AMA — for NULS Chain Factory
Chain Factory is NULS core chain building product.
Below is the AMA transcript:
Berzeck — Hello everybody! My name is Mario but everybody knows me as Berzeck, today me and Kathy will answer all the questions related only to Chain Factory, but first let’s Kathy introduce herself.
Kathy Norman — Hi! I’m Kathy. It’s good to be here. I have an IT background. I love blockchain for its simplicity and builtin fail-safes. I am excited about Chain Factory . Chain Factory makes a blockchain possible for everyone to have one who wants one!
Berzeck — So first we will put the questions from Twittter
In general, only questions related to Chain Factory are being answered, many people just recycle questions from other AMA’s and ask them over and over again just seeking for a chance to earn a prize.
Q & A:
Below is the five best questions:
1] What is NULS ChainBox, can you explain it?
— ChainBox is an out-of-the-box solution to chain-building. It encapsulates six underlying modules: ledger, accounts, transactions, blocks, consensus, and network. ChainBox eliminates the necessity of direct blockchain experience and the need to understand distributed data storage, point-to-point transmission, consensus mechanisms, and encryption algorithms. Instead of spending time on blockchain architecture, developers can focus on creating independent business modules based on standard communication protocols, then form a brand new application chain in minutes with ChainBox.
ChainBox is more flexible and powerful than Chain Factory but requires a lot more blockchain knowledge to use it properly.
2] This was what your website was writing. ‘’ Nothing Makes Blockchain Easier Than NULS 2.0’’ I’m so curious about that, can you tell me?
— NULS microservices design enables NULS to create Chain Factory, a blockchain builder with an easy to use graphic interface, and foster an ecosystem around Chain Factory by creating and making it easy for partners/users to create blockchain modules that can be added to the Chain Factory warehouse, also, allowing developers to create modules on any language they want.
3] How your partnership with Chain Factory is helping with Nuls Adoption?
— Chain Factory enables to create blockchains in an unprecedented easy way, so we significantly lower the cost for many companies that are interested in building their own solutions and we provide help mapping relevant business processes to blockchain structures. Our product coupled with our service is generating interest in companies even in the strong alt bear market.
4] What auxiliary products and services do Chain Factory offer?
— In the future developers will be able to upload their own modules to Chain Factory’s warehouse for free or for a fee.
Chain Box is a more flexible and powerful alternative to chain factory but requires more blockchain knowledge.
5] — Why u call Nuls as a Chain Factory? and do the Nuls already have an use case for the otherfactory?
— Chain Factory is a NULS product, we have other products, and we are planning for others as well. NULS has attracted companies from several industries like gaming, social media, storage solutions, etc.
and one more done recently.
6] What are the achievements after NULS 1.0 mainnet? Can you explain more about your “Chain Factory” main product? How many partners are using your case?
— Chain Factory enables anyone to create their own customized blockchain in just minutes. Simply select the options, enter the parameters that you want for your chain and token, and Chain Factory will automatically download and deploy your own customized blockchain. There are like 15–20 third parties building on Chain Factory right now.
So the objective of this is that our community understands why Chain Factory is so important in our long term strategy.
for this you can now ask questions and we will try to answer them as best as possible.
Question1: — What are the Main advantages of Chain Factory if we compare it with the same field project?
Berzeck: — Chain Factory is in its own level, the only few competition we have (that we know of) only allow to build block chains but without the capability of selecting and swapping individual modules and also withouth the convenience of a very easy to use GUI.
Question 2: — Could you please explain what is Chain Factory to a person who is not familiar with Crypto. With simple words. Cause I have friends who are not familiar with Crypto and I want to introduce them to Nuls and Chain Factory. How to get their interest?
Kathy Norman: — NULS Chain Factory — the ability to build a blockchain by selecting the modules relevant to your requirements. This is a technical and (if you want) business exercise involving the token economics planning. Chain Factory facilitates education, software development, simulation, blockchain ownership, to list a few.
Queation 3: — Are there any project currently using NULS to build a blockchain?
Could you please tell me How will NULS build its own ecology in the future?
Berzeck: — We have between 15–20 projects that we know that are building using our solution or at the very least experimenting with it. We are not worried about receiving income right now and our strategy is to expand as much as possible until we have built a solid ecosystem, for this we are willing to offer free direct support to our partners to complete their projects successfully.
