NULS: Vital tool for Mass Adoption?
The blockchain technology has been around for almost 10 years and still blockchain adoption by enterprises is a distant dream. However, there are many projects working on providing enterprise focused blockchain solutions in order to facilitate the mass adoption of this revolutionary technology. One such project is Nuls which aims to provide a flexible blockchain solution that can support a wide variety of enterprise applications.
Quick Facts
Name: Nuls
Ticker: NULS
Token Type: Native token
Total Supply: 100,000,000
Circulating Supply: 40,000,000
Token Usage: Utility token
Current Price: $0.60
What is Nuls?
Nuls is a highly customizable, sub-chain operable modular blockchain infrastructure project which aims to break the technical barriers of blockchain implementation by providing a low cost, highly adaptable blockchain infrastructure which can satisfy various business needs and promote the usage of blockchain technology in the commercial field.
Why Nuls?
In last few years, blockchain technology has become the center of attraction for many enterprises. The technology in itself is in its infancy but there is no denying the fact that the enterprises have already started exploring the potential of this amazing technology. The research and development around blockchain technology can be understood by the fact that some of the biggest companies in the world such as IBM, Amazon, Alibaba, American Express and MasterCard are one of the top blockchain patent holders.
However, even after all the buzz surrounding the blockchain technology, we are still nowhere close to mass adoption. There are still various hurdles that we need to overcome in order to make blockchain technology easily accessible to businesses and individuals.
Major hurdles for Enterprise Adoption:
- Compatibility with the existing systems
- Scarcity of Blockchain developers
- Huge infrastructure cost
- Identifying blockchain use cases for business
- Interoperability constraints
- Scalability issues
What does Nuls offer?
Ease of use
Nuls reduces development time for a developer by providing a simple programmable environment that can be utilized even by a less experienced developer while maintaining the extendibility feature for more experienced developers.
Adaptability
Since the entire Nuls blockchain is modular in design, therefore the developers can take the advantage of the infrastructural support by using appropriate modules from the module library as per their needs.
High Performance
Nuls is dedicated in providing a high throughput blockchain infrastructure which can scale up to millions of transactions per second by utilizing the parallel expansion technology through the multi-chain system.
Data Confidentiality
Nuls achieve data confidentiality by providing data isolation in sub-chains and by doing periodic cross chain auditing.
How will Nuls work?
Nuls divides the blockchain into several modules which includes network, account, ledger, storage, consensus and smart contract.
This makes every module independent of other module and hence changes in one module won't impact the other module. These modules cooperate through the service bus and event bus which is managed by microkernel.
The modular design of Nuls allows developers to customize their sub-chains according to their application requirement by using appropriate modules from the module library. Apart from its modular design, Nuls also provide a smart contract container called NulsVM which will initially support Java language and will expand during development phase, and can be used and customized by application developers as per their needs.
Nuls blockchain uses Proof-of-Credit (POC) as the default consensus mechanism. However, even that is customizable as the sub-chains can use other mechanisms by replacing the consensus module.
Conclusion
The main focus of Nuls is to make blockchain more accessible for developers and enterprises and by adopting a modular approach at the core and the use of sub-chains, it solves two major issues of complexity and scalability which hinders the blockchain adoption by enterprises. If successful, Nuls can become the bridge for mass adoption of blockchain technology in the real world businesses and will substantially benefit the entire blockchain industry.
Quick Links
Website
Whitepaper
Github
Telegram
Twitter
Disclaimer: This is not a financial advice. I am giving my personal opinion, do your own research before making any investment decision. Do not invest more than you can afford to lose.
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This is a very interesting project that is happening in the space right now and not a lot of people are talking about it. Less people are even familiar with a (PoC) consensus. This idea could be huge for new projects and make it so much easier to modify existing blockchains without forking into new completely new blockchains (less hard forked coins, some people think there are already too many!!). Thank you for sharing the info and I will be following you for more!
Yes, absolutely. We can see the drama happening with Bitcoin Cash right now. We should definitely be focusing on building a better tech which will bring cryptocurrencies and blockchain to the masses and will not limit the power in the hands of few. This tech is revolutionary and we should really be focusing our energies on promoting the projects that brings value to the space.
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