NULS: Proof Of Credit
NULS is a blockchain infrastructure that provides customizable services and is also a global open-source community blockchain project. NULS adopts micro-services to achieve a highly modular underlying architecture, using smart contracts and cross-chain technologies, combined with the ability of Chain Factory to quickly build chains, reduce development costs, and accelerate blockchain business application landing.
1. Modular architecture
The design structure of NULS was born out of the understanding that technology is going to continue to advance at a rapid rate and static technologies will be left behind. NULS incorporated the modularity of the Linux kernel to give the flexibility of a dynamic blockchain. Since everything is a module, technical upgrades can easily be made to add the latest improvements to the blockchain.
2. NULS consensus mechanism
The main-chain will use the Proof of Credit (POC) protocol which is the first of its kind designed by the NULS team. 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. The number of tokens required to set up a node is 200k NULS.
Implementation based on the NULS module repository means that blockchains (within the ecosystem) can add the cross-chain module to communicate with NULS at the base layer. For public blockchains such as Ethereum and Bitcoin not affected by NULS, it is necessary to implement the protocol conversion through a special mechanism and adapt the public blockchain protocol to the NULS cross-chain protocol to achieve the purpose of communication under a unified protocol.
4. NULS Tokenomics
The total supply of NULS is 210,000,000 and the initial issuance of NULS (100,000,000) is divided into 4 parts
Airdrop 40% of the tokens are airdropped (40 million) to owners of the ERC20 placeholder token of Inchain project, which is the angel investor of NULS.
Development Funding 20% of the total tokens (20 million) go towards continued development. After the main net is live, these tokens are unlocked at the rate of 5% (1 million) per month over the course of 20 months.
Community Funding 20% of the tokens (20 million) are allocated for building the community, and no more than 4 million tokens will ever be used per year.
Business Cooperation 20% of the tokens (20 million) are used for business partnerships and to support high-quality NULS-based third-party projects. No more than 4 million tokens will ever be used per year.
5. NULS POCM Platform
The SCO platform allows NULS-based projects to issue and distribute tokens safely to NULS holders using the POCM (Proof of Credit Mining) smart-contract blockchains.
Stake into a project’s nodes and earn their token as reward, while the project earns NULS as reward. Projects can use the NULS consensus rewards to bootstrap and help fund development. Unlike IEOs and ICOs, stakers never risk their principal, and NULS never leave their wallet. Earn project tokens without risk while your device is off!
Use the SCO Platform, to bring NULS stakers to your project and earn continuous NULS consensus rewards for project development while sharing in the NULS economy and ecology. The other benefits for SCO projects include free crosschain bridges, funding support, community support, and more opportunities to work with the NULS ecosystem projects!