Queation 4: — What are the Chain Factory’s Main functions?
Could you please tell me How does it build a simple, threshold-free, efficient and low-cost blockchain?
Berzeck: — You go to factory.nuls.io, you select the modules you want, select the genesis and seed addresses, and a few mor parameters and that’s it. You are able to download a full working blcokchain and if you selected relevant modules you can also have smart contracts, web wallet, explorer and cross chain functionality.
Queation 5: — What do you think is the biggest problem that NULS chain factory can solve?
Kathy Norman: — You need to make sure you have the architecture that enables you to solve the unexpected. Sometimes the biggest problem is the one that hasn’t yet been identified. Blockchains need to be strategic and flexible to respond quickly to security/feature requirements that suddenly need to be addressed. NULS modular design enables NULS to respond FAST.
Queation 6: — Could you tell me the relationship between the chain built by users on NULS and the NULS public chain?
Berzeck: — Each chain is separate from NULS blcokchain and they will connect each other using cross chain functionality (this module will be premium, meaning that you need to pay for it), this way educators and people that want to experiment with blcokchain they can do it for free, but if you want to profit the only ways to get out are: 1] listing on an exchange (insanely expensive) 2] purchasing cross chain module (insanely cheap).
Question 7: — What are the steps to build blockchain on Chain Factory and how effective will be this blockchain actually. Is the information fully secured and private?
Kathy Norman: — I invite you to try out Chain Factory. Go to https://factory.nuls.io/ You can create a blockchain. Creating the blockchain is free. Downloading it is not. Create a NULS account for yourself and then follow the steps. Lets us know what you think. We want to hear your opinion.
Queation 8: — What’s your take on the current IEO season compared to ICO fundraising?
What do you think is good/bad now?
Berzeck: — Not relevant to chain factory but I will answer any way, both are bad, one a little less than the other, because investors are extremely exposed not only to scams but to the fact that it is very difficult for a project to be successful in current environment, the answer to this is SCO program that allows investors to keep their tokens in full control while pushing for the projects to do constant progress. We will make a future AMA about this.
Queation 9: — Why did you make NULS Wallets, & what are the advantages of NULS Wallets that no other wallet has that advantages?
Berzeck: — Not relevant to chain factory, but Light wallet is designed to be light, easy to install and upgrade,easy to use but that takes advantage of our unique features, there is still a lot of work to do to incorporate all our products in one single UI.
Question 10: — What do you think is the biggest problem that NULS chain factory can solve?
Berzeck: — We are reducing the very high costs that a company needs to invest in order to start testing blcokchain technology for their particular use case, because you do not need to hire expensive developers to use it, just have a general idea about blockchain, also we offer free direct support to our partners helping them in the very hard activity that is to map their business process to blockchain tech (this is probably one of the most time consuming and expensive activities), also, summed to the fact the chan Factory is very hard to copycat, we are well poised to be first movers in a whole industry.
Queation 11: — What is the best product that the project has?
And what have you done to make the platform convenient and user friendly?
Kathy Norman: — That is like trying to anwer what is my favorite food! Chain Factory — it is revolutionary. Now you can develop/teach/etc on your own blockchain. Also, great is our robust Mainnet. Also POCM — the ability to creat short term funding for a project/company. Also, cross-chain. Most important: our modular design which makes all our products possible.
Question 12: — What is your marketing strategy? What are your expectations for the project in the cryptocurrency world in 2020?
Berzeck: — We have hired Multiplied which is a top notch Marketing company that already proved fruitful in a very short period of time, they help us with the general strategy and tactical activities as well.
In general the strategy is to let people know what we offer, we have real products being used by real companies and they are no longer just a nice whitepapers, so Marketing objective is spreading the word.
Question 13: — Does NULS provide it services to commercial businesses to increase the adoption of blockchain technology?
Berzeck: — Yes, right now we provide free consultancy services to our partners, for companies that require blockchain services that are not our partners directly we offer services for a fee.
Question 14: — Can you give us some Major reasons for buy & holding Null Tokens?
Kathy Norman: — You can put your NULS to work right away. An immediate NULS investment is to stake in a NULS node. This will yield > 10% annual earnings. Or, you can invest in a company/project that is hosting a NULS Consensus Node. This is called a POCM node. Your return would be whatever the project/company is offering. In both cases you can pull your NULS out at any time.
