Several cryptocurrencies may exist today, but they all face the same problem – the extremely volatile prices and the cover-up of decentralization. In this setting, NULLcoin is regarded as the world’s first depreciation-resistant currency. It keeps the price on an appreciation curve by using an architecture-level design. NULLcoin acts as an alternative to store-of-value cryptocurrencies.
In a recently published white paper by Hackernoon, the team says that NULLcoin will live beyond the purview of the regulatory bodies. This is by ensuring that the transferred amount in other cryptocurrencies from one’s account is small enough to qualify as a “gift” transaction from entities to the team. This depreciation-resistant cryptocurrency consists of ERC-20 tokens on the Ethereum Blockchain.
What Does NULLcoin Do?
An asset that maintains its value without depreciating is a store of value which makes NULLcoin the absolute store of value. When one purchases a NULLcoin, they are not transferred to the wallet of the buyer. Instead, they are directly sent to a NULL wallet-the private key of that wallet was noted on a piece of paper and burnt which is known as token-burn. Thus, the tokens are removed from the supply permanently and increases token’s prices. In short, the prices increase as goods become scarce.
This does not make NULLcoin any different because this a common practice done by Stellar (XLM), MakerDAO (MKR), and Binance Coin (BNB). What makes NULLcoin different is that the purchased tokens are burnt 100% right at the point of the sale. This activity results in the remaining NULLcoin become more scarce, which further leads to an appreciation of the price. To buy a NULLcoin, one needs to spend BTC/ETH/XRP/BCH, etc. to buy the NULLcoin.
NULLcoin is designed to be a completely no-code solution that will only live on the Blockchain. The technical architecture of NULLcoin only comprises no-code solutions. NULLcoin creation service – tokenmint.io – was selected by Full Stack Developer, Austin Pocus since it was the first thing which came up on Google SERP for the term “create ERC20 token.” However, other no-code solutions can also power NULLcoin, such as Zapier and Metamask
NULLcoin uses Ethereum Blockchain since it has the widest developer support and several tools. Also, NULLcoin uses Ethereum Blockchain’s primary feature of acting as a spreadsheet, which is termed as a smart contract. NULLcoin’s smart contract waits till all the token wallet achieves its fundraising goal of $0.00. If the goal is met, it can release 10 million NULLcoins directly into a private key-less Ethereum wallet, burning all NULLcoins.
As per David Smooke-Founder & CEO of Hackernoon, the team is already working towards a project to make sure that the ledger is 100% void of unwanted NULLcoin. To avoid any kind of coercion that may cause a coin to become any other type apart from NULL, the team coerced it back to NULL using a 20 step patent-pending process. The team is further looking to extend this cryptocurrency, which aims to coerce other coin types to NULL. That is not all as the team’s NULL coercion API will be available soon as well. As per the team, NULLcoin can be easily converted into a physical object representing the digital asset. However, tracking it could be challenging. In contrast, one can put as many as they want in their physical wallets or pocket.
The team says that NULLcoin does not change price over time, so there is no point in listing it in cryptocurrency exchanges. The NULLcoin is the first cryptocurrency to achieve true stability because it is valueless by design.