Staking NULS - What You Need To Know

in crypto •  3 months ago


Image Credit: https://bitcoinnews.com/simplifying-blockchain-for-enterprise/

Staking NULS – What You Need to Know

Why NULS?

NULS is a 3rd generation blockchain that allows developers to “plug and play” an unlimited set of modules that incorporate any combination of chosen functionalities. NULS also allows for multiple coding languages, including Python, C++, and Java. The modular design of NULS is unique among blockchains—allowing developers to build sub-chains and side-chains (Dapps) by adding to existing modules and swapping them around according to their own individual business needs.

Because NULS is modular and versatile, it has one of the fastest transactions speeds in the industry (over 2000tx/sec) and is almost infinitely scalable. This combination of scalability and versatility is paired with an innovative, new approach to security: The “Proof of Credit” consensus mechanism. POC won an award from the Chinese Ministry of Industrial Technology as the Most Outstanding Blockchain Project. NULS is primed to dominate the Chinese blockchain sector after being added to China's Official Blockchain Ranking System, governed by the CCID. (China Electronics and Information Industry Development Research Institute)

https://www.reddit.com/r/nulsservice/comments/7spnob/nuls_vs_other_coins_comparison/

Proof of Credit

The POC consensus mechanism punishes bad actors on the network and rewards good actors. POC is similar to Proof of Stake—It allows clients to stake their NULS into a node on the mainchain and earn rewards for completing blocks. Each node is operated by an Agent administrator to keep it secure and updated. The specifications for running NULS node are:

8 Core CPU
16GB ram
500GB SSD

Every node requires a deposit of 20k NULS to be listed on the NULS mainnet. Once a node is listed, anyone can stake in it, however it will not become active and begin earning rewards until there are at least 200k NULS staked.

Once the node goes active, it starts earning client rewards for the stakers and agent rewards for the operator of the node. The node can hold a maximum of 500k NULS, but if at any time it goes below 200K staked NULS, it will go inactive and stop earning rewards until 200k is reached again. Unlike most Proof of Stake consensus mechanisms, POC allows clients to unstake at any time. If an agent decides to delist their node, the 20k Agent deposit will remain locked for 72 hours while client stakes can be moved immediately to another node.

Yellow Cards

POC system works by cycling randomly through the nodes, one at a time, to complete blocks and distribute rewards. Once every node in consensus completes a block, the cycle repeats. If an agent node misses a block, it is penalized with a yellow card. Multiple missed blocks will earn consecutive yellow cards.

The card system incentivizes node operators to maintain a secure, superior server and helps keep the network stable. When a node receives a yellow card, its credit rating is downgraded. A credit rating of 1 is 100%. A credit rating of .98 means that the node is only receiving 98% of the block reward until it returns to 100% (around 12 hours). At present, there are 78 active nodes operating on the NULS mainnet. It takes around 35 minutes for all of the nodes to complete a block in turn, before the cycle starts again. Once a node accumulates 100 yellow cards, it earns a red card...

Red Cards

When a red card is issued, the node is pulled from consensus and its agent deposit is frozen for 90 days. This prevents bad players from attacking the network and punishes nodes for their participation in an attack. Nodes that do not have their servers maintained and upgraded properly are at risk of multiple yellow cards.

Once 100 yellow cards accumulate, a red card follows. NULS staked by clients in a red-carded node are released back to the stakers immediately, but the agent's deposit remains frozen. This further helps to safeguard the network from spam attackers, 51/50 attacks including double-spending, and unstable servers.

Staking and Rewards

stakes.gif

Nuls has an official block explorer https://nuls.world/ which includes a calculator to find out how many rewards clients will earn each day, according to the amount of NULS you have staked.

To earn rewards as a staker, you’ll need a minimum of 2k NULS in your wallet. Now is the perfect time to accumulate before NULS climbs to the top of CCID ratings in September with release of smart contracts. https://www.nasdaq.com/press-release/chinas-official-crypto-ranking-introduces-two-new-contenders-20180810-00506

Choosing a Node

Most nodes offer 10% of agent commissions paid out to participating stakers. Currently, the highest paid commission offered is 30% at: https://nulswest.com/#/

Other factors to consider when choosing a node for maximum rewards:
• Nodes with Credit rating of 1 earn the highest rewards.
• Nodes with more participants are less likely to fall below the 200k threshold and have less chance of going inactive.
• Nodes that exceed system requirements for operation have less chance of server connection issues.
• Node owners who are active in the community can assist clients staked in their nodes by answering questions and offering support.
• Nodes that contribute to and fund community projects are the most likely to be around for the long term.
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You got a 48.36% upvote from @booster courtesy of @privateinvestor!