Question 15: — What is the main challenge Chain Factory is facing right now at the moment?
Berzeck: — Nothing big but we need to polish the product to increase our brand awarness.
Question 16: — Is NULS Chain Factory have a Feature that highly beneficial with the concept of DeFi?
Berzeck: — Those concepts are not directly related, but Chain Factory helps ANY kind of project to produce results a lot faster and cheaper than the competition, in the future people will be allowed to upload their own module for free or for a fee, allowing us to increase our ecosystem exponentially.
The fact the Chain Factiry shares Nulstar from NULS (the microservices infrastructure) allows companies to develop individual modules that satisfy their particular needs in a very cheap and effective way.
Question 17: — Can you give us some Major reasons for buy & holding Null Tokens?
Berzeck: — Not related to chain factory but i would highlight :
1] microsrervices architecture.- unique in crypto which enable us to evolve and adapt a lot faster
2], SCO process with POCM contract: which enable people to invest in projects that build over NULS without risking their capital, just the staking amount generated ( pocm.nuls.io ). If a project is widely successfull then it may generate NULS buying pressure directly
3] USDI stable coin pegged to USDT validated by smart contracts
4] Soon to be launched: DEX
5] Governance tools: for voting (gov.nuls.io)
6] Chainbox and chain factory to create custom blcokchains (factory.nuls.io) that have a viable business model (selling premium modules for a price).
Question 18: — What types of users are there in the market that Nuls Chain factory is focusing on?
Kathy Norman: — Here are some verticals that benefit from Chain Factory: education, blockchain development, Dapp development, software support reseller (e.g. RedisLabs), any company/project who is considering creating their own blockchain. Let us know if you have a project that would benefit from Chain Factory.
Question 19: — What do you think is your major contribution in crypto space that will lead towards mass adoption?
Berzeck: — Microservices architecture/ infrastructure (Nulstar) which allowed us to build Chain Factory among other products and also allow us to adapt and evolve faster than anybody else in crypto. I am confident that the next years blcokchains will switch to microservices but of course we will already have years of heads up advantage.
Question 20: — What problems did you face when trying to implement your product in working businesses?
What are your strengths/weaknesses?
Berzeck: — The biggest problem is probably helping our partners to map their business processes to blcokchain technology, that takes a lot of time and resources, gladly we can have the luxury to offer this for free to our partners.
We have great technology not seen anywhere and very difficult to copycat,
our main weakness was historically, how to make people know about us (we failed).. acknowledging this we hired the best professionals in the area to solve this problem and it is already showing good progress!
Question 21: — What is the guarantee of the NULS blockchain system to implement a private chain for the company, in terms of security?
Berzeck: — The same our current blcokchain has, as it shares the same infrastructure, so while our blcokchain is safe probably all other will be as well, of course if some company add their own modules thats something they need to be responsible for.
Question 22: — What is the current usage of Chain Factory?And how you are attracting new users and companies to it?Do you have enough developers to make sure everything is running smoothly?
Berzeck: — Marketing company will help as in this regard as they are professional in public relations, we are extremely attractive because besides a great product we offer free consultancy services.
we have like 15 active devs and that’s a lot for a small cap organization like us.
Question 23: — Do you believe that the chainfactory was the missing feature in the market to facilitate companies join to blockchain?
Berzeck: — Spot on! that’s the whole reason we built it! right now projects offer a lot of tools so develoipers can code upon them but very few offer tools for NON -develoeprs and thats something companies appreciate because reduces cost a lot.
Question 24: — Is the microservice architecture really efficient? I mean there is a lot of overhead involved compared to regular in-process function calls?
Berzeck: — The overhead that network issues has on a blcokchain product is orders of magnitude more than the overhead from microservices, so it does not affect at all, specially in this type of product. on the other hand google, microsoft, facebook, netflix are all migrating to microservices architectures so I am sure they care about performance… in fact for Nulsar I will implement gRpc and protobuffers from google microservices to make communication even more efficient. But again this does not represent absolutely any lose of performance on a blockchain project.
Question 25: — Great project
I have just a simple question
How can I support Chain Factory and NULS in a whole?
Berzeck: — Be active! help us spread the word with twitter, facebook and other social media outlets! I am not even asking to purchase NULS I just want people to know what we are doing!