About Nuls (NULS)weiss-badge

Overview

NULS is an open-source blockchain infrastructure, with an emphasis on customisability. NULS states its primary aim is to destruct the technology barriers around blockchain technology and decrease the cost of development in order to promote its commercial uptake and usage. They recognise complexity as a major barrier to the uptake of blockchain technology and aim to be a totally customisable blockchain, that can be moulded to specific use cases easily and cheaply. Their goal is to help enterprises improve their processes, along with credibility, by giving them the opportunity to make use of the new technology that is currently available but, usually viewed as too complex and too developmentally expensive to utilise. NULS aims to take on the complex concepts that are a part of creating any sort of blockchain based system, such as cryptography and storage mechanisms, allowing the developer to focus on more unique top layer aspects that differentiate their project from others.  

Technology

NULS is a blockchain “with modular-based architecture enabling customizable modules and cross-chain operability”. The NULS main-chain is based on the Linux kernel model, with all the important base features that are present in most blockchains. The customisable aspect comes from the modular components added to this base system that NULS provides. Users have the opportunity to build sub-chains on top of the NULS main-chain. These sub-chains can be customised to suit the user's needs for running apps, contracts etc. NULS main-chain operates on a Proof of Credit (PoC) consensus protocol, developed by the NULS team. PoC works similarly to Pos (Proof of Stake) in that tokens are “locked” to allow a user to run a full node. The amount of tokens required is decided by the wider NULS community and said tokens remain locked until such time as the user decides to stop running the node. Additionally, users earn themselves a “credit rating” to display their integrity and trustworthiness. For more detail on this novel consensus mechanism and credit ratings, please refer to the NULS whitepaper and yellowpaper found on the official NULS site.  

Future Focus

NULS has a very active community working to develop the platform and incentivise innovation. The roadmap for NULS contains three stages, Ice, Water and Steam. Ice was all about the development of the main-chain, launching of the main-net and smart contracts, and improving the ecosystem. Water will focus on functionality, sub-chains and launching the first usable apps. Finally, Steam will be the provision of a complete solution for both production and management across industry and agriculture.  

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

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POLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

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Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

Pay with POLI. Its fast!

POLI - internet bankingPOLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

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