Good info! Thanks for posting.

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Follow me guys check my profile you’ll be surprised how i made my first 100k from 0...

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Follow me guys check my profile you’ll be surprised how i made my first 100k from 0

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Certainly! You're welcome to add us to Twitter and Telegram to be entered into a drawing for a FREE NULS T-shirt! Just a few clicks is all it takes to be eligible to win and you will have access to more news and info about NULS.
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Brought to you by @tts. If you find it useful please consider upvoting this reply.

Thanks Mate! :)

This post has received a 46.82 % upvote from @boomerang.

Super Information.
Danke für das teilen
:-)

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Sie können gerne unseren deutschen TG-Kanal bei https://t.me/nulsGER

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Ok danke für die hilfe.
Habe gerade gesehen das man sehr viel braucht zum Staking.

@privateinvestor purchased a 98.88% vote from @promobot on this post.

*If you disagree with the reward or content of this post you can purchase a reversal of this vote by using our curation interface http://promovotes.com

Impressive stuff. Automatic payouts...and weekly...that's quite rare in this ecosystem!

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Gotta keep the ecosystem honest and transparent! True principles of blockchain and distributed economy.

a lot new things! thank you for the informative post

This is incredible. The blockchain technology evolving so fast and now we are talking about 3rd generation? Awesome.
Proof of Work to Proof of Stake and now Proof of Credit.
Need to do a lot of readings now.

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Check this out--Chain Factory for NULS to help companies build a blockchain in ten minutes. The modular design of NULS is a first of its kind--maybe the last of its kind. It really puts a crown on top of blockchain innovation. https://www.coinspeaker.com/2018/09/12/nuls-wants-to-make-blockchain-affordable-with-its-chain-factory/

Very good information! Solves the issue of transparency stakers have when staking in profit sharing nodes.

excelente publicacion , me quedo el aprendizaje, mil gracias

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Siéntase libre de unirse a nuestro canal de Telegram en español para aprender más acerca de NULS
https://t.me/nulsES

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that is wonder to see a new projects for agent reward .....

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it is quite new to hear this proof of credit, but i dont really get it how the progress really going..

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You can check it out at the NULS block explorer by clicking on the "Consensus" tab. at https://www.nuls.world/ Join our Telegram and our team members and staker, devs, community leaders can answer any of your questions. https://t.me/NulsWestCommunity

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First time tha I hear about Nuls, thanks for share.

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Hey hey hey! don't miss a chance to win up to 47btc.
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Interesting project, great writeup and i will keep an eye out for NULS.

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Very informative. check this kucoin anniversary
https://twitter.com/KuCoinUpdates/status/1040973279073370112

Useful info, but something is confusing me. When staking using the nuls light wallet there are lots of agents to choose from. Is the commission percentage shown the percent that the agent keeps for themselves or the percent they give to the stakeholders? I can't find anywahere that talks about this number.

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The best commission for stakers is 10% (this is what the agent takes). NulsWest gives back 30% OF that 10% to stakers if you choose our node. We pay out weekly. https://nulswest.com/#/

Very good Article

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Thank you! Feel free to join our Telegram for more articles and the chance to win a few contests--I am writing about NULSTAR and Chain Factory right now ! We have a free NULS T-shirt giveaway and a GIVEAWAY of 50 NULS tomorrow! https://t.me/NulsWestCommunity
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Useful information , gainable knowledge

wow this is the future

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Yes! NULS solves all of the problems currently facing developers. It will part the sea, and bring in a whole new wave of enterprise interest--Imagine businesses being able to build a blockchain in ten minutes! That is what NULS will do when Chain Factory is ready in December. Exciting times!

I really liked your publication. Thank you.

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The publication the author wrote was contributed by NulsWest, and I am so glad enjoyed it!

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Good post ...
In the term of scalability NULS is good, success of any blockchain platform not only depends up scalability but also hoe is it useful to create smart contract.

NEO is already there which is known as Etherium of China, Would NULS replace the NEO, Is NULS have that potential?

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I think NULS definitely has that potential. Smart contracts are on the test-net already, and will be out in October on the main net.

NEO has some limitations that NULS does not.

The delegated Byzantine fault tolerance system poses problems for NEO, since if just one validator node goes offline, the entire network goes down.

NEO does not support modular chains or pos/pow modules to provide interoperability with other chains and NULS does. This article is a good read for more information: https://medium.com/@Burger_9885/the-new-kid-on-the-blockchain-3-0-scene-nuls-vs-neo-85ef73ac4ac9