Null Protocol

Nullex logo

Null protocol is a blockchain technology behind the Nullex (NLX) cryptocurrency.

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Nullex company

Nullex is a Canadian blockchain company headquartered in Toronto, Ontario. The company was founded by Trystan Partridge and Erik Feriotto. The company originally came to life to work on the development of the GPU coin, that was later forked to become the Nullex cryptocurrency. The Nullex team is working on blockchain-based solutions for providing additional security and privacy of transactions.

Null protocol

The Nullex cryptocurrency is an open-source, privacy-focused Proof-of-Stake cryptocurrency based on four layers which are the Null Blockchain, the Null Array, the Null Controllers and the Null Applications, all powered by the Null Protocol.

The Null Protocol is basically a way of making transactions of the coins, tokens or data completely freshly minted on the wallet of the receiver. The coins sent in such way have no traces and provide transactions with the protection from analysis and tracking. The coins in the Nullex blockchain are totally deprived of the transaction history.

The protocol works in the following way:

  1. Transaction is sent with the zerocoin protocol
  2. The coin/coins is broken in pieces
  3. The pieces are restored and sent again from the blockchain and re-sent to the receiver
  4. NLX coin is received and stored in the new wallet as a new coin

This approach makes the network of Nullex very anonymous and private, enabling the efficient maintenance of the various technologies within the blockchain.

The Null Blockchain is, ultimately, a data storage powered by the Null Protocol, that is establishing a base for the performance of various operations with the digital assets. Null Arrays are full nodes, similar to the nodes in the Bitcoin network. The difference is in their duty to provide a certain level of service to the network and have a bond of tokens to participate.

The Null Controllers are the nodes that validate transactions. According to the Nullex team, to achieve consensus; Proof of Stake 3.0 (PoS) requires nodes running a wallet software proving that it has coins in the Blockchain in order to verify a block of transactions. The nodes, that are participating in this process receive an amount of blocks proportional to their stake per set period as a form of reward. Alongside the growth of the number of the Null Controllers the network becomes more secure and decentralized as less and less controllers can manage to get a large part of the network’s stake.

Null Arrays and the Null Controllers roles are somewhat close to the roles of witnesses in the DPOS-based blockchains. They are a limited number of validators that are obliged to provide the network with robust and secure maintenance. However, Null Arrays also have a feature of providing certain unique services for the clients of the network.

Null Applications (NApps) are decentralized applications. Powered by the Null Protocol they provide anonymous and self-executing services that leverage the Null Protocol to register user participation and manage permissions within the network.

The network architecture of Nullex is a scalable 3-layered network. The 3 layered structure was necessary to establish an untraceable transaction flow. The wallets of the Nullex cryptocurrency are available for Windows, Mac OS and Linux. It features built-in block explorer and wallet repair tools. It also features BUP38 password encryption, Multi-Signature and Multi-send functions.

Nullex cryptocurrency

Nullex, the cryptocurrency, that was built upon the mentioned principles has the following specifications:

  • POS (Proof of Stake) consensus algorithm
  • Difficulty retargets every block
  • Block time is 60 seconds
  • The reward for one block validation is 3.8 NLX
  • Total supply is 67 million coins
  • Masternode Collateral Requirement is 50 000 NLX

The plans of the Nullex company include the development of Android and IOS wallets, hardware wallet implementation and in-wallet proposal voting hub. Later plans are the establishment of the merchant payment gateway API. The coins is intended to become a popular mean of payment for everyday transactions.

Nullex coin Price Online via CoinMarketCap

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See Also on BitcoinWiki