Jieyi Technology will create a cloud-based NULS blockchain solution for its customers for address binding, domain name registration, purchases, and renewals. The application will provide users with a digital NULS wallet. Customers can even make payments in NULS cryptocurrency for purchases made within the application or store NULS in the wallet for future transactions. Thus, the digital wallet will be fully integrated with Jieyi Technology.
Customers paying in fiat currency will have to pay a credit card transaction fee. Customers who buy NULS at the time of making payments will be subjected to volatility in cryptocurrency prices and may have to pay more for the same quantum of services. Those customers who buy and store NULS for future purchases will pay very fewer transaction fees as well as get freedom from market volatility as there is no conversion cost involved as the payment is made in NULS itself. Thus, it can be logically concluded that this application will lure more customers to use cryptocurrency for making routine payments.
NULS is an open-source blockchain platform with modular architecture. It is divided into the microkernel and customizable modules. The microkernel is the base of the blockchain and modules like for smart contracts, multi-chain system, and cross-chain consensus. Developers can customize these modules and use them with the microkernel to create their unique applications.
Also, due to its modular architecture, future improvements can be easily incorporated.
NULS uses a Proof-of-Credit consensus mechanism, which is similar to Proof-of-Stake in which users have to deposit NULS to mine NULS.
NULS smart contracts can be adapted to different programming languages, which allow developers to work in the language of their choice.