Since the computers and internet enter into the lives of people and businesses, new innovations are started generating. Artificial Innovation (AI), Internet of Things (IoT), are Blockchain are perfect example for that.
Though they are nascent for this time, it will be major parts of the any field.
Of course, blockchain or artificial intelligence are can be interlinked with Internet of Things (IoT), they make the any business more comfort and flexible.
Though blockchain technology usage is being improved day by day in current situation, it still have some discomforts to work with whether it is related to costs or flexibility. It needs a solution for those issues. NULS comes to the scene to solve those issues.
What Is NULS:
NULS is a open-source project which enables blockchain businesses to customize the blockchain as per their needs. It can be defined in one line is "The customizable modular blockchain infrastructure".
It has a micro-kennel and functional modules in its infrastructure.
NULS provides: Smart Contracts, Multi-Chain Mechanism, and Cross-Chain Consensus.
At current situation, implementing blockchain in business is costly and some technical limitations. NULS considered these things of the blockchain usage and it aims to break those technical barriers.
Why NULS was created:
The short answer is "NULS is created to fix the problems of blockchain users". In explained answer, blockchain is limited at the performance due to the database size, difficult synchronization, and the complexity in the technical updates on a decentralized network. So current situation of the blockchain usage is not flexible.
To solve this, a blockchain is wanted to solve those issues along with the developer's issues. Currently developers cannot customize the modules as per their ideas. So NULS was created to solve those problems.
The Mission:
When NULS researched the blockchain usage and its stats in the technology business, the usage is minimal. Of course, new businesses slowly started implementing blockchain technology, but here are the problems that appear in blockchain business implementation and usage:
× Costly matters to maintain the blockchain.
× Not easy to customize the modules.
× Limited performance and cross-chain communication.
NULS will be the solution to fix the above problems that occur in present blockchain business.
Economic Model:
NULS will be promoted by its tokens. These NULS tokens will be used for supporting NULS based applications, paying application costs, to perform exchange for sub-chain assets. supporting NULS development, to reward miners, and transaction fees.
A. Tokens Distribution:
The tokens issuance is divided into 4 parts.
They are the following: * Airdrop:
40% of the total tokens will be set to the ERC20 placeholders. * Development Funding:
20% of the tokens will be continued for the NULS development until the main net will come to live. When it happens, the tokens will be unlocked at the rate 5% per month over the course of 20 months. *Community Funding:
20% tokens will be set for the building the community.
No more than 4 million tokens will be used per year. * Business Cooperation:
Remaining 20% of the tokens will be used for business deals and to support NULS based projects. *No more than 4 million tokens will be used per year.
B. Network Maintenance:
5 million NULS tokens will be generated though the POC (Proof of Credit) consensus every year for rewarding miners and securing the network.
Sub-Chain Operation:
Though the amount of the tokens has not yet decided, these are required to create the healthy ecosystem.
For this, sub-chains are required to pay a certain number of tokens. The amount will be required to be paid will be adjusted as per the current price. So that it always remains under a range and will be determined by the votes the community.
A. Sub-Chain based currency and Intelligent Exchange:
The token used the main-chain is NULS, all sub-chains will be able to support their own basic token. Sub-chains can generate the tokens
Technical Design:
A. Consensus Mechanism: Proof of Credit (POC):
NULS supports both the insertion of new functional modules and replacement of the core modules in the consensus mechanism. The user can take the advantage to set own rules for the sub-chain and customize as per the needs.
The main-chain will use the Proof of Credit (POC) protocol. It works like Proof of Stake where a certain number of tokens will need to be locked before the user can run a node on the network. This exact amount will be decided based on the vote of community. When a user wants to stop running a node, they can immediately unlock their tokens.
B. Yellow Card Alert:
Though a user generated a block when internet disconnection, system crash, or at the time of network issue, is not a violation, it affects the entire system and a warning will be given or coins will be locked for a while. And the credit ration will be downgraded.
C. Red Card Alert:
When attacks are happening, the NULS network will be able to detect and protect from vulnerabilities and exploits. Any hostile nodes will have their coins frozen for a longer period (e.g. 1 month) and their credit ratio will be downgraded again meaning they are no longer able to meet the minimum amount to participate in the network.
Credit Rating:
Credit rating is used to determine the integrity and trustworthiness of the user in the network.
The rating is given from -1 to +1. It is automatically allocated based on the behavior of the node using the credit rating algorithm.
Credit Evaluation Formula: Credit Cardinality = Coefficient of Capacity + Coefficient of Duty
* Coefficient of Capacity: Calculated based on the number of blocks generated in the past
* Coefficient of Duty: Calculated based on violation cases and accuracy of blocks generated
Consensus Reward:
The consensus reward is computed based on the amount of staked coins and the node credit submitted by all consensus nodes.
NULS Smart Contract:
It has in-built smart contract virtual machine between external service module and the underlying infrastructure module.
The smart contracts are used by the higher-level applications, interpreted by the interpreter, stored by the storage module and computed by the NULSVM module. It also supports various higher-level programming languages to cater towards the developer that wants to develop in their desired language and compiles the program through the interpreter so that the VM can understand and read the application.
Open-Source Community:
Open Source project offers developers trust and transparency. NULS does set the 20 million NULS to support the great projects and reward the contributors in the ecosystem. It was registerd in Singapore. The main aim of NULS is to provide support to the great projects which needs to be and providing required tools to improve their projects.
NULS knows the current situation and issues of the blockchain. Currently the blockchain has had the hacking problems, costly for use, and not flexible. NULS follows a statement, "Making Trust Simpler". NULS aims to make businesses implement blockchain into their businesses with trust at security, flexible at customization and implementation.
