A Quick Guide on Nuls | NULS Use Cases and Benefits
Nov 08, 20225 min read
What Is NULS?
The NULS project is aimed at creating a customized modular blockchain ecosystem. The NULS blockchain network supports smart contracts, multi-purpose mechanisms, and a consensus algorithm for chain interaction.
Today’s main task of NULS is to improve blockchain technology's overall flexibility and usability. Thus, thanks to NULS, business owners can implement blockchain solutions safely and cost-effectively.
Despite many advantages, public blockchain networks today cannot scale, have flexibility, or interoperability solutions. On the contrary, the NULS project aims to create a highly scalable, adaptable, and modular public blockchain infrastructure.
In addition, the company seeks to help businesses and corporations improve their overall reputation in the cryptocurrency sector by providing services for deploying individual decentralized applications on the NULS blockchain.
In the future, with the help of a multi-purpose mechanism, NULS will have at its disposal the ability to support the operation of several subnets, which will also be based on the functionality of the main NULS blockchain.
Subnets will similarly use the underlying protocols and the NULS infrastructure, offering a simplified and customized solution based on different needs.
To date, within the framework of the NULS, developers can use several ecosystem products:
- NULS ChainFactory is a user-friendly platform where users can use ready-to-use modules to build customized chains. The chains built based on NULS are separate modules that can easily interact with each other.
- NULS ChainBox is a solution that allows users to launch their own highly customized blockchains using an extensive set of tools.
- NULS SCO is a platform within which projects utilizing NULS solutions can issue and distribute their tokens to NULS holders. As a result, the project receives more coverage and NULS tokens as a reward.
NULS allows business owners to build software applications using plug-and-play suits of services. Furthermore, the microservices offered by NULS can be deployed thanks to the modular design of the NULS blockchain independently. This modular architecture assumes multilingual development, which facilitates the configuration of applications. Moreover, thanks to the modular architecture of NULS, anyone, even with minimal knowledge of blockchain technology, will be able to use NULS ChainFactory to launch a new chain using ready-to-use modules from the NULS Chain Repository. The NULS microservice architecture is divided into three infrastructure layers:
- Microservice layer
- Basic service layer of the blockchain
- DApp application layer
This approach allows NULS to become a flexible and cost-effective environment for developing various chains and decentralized applications. In addition, within the framework of the NULS, business owners can build small and large non-blockchain commercial systems.
Thanks to the modular architecture of the NULS, the blockchain can be easily improved and customizable. Each ecosystem module interacts with the other, allowing developers to perform various actions. According to the developers, NULS can be presented as a program in which modules can be easily added but cannot be modified. Thus, NULS is an easily extensible platform protected from unauthorized use.
Moreover, the modular architecture of the NULS allows all blockchains launched within the ecosystem to interact easily with each other using the cross-chain protocol. This enables users to achieve business interoperability between different blockchains.
Proof of Credit Consensus Mechanism
The modular architecture of NULS allows users to customize chains to their needs easily. The main chain, the NULS Chain, operates based on the novel Proof of Credit consensus Mechanism. The essence of this consensus protocol is similar to the traditional Proof of Stake. To run a node, the user must first lock a certain number of tokens. The Proof of Credit has several key elements:
- A yellow card alert is received by a node that fails to generate a block due to a poor Internet connection, equipment failure, or other network problems. This card serves as a warning. However, it is not considered a violation. If a node receives a yellow alert card, its credit rating is downgraded.
- A red card alert is received by hostile nodes that intend to attack the network (double-spend attack, forking attempts, and others). In addition to the card, the coins of malicious nodes are subject to freezing for 60 days, and the nodes themselves will no longer be able to participate in the network since their credit rating drops to a minimum.
- Credit Rating. NULS implements a crediting system that allows it to evaluate user reliability. The behavior of each node is evaluated using a credit rating algorithm. The evaluation credit formula includes two key indicators, depending on which node is evaluated from -1 to 1. These indicators include information about the past generated blocks, their accuracy, and violation cases.
In addition, thanks to the modular architecture, NULS allows developers to customize their chains with their tokens and consensus mechanisms easily.
NULS Smart Contracts
The project team has developed its virtual machine (NVM). NULS smart contracts are Turing-complete, compatible with the UTXO model, implemented based on JVM (Java Virtual Machine), and have built-in NVM modules. Developers can configure NULS smart contracts using the most convenient languages. At the same time, NULS smart contracts will work in isolation to ensure security.
In addition, the NULS community initiated the development of ENULS. ENULS is an EVM-compatible blockchain that uses native NULS tokens as the main asset. This blockchain supports the deployment of Ethereum ecosystem projects and allows users to launch more cost-effective and fast EVM-compatible applications.
NULS is a native token of the ecosystem and is used within all applications built based on NULS. The maximum supply is 210 million, of which almost 99 million are in circulation. NULS is used to promote the project, business cooperation, community funding, and other things. Furthermore, NULS holders can participate in the project’s development by voting on certain issues. Each NULS token represents one vote. In addition, the token must pay service and network fees when launching custom tokens and decentralized applications.
NULS holders can earn in several ways: stake NULS in one of the projects within the framework of NULS SCO and earn project tokens, or stake NULS within the NULS network and earn more NULS.
NULS is a powerful project that has acquired many partnerships and expanded its ecosystem over the years. Thanks to the modular architecture of the project, NULS can be used to build highly scalable, secure, and cost-effective decentralized applications.
In addition, NULS supports a cross-chain protocol that allows various chains within the ecosystem to interact seamlessly with each other. Based on the platform, project developers can also launch and distribute tokens, attracting more users and earning native NULS tokens.
All these features provide the project with stability and longevity and allow the benefit of both business owners using NULS solutions and users who can earn tokens in several ways.
Disclaimer: Notum does not provide any investment, tax, legal, or accounting advice. This article is written for informational purposes only. Cryptocurrency is subject to market risk. Please do your own research and trade with caution.