes, cryptocurrencies start off with an Initial Coin Offering (ICO) but Nuls is not the case. Instead of ICO it had an airdrop; 40 million NULS tokens were dropped right into the Binance Exchange platform. It happened in 2017 when the NULS price was approximately $0.1 per coin. Though the project was set up through the airdrop, ever since the beginning Nuls has always been sponsors’ favored one. The project is still actively supported by community and business partnerships.
The original founders were Lin Yang and Lily Wang. They were leaders of the company until July 2018. It’s when they handed over the reins to Liesa Huang. She occupied the CEO chair up to late 2019. Now NULS is being run by a board of 11 directors , who make decisions about the future of the project. Reaper Ran also should be mentioned as a co-founder.
What are the advantages of Nuls?
PoC is a dPoS (Delegated proof of staking) derive scheme. One of the biggest features here is a mechanism that punishes ickie behaving nodes automatically.These nodes get "yellow cards" which means they will receive less rewards for a a certain period of time. If nodes get too many cards, then they can be expelled from the network.
- NULS Smart Contract
Smart contracts are made in JAVA currently, but modules can be written in any language (for example the consensus mechanism).
- Microservices Architecture
Since the beginning, Nuls wanted to be flexible enough to be improved and developed alongside with the continuous extensions in blockchain technology. In Microservices Architecture each module is an application by itself that talks to other modules using a standardized protocol. As each module is an application, then developers have the liberty to write them on any language they want.
- Multi-chain System
Instead of keeping all programs on the main chain, the network was divided into the main and several sub-chains, which still depend on the main chain. Together they make up a multi-chain system. Therefore an interchain communication system, cross-chain consensus domain (C3D), was created.
NULS can process 800 - 1000 TPS, and has a 10 seconds block creation period.
Another blcokchain called NerveNetwork was created using Chainbox tool that opens NULS to the DeFi race. Nerve has 2000+ TPS, it requires 2 seconds for block creation and more importantly just 1 confirmation to be considered secure.
What are the disadvantages of Nuls?
- Not common
As Nuls is not one of the top-10 cryptocurrencies yet, it stands a strong competition with other dApp cryptocurrencies, so Nuls may be lost among industry giants.
Even though every cryptocurrency is highly volatile, NULS stand out as being extremely unstable even in comparison to other cryptocurrencies.
How to buy Nuls on SimpleSwap?
That’s what Nuls is. If you want to buy it, don’t hesitate, we'll help you to get through:
- Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
- Select NULS in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
- Enter the Recipient's Address. NULS will be sent to this address. Be careful and make sure you use the correct address.
- Check all the information you have entered. If everything is correct click the Exchange button.
- You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.
Thank you for your attention, see you!