VG’s Overview — NULS — Modular Blockchain

Note: This article is intended to contribute informative content to you. I present this, based on my opinion. I’m not responsible for your gains or losses. When you’re done reading, do your study and invest at your own risk.

Blockchain technology is the heart of the cryptocurrency world. It’s the basis of what we know in this world. It consists of registering data in blocks chained and immutable, where a block contains information from the previous and so on, thus ensuring trust.

In general, its applications consist of day-to-day transactions to the creation of smart contracts, expanding the possibilities in this way.

For developers and entrepreneurs who want to use Blockchain technology for their purposes and have minimal knowledge, know that there are already blockchain solutions aimed at this audience, find out in this article: NULS, a modular blockchain.

What is NULS?

NULS is a blockchain architected in a modular way, allowing for high customization and mechanisms that facilitate cross-chain, that is, different networks may communicate with each other. The project builds an entire ecosystem, which allows developers to have the comfort of customizing their project within NULS, from consensus mechanisms to the way transactions are managed. The chains created at NULS, not limited to being only public, but can also be private or consortium.

Characteristics

Easy to use — Developing a project within NULS is not a difficult challenge. The learning curve is reduced as its purpose is to save development time, allowing even the most inexperienced Blockchain developer to know how to deal with the NULS ecosystem.

Adaptable — Developers can create everything from simple projects to complex projects through the proposed ecosystem. Making use of technologies such as multichain or smart contracts.

High performance — In the Bitcoin network, we have a scalability problem, where only between 3.3 to 7 transactions can be performed per second. In NULS, it is possible to carry out, through parallel expansion with Chain Factory, millions of transactions per second, including also other chains based on NULS.

Ecosystem

From NULS Whitepaper: https://www.nuls.io/wp-content/uploads/2019/06/NULS_Whitepaper_2.0.pdf

Microservices

NULS introduces a microservices system, designating applications as service suites that can be deployed independently in a modular manner, where each module is flexible as programs that can be started independently.

NULS 2.0 is the name of this structure architected in a modular way with microservices, without limitation of programming languages.

Its infrastructure is divided into three layers, ranging from the microservice infrastructure layer to the implementation of decentralized applications (DAPPs).

Chain Factory

Chain Factory is part of the NULS ecosystem and allows anyone to create their customized blockchain, in minutes, intuitively and easily. Select the modules you want to add, enter the parameters for your chain and token. This will automatically download and deploy your custom blockchain.

NULS provides an entire infrastructure for all networks, allowing the developer to build his chain, easily customizing even the consensus mechanism (For example POW, DPOS, POS, PBFT, POOL) then decide how you prefer to the chain will operate.

Proof of Credit (POC)

The main network uses the POC or Proof of Credit as a consensus protocol. It works like a Proof of Stake, where a certain number of tokens are locked before a user can run a node on the network. To configure and run a node, 20k are needed, 200k to activate your node, already to participate in the network and stake the minimum of 2000 NULS is necessary.

There is a whole procedure in case the node fails to generate a block, where there are a warning and a decrease in the applied credit. In case of hostile attacks, double expenses or attempts to fork the system, NULS detects and protects the network against vulnerabilities and exploits. Any hostile node will have a penalty applied for a long period and a decrease in credit applied to the minimum, not having enough to participate in the network again.

Consensus rewards are computed based on the value of coins in stake and credit of the node submitted by all other consensus nodes.

How to Stake

Smart Contracts

The NULS blockchain allows the implementation of smart contracts. Smart Contracts are used by high-level applications, interpreted by the interpreter and stored in a storage module and computed by a virtual machine module (NVM).

Cross Chain

From NULS Whitepaper: https://www.nuls.io/wp-content/uploads/2019/06/NULS_Whitepaper_2.0.pdf

There is also the possibility of carrying out the so-called cross-chain. That is the communication of blockchains external to NULS. For example, for public blockchains like Bitcoin and Ethereum, this is done through a layer with a conversion protocol…

Wallets
You can safely store your NULS in the following wallets:

Desktop: https://github.com/nuls-io/nuls-v2/releases

Web Wallet: https://wallet.nuls.io/newAddress

Mobile: http://nabox.io/download

Remember to Backup your Keystore to a safe place.

Open Source Community

NULS is an open-source project that is run by the community. As such, it offers transparency and trust to developers around the world, which is vital in building a strong community.

The NULS technical team established an organization that is responsible for exploring blockchain technology and building a community ecology. At the time of this article, it consists of 8 community developers from 7 different countries.

A fund has also been established for the Community Foundation, registered in Singapore (NULS FOUNDATION PTE. LTD. 201729333G) with 20 million NULS that will serve to support excellent projects and reward contributors to the NULS ecosystem.

Official Links

Website: http://nuls.io/
Discord: https://discordapp.com/invite/uZ3QcxW
Telegram: https://t.me/Nulsio
Telegram PT: https://t.me/NulsPortuguese
Explorer 1: http://Nulscan.io
Explorer 2 (Community): https://nuls.world/ (With Staking Calculator)