Blockchain technology has been under the spotlight for years now, and it has countless people around the world very excited. Since its invention, it spent years serving only as a digital ledger for Bitcoin and other early cryptocurrencies, doing nothing other than recording transactions. While this promised to revolutionize modern finance in its own right, the launch of Ethereum in 2015 led to the discovery that this is only a fraction of blockchain’s real potential.
Since the launch of Ethereum shifted the attention to the possibilities of blockchain, the technology finally managed to come out of the crypto industry’s shadow and get under the spotlight, where it remained ever since. As years went by, countless use cases for the blockchain emerged, some still purely theoretical, some on their way to becoming reality, while some have already become available.
In the meantime, blockchain started entering all kinds of other industries other than finance, such as gaming, supply chains, betting and gambling, and more. Developers are also combining it with other emerging technologies such as AI, the IoT, and alike. However, there are also projects that aim to push innovation further, such as Nuls, which wishes to empower developers and businesses to reach new heights through blockchain expertise and innovation.
How Does Nuls (NULS) Work?
Nuls is a microservices-driven project based on blockchain technology. It has developed its won consensus mechanism called Proof-of-Credit, which is a lot eco-friendlier than PoW, as it requires lower amounts of energy in order to work.
The project’s goal is innovation, and empowering developers and companies, allowing them to invent new solutions and improve on the existing ones. It also rewards users by allowing them to participate in governance, staking, and other ways of earning money. However, its main focus is on providing tools for quick and easy creation of various new modules.
What Problems Does Nuls (NULS) Solve?
Let’s talk about the solutions that Nuls has to offer and how they can impact businesses. There are quite a few things to cover here, such as:
Streamlining blockchain adoption
By making blockchain technology user-friendly and useful to businesses, Nuls as pushing blockchain adoption in the business sector. The more adoption blockchain technology sees here, the more it will attract regular users who pay for goods and services that these businesses have to offer.
Focusing on microservices
Next, it is important to note the importance of microservices that will allow businesses to evolve and scale up much more quickly. They will also allow people to organize around business capabilities, such as autonomous cross-functional teams. This can be particularly useful for large projects that require quick, autonomous delivery, a plan to scale the solution that they are building, or a need to constantly update different parts of their system. Microservices can handle all of these situations and more.
Eco-friendly technology
Eco-friendliness became a huge part of the blockchain world over the last several years, partially due to accusations that crypto mining is leaving a major carbon footprint, and partially due to the world naturally choosing to turn to greener energy sources. In 2021, when Tesla announced that it will stop accepting Bitcoin payments due to Bitcoin mining’s high energy consumption, it became even more important to switch to green energy, and that led projects such as Nuls to become eco-friendly right from the start.
The project now prides itself on being one of the most energy-efficient projects in the entire crypto industry, thanks to its award-winning Proof-of-Credit mechanism that requires very little energy to operate, and offers an excellent alternative to Proof-of-Work.
Interoperability
Another thing to note is that the project is strongly focused on cross-chain connectivity. It says that, in building an app, development teams need to also work with different internal parts. There are modules that must be integrated to ensure that every process is handled correctly, and that database architecture procedures are optimized and efficient. For that purpose, the project has developed a service called NERVE, or NerveNetwork, which provides cross-chain connectivity and development.
Empowering developers to invent
Through the services mentioned above, such as NerveNetwork, microservice-layer design, and more, the project’s main goal is to empower developers in a way that would encourage them to continue inventing and quickly creating modules for anything.
Benefits of Nuls (NULS)
Next, let’s discuss what sort of benefits does Nuls have to offer, and what makes it worth using from the individual’s point of view.
Mining via staking
The first thing to note is that NULS uses the Proof-of-Credit consensus mechanism, as mentioned earlier. This mechanism allows users to stake their tokens and mine NULS as a result. The system differs from the PoW method and it doesn’t require nearly as much power, which is why the project can afford to be as eco-friendly as it is.
Governance
Next, you gain the ability to participate in the project’s governance. The project leaves all the important decision-making to the community, having them agree on disagree regarding different proposals and changes that might improve the project. This is done through a voting process, and it allows users to vote or propose changes for others to vote on.
Earning with NULS token
NULS offers a number of ways for people to earn, including NFT staking, SCO staking, and even 3rd party staking, where NULS is used with other platforms in order to earn.
Bottom Line
Innovation is the defining feature of blockchain technology, but even then, there is room for improvement, new discoveries, and significantly better features and services. The development of blockchain is advancing rapidly, and it is quite impressive what the technology achieved in only seven years since it came under the spotlight. Projects like Nuls are pushing its capabilities further, taking it into new industries, and ensuring the continuation of adoption.
