Bitvavo makes NULS as easy as possible. Here are answers to common questions to help you make your first steps in the world of digital assets.
Nuls (NULS) is a decentralized platform that uses blockchain technology and on which it is possible to develop decentralized applications. The goal of Nuls is to reduce the costs and knowledge required to publish a decentralized application. To achieve this, Nuls has built various tools such as Multi-Chains and a modular architecture. This should make it more attractive for (commercial) parties to develop decentralized applications and develop them on the Nuls blockchain.
To ensure that (commercial) parties can develop decentralized applications more easily, Nels developed several tools:
1. Multi chains; Nuls offers developers the opportunity to create their own side chains that can be integrated into the Nuls blockchain. This has the advantage that they can be adapted to the wishes of the developer. In addition, this ensures that the Nuls blockchain is not overloaded.
2. The modular architecture; the Nuls blockchain has a modular structure, which means that developers can choose which applications of the Nuls blockchain they can and cannot use. The modules include the network, the ability to create accounts, the ledger, the ability to save data, the consensus mechanism and smart contracts.
3. The implementation of smart contracts; the Nuls blockchain is suitable for building smart contracts, which may be necessary for various applications.
4. The Proof-of-Credit (PoC) mechanism; this is the consensus mechanism on the basis of which transactions are validated and shows great similarities with the Proof-of-Stake (PoS) mechanism.
With the help of the above tools, Nuls wants to lower the threshold, now that the basis is already there and third parties need less technical knowledge and their own development costs are lower, for (commercial) parties to use the Nuls blockchain.
Bitvavo makes it as easy as possible to buy digital assets and cryptocurrencies.
1. Sign Up
Create a free account with which you can buy, sell, send, receive and store NULS. Access your Bitvavo account from every location, on mobile and desktop.
2. Transfer Funds
Verify your account and transfer Euros to your Bitvavo wallet using one of the 8 supported payment methods.
3. Buy and Trade
Buy or sell over 150 digital assets and pay a maximum trading fee of 0.25%. Store your assets in your Bitvavo wallet or send them to your external wallet.
Storing NULS and other digital assets requires a wallet, but don’t worry: Bitvavo’s hosted wallet allows you to store NULS without any technical knowledge. Here is a brief overview of the existing wallet options to store your NULS:
Hosted wallets are wallets where the private keys to your NULS are managed by a third party such as Bitvavo. Access to your account is protected by a password and other advanced security features. Once you are logged in, you can easily and conveniently manage your NULS online. Bitvavo offers standard hosted wallets for all digital assets that are offered on the platform.
A software wallet is a program installed on your computer or other device in order to use and manage your NULS. Using a software wallet gives you full control over your private keys, so you are not dependent on third parties. The risk is that you alone are in charge of the security of your NULS, and if malicious parties have access to your device, your private keys (and therefore your NULS) can be stolen.
A hardware wallet is a physical device on which you can store your NULS offline. It is one of the safest ways to store your NULS, because the private keys are stored on a separate and offline device. Access to this device is often protected by a password. In many ways, a hardware wallet can be compared to a safe in which your NULS is stored.
You can use Bitvavo's hosted wallet to easily store, send and receive NULS. Once you have purchased NULS on Bitvavo, you can choose to send your NULS from your Bitvavo wallet to your own software or hardware wallet.