Repository: https://github.com/nuls-io/nuls/
Background
The blockchain technology is well known as a disruptive technology which introduces a cryptographic mechanism for the transaction between two parties in such a way that it does not require the involvement of a third party. The business can happen in p2p way and on the top of that, it is immutable, auditable by anyone. Simply put, the business is fair & transparent than ever with blockchain technology.
Since the invention of Bitcoin & blockchain technology, many other blockchain projects have evolved and all of them address to solve a certain problem interface and cater to a specific use case. The blockchain ecosystem by now has really become huge and definitely, it is in a growing trend. But we still have a long way to go when it comes to implementation of blockchain technology in the general sectors and enterprises. For the outsider, blockchain technology is still like a high tech thing. The enterprises outside blockchain space are well aware of the usefulness of this technology but there is a barrier to entry when it comes to its implementation. In most of the cases, it requires the developer's skill to implement. Further, not all the components of blockchain technology are conducive to their business principles.
Therefore it is really needed to make the entry-level easy. The second thing which is needed is that the blockchain itself has to be made flexible so that the enterprises will have the margin to choose a particular component of the technology as per the need of their business. In other words, the blockchain technology should be made available to the enterprises in modular components where the enterprises should be facilitated with ready-made modular components and they can choose the various components and assemble it and then can make their own choice of chain with the parameters chosen and set by them which is suitable and conducive to their business.
In this article, NULS will be discussed in details which offers modularity, flexibility, customization for the enterprises so that they can choose the modular components and set the parameters of their choice and can run their own chain for their businesses.
NULS
NULS has a chain building solution known as Chain-Factory where the ready-made components are available & already developed by the developers. The enterprises do not need to have a developer's skill to build their chain. They can choose the modular components, assemble it and can run their own chain which is suitable for their businesses & enterprises. Simply put, it offers modular blockchain for the enterprises which can be customizable as per the requirement of the business/enterprises.
The enterprises can set their own set of parameters. Say, for example, they can choose their own consensus mechanism from PoW, PoS, DPoS, dBFT, PoR, etc. They can make their chain public or private. They can make it permissionless or permissioned. They can have their own wallet, own explorer, own token, etc.
In contrast, NULS makes the entry-level easy and it does not require the developer's skill to set up a blockchain for the enterprises. Both are essential and key factors to make mass adoption of blockchain technology, a reality.
Main features
Fundamental
NULS has a chain-factory where the ready-made modular components are available. The enterprises can choose the components of their choice which suit their business needs and can assemble them and can run their own chain based on the parameters set up by them.
The NULS kernel consists of:-
- module manager
- service bus
- event bus
NULS kernel manages the various modular components like smart contract, ledger, storage, network, account, consensus, processor etc. The loading and unloading of modules happen in the module manager followed by the communication with other modules and subsequent execution.
Consensus Protocol
The underlying consensus protocol in NULS is PoC(Proof of Credit). PoC is basically (PoS+Credit Rating system). The credit rating system ensures the integrity & worthiness of the actor in the consensus process. So it is obvious that it is better than PoS. The credit rating has Yellow card alert & Red card alert.
Yellow Card Alert- This alert is for an inadvertent mistake or the mistakes which are beyond the capacity of the user- for example "computer crash, sudden disconnection of internet services, etc".
Consequences:-
(i) Coins are frozen for a short period (72 hr).
(ii) Credit ratio is downgraded.
Red Card Alert- This alert is for bad actors- for example "hostile & deliberate attack on the network".
Consequences:-
(i) Coins are frozen for a longer period(30 days).
(ii) Credit ratio is downgraded to a level lower than the minimum threshold so that it can not participate in block validation again.
Smart Contract
NULSVM is the built-in virtual machine in NULS. It executes the functions between external service module(for example- RPC module) & infrastructure module( for example- network module, storage module, account module, etc). The developer can compile his program through the interpreter and VM will read & understand the application. It supports high-level programming languages too. For commercial/enterprise-grade application it plays an important role. With the smart contract module of NULS, the developer can create a wide range of dapps with full turing complete.
Multi Chain (Main Chain & Side Chain)
NULS facilitates multi-chain mechanism in its structure. While in the main the chain the consensus is PoC, the sub-chain consensus can be customizable. In other words, in the sub-chain, the enterprises can choose their own consensus protocol such as PoS, DPoS, PoW, dBFT, PoR, etc. The decentralized application can be built on the top of their respective sub-chains. The main chain and the sub-chains can be able to communicate through cross-chain nodes. Simply put, the structure of NULS is interoperable.
Cross Chain Consensus
The main chain of NULS can interact & communicate with multiple sub-chains. The block validation happens through cross-chain consensus. The main chain audits and verifies the block headers and the data is circulated through main and sub-chain. The cross-chain nodes are the communication link between the main chain & sub-chain.
Economic Model
NULS is the native token in the NULS ecosystem. The sub-chains can create their own tokens. Depending upon the requirements and operation the sub-chain digital assets can perform exchange with the main chain digital assets. NULS token is required for paying miner fees, transaction fees, NULS development. etc.
- Total Supply= 100 Million
- Circulating Supply= 40 Million
- Market Capital= 42.38 Million USD
- Current Price= 0.57 USD
- Rank= 119
Scalability
- Scaling Capacity= 2000 tps
- Scaling Capacity using Side-chains= upto 1 Million tps
- Block time= 10 seconds
Recent Developments
NULS 1.0 is upgraded to NULS 2.0. In NULS 1.0 the whole system was driven by one program, whereas NULS 2.0 adopts the micro-service architecture and modules are truly independent and communicate with each other by RPC. So different programming languages can be used which can facilitate faster development.
NULS 2.0 supports extendability, means new modules can be added to achieve a new function without modifying the original modules.
NULS 2.0 is more diversified and standardized.
NULS 2.0 supports extended cross-chain functions. NULS 1.0 only supports interconnection between NULS main-network nodes. NULS 2.0, by contrast, supports interconnection between NULS main-network nodes and multiple sub-chain nodes.
Merits
- Development cost is greatly reduced, thereby making it cost-effective for enterprises.
- The enterprises are free to choose and set their parameters and build their own chain.
- It lowers the barrier to entry.
- It does not require developer's skill to implement blockchain for a business solution.
- The chain factory facilitates the modular components to the enterprises.
- It is flexible, customizable, modular.
- The function of each module is independent and the business operation is easy.
- Each module can be upgraded and replaced independently without affecting any other modules in the whole system.
- It is possible to develop each module in different languages.
- The enterprises can replace the built-in modules with appropriate implementations.
- Each & every module is replaceable, so sustainable development is possible with NULS and it will not become obsolete as a result of technological advancement.
Demerits
- The main chain scalability is still a moderate figure(although sub chain scalability is good enough).
- Technically NULS is one of the best in the industry, but the marketing of NULS lags behind.
Comparison
Overall Assessment
Summary
When it is about offering a solution with blockchain technology then there are many types of blockchain projects but what NULS offers is more general, more international, more community-oriented and last but not the least for a common man and for the general enterprises who don't have to learn a certain developer skill to adopt blockchain technology. The flexibility and modularity is the name of the business in NULS. So in the fast-changing world where you also need technological upgradation from time to time, the technology offered by NULS will not become obsolete as any module can be replaced with a better implementation. The enterprises are free to choose and replace any component as per the suitability of their businesses. I can see NULS as a more general solution for the enterprise-grade implementation of blockchain technology.
References
Images & Screenshots
- From the official website of NULS.