Just before the closing of 2020, we announced a new collaboration with BonFi. In the past weeks, they have developed their new NULS-BNF Credit Mining product that is beneficial for both communities. This new DeFi product will be released on Friday, the 15th of January.
Proof of Credit Mining (POCM)
NULS SCO is a platform that uses smart contracts called POCM to distribute BonFi tokens to NULS stakers, and in return, BonFi receives the corresponding NULS. By minting a new BonFi token on the NULS Network (NRC20), BonFi can gain full access and interoperability with several blockchains, including Binance (BSC), Huobi Chain, Ethereum, NULS, and NerveNetwork. In the future, more blockchains will be added, because we believe that the notion of “one blockchain to rule them all” is flawed. The reality is that multiple blockchains will thrive serving different use cases and goals.
The newly minted BNF NRC20 will be governed by a decentralized network of node operators to verify all transactions on this network. NULS token holders will be able to stake their coins with these node holders and receive NRC20 BNF tokens as a reward. Participants never risk their principal as the NULS tokens stay in the user’s wallets.
They want to emphasize that this new offering does not dilute the existing token supply. All freshly minted BNF NRC20 tokens are convertible on a 1:1 basis with native BNF (ERC20) tokens. Through NerveDex, users will be able to convert their BNF (NRC20) tokens to BNF (ERC20) tokens in the near future.
NULS-BNF POCM Program Details
- Program Duration: 730 Days (24 Months)
- Minimum Participation Amount: 100 NULS
- POCM Ratio / Total Rewards: 2.4% / 24 million BNF
- Reward Distribution: Continuous, every 10 blocks.
- Token Locked Days: 7 Days Lockup after receiving rewards.
How to get started?
We have compiled a series of videos that provide a step-to-step breakdown of how to participate with NULS-BNF Proof of Credit Mining.
NULS wallet tutorial: Learn the basics on how to get started with the new NULS 2.0 Light Wallet.
Learn more about SCO and POCM:
NULS Enjoys the First-Mover Advantage With SCOs — The Staked Coin Output Rewards Model
SCO is a new model for staking rewards that gives unparalleled flexibility to both projects and token holders, and it’s…
Fund Your Project Using NULS POCM
With Proof of Credit Mining (POCM), any person or business can jump-start a project and issue tokens. POCM is one of…
NULS is an open-source, enterprise-grade, adaptive blockchain platform that offers fast-track business solutions for developers. Featuring microservices, smart contracts, cross-chain interoperability, and instant chain-building, NULS sets a new industry standard in streamlining blockchain adoption.
The microservice-layer design of NULS provides fluid, cost-effective, time-saving solutions for developers with minimum blockchain experience. As a public, community-driven project, NULS is building the future upon the strength and security of decentralized blockchain technology and the NULS Foundation to ensure the cooperation and success of the whole ecosystem.
NERVE is a decentralized digital asset service network based on Nulstar, the NULS’ micro-services framework, which uses NULS’ ChainBox tool to develop a cross-chain interaction protocol. The aim is to break the isolated blockchain value and establish a cross-chain asset exchange network to provide all the underlying support for the Defi application ecosystem.
BonFi is a multilayered open finance liquidity mining service platform complemented by the AI-powered BonVest, a professional cryptocurrency liquidity mining solution. It expands the DeFi financial product offering by combining smart contract staking and a managed cryptocurrency liquidity pool to achieve sustainable benefits for users.
The best way to get involved with NULS is to join in!
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