The potential of Blockchain is yet to be fully realized and we are nowhere near mass adoption of the technology. One platform hoping to change this is NULS, which promises a blockchain system that can be adapted to the user’s needs. By allowing businesses use a sub-chain of the main chain for their own purpose, NULS believes that the benefits of blockchain; from the creation of decentralized apps, to smart contracts; can be adopted without the requirement for great technical skill or know-how.
Users of the sub-chains will pay a fee, a key part of the NULS business model. Moreover, the NULS Token will use a Proof of Credit mechanism for mining new coins and protecting the network. This new system has been designed by the team and appears to have similarities to the Proof of Stake protocol; although NULS uses yellow cards and red cards to penalize miners who compromise the network in any way. Sub-chain operators can issue their own tokens, which will require NULS Coin to power them. If the Sub-Token increases in value it will require more NULS to power it.
Based in Singapore, the platform is in its second beta phase and has already started preparing its community for its Mainnet launch. The NULS Token has been listed on CoinmarketCap since November, and is safely inside the top 100 Coins. NULS airdropped tokens into the Binance exchange and did not hold an ICO. How it has been funded thus far is unknown although some sources suggest an affiliation with Chinese IoT platform, InChain, which is namechecked in the company’s roadmap.
The Token started trading at $0.10 when launched on Binance, but reached $8 during the January crypto bubble. Since then it has held its own and currently trades at $2.98 with a market cap of about $78 million. Available on multiple exchanges, this is a token that may gain ground significantly with the publicity that a successful Mainnet launch would attract. NULS has made progress with little fanfare when compared to other new coins, and its promise to deliver a usable and safe blockchain for mass adoption makes this a project worth discovering now.