The NULLcoin™ White Paper [Public Release]
Founder and CEO at NULLcoin
A Novel Solution for Increasing Token Demand While Eliminating Volatility
Abstract: In quarantine, Shakespeare wrote King Lear, Isaac Newton defined gravity, and now we've invented the NULLcoin™, an inflation-proof cryptocurrency with zero volatility. The NULLcoin™ serves as a viable alternative to the store-of-value cryptocurrencies, unstable government controlled money supplies, and shall live beyond purview of the regulatory bodies by ensuring that the transferred amount in other cryptocurrencies from your accounts shall be kept small enough to qualify as a “gift” transaction from entities to us. This depreciation-resistant cryptocurrency consists of ERC-20 tokens on the Ethereum Blockchain.
Introduction: Why The World Needs NULLcoin™
There are over a thousand cryptocurrencies
in existence today. Almost all, if not all
of them suffer from the same issues that have plagued cryptocurrencies since the birth of the Blockchain
— extremely volatile prices and a thinly veneered facade of decentralization
NULLcoin™ fixes all of that. It is also the world’s first depreciation resistant currency due to an architecture-level design to perennially keep the price on an appreciationary curve.
Technically, it would make hodling NULLcoin™s a zero-risk asset/investment but for a teeny-tiny detail. You can buy NULLcoin™ but you cannot hodl it.
Since other cryptocurrencies are intangible assets/tokens too, we do not foresee this aspect of the NULLcoin™ to be a stumbling block. However, all investment ‘suggestions’ including this white paper need to inform the readers that all investments of this nature are to be deemed risky by default.
Thus, everybody on Earth and beyond is hereby advised to perform their due diligence before investing.
The Solution — NULLcoin™
What does NULLcoin™ do? You ask? We were afraid you might ask that. According to Investopedia
, an asset that maintains its value without depreciating is a store of value.
By that definition, the NULLcoin™ is the perfect store of value. To offset depreciation, the NULLcoin™ employs a nifty trick.
As soon as you purchase NULLcoin™s, they are not transferred to your wallet. Since humans are known to make bad investment decisions which lead to dissolutions, divestments, and in some cases, dismemberment, your purchased NULLcoin™s are directly sent to an exclusive Null Wallet whose private key was meticulously saved on a piece of paper which was then symbolically set on fire.
This is called a token-burn (as explained by Cointelegraph
) and it removes those tokens
from the supply permanently. While this works wonders for the token’s price - as a good becomes scarcer, its price increases.
This is not unique. Some of the biggest names in crypto - Stellar
(XLM), MakerDAO (MKR), and Binance
Coin (BNB) are routinely burnt in this or a similar fashion - to achieve the same purpose.
What is unique to the NULLcoin™ is that it “burns” 100% of the purchased tokens, right at the incidence of sale. This makes the remaining NULLcoin™s (sitting in our company wallet) scarcer and hence leads to price appreciation.
We promise that we will not withdraw even 1 attonull (smallest denomination of the NULLcoin™) from the company wallet.
To purchase NULLcoin™s, you’ll have to spend BTC
/XRP/BCH, etc. to buy the NULLcoin™, but since they’re not perennially price appreciative cryptocurrencies, we think you’ll be better off without them. NULLcoin™ is the one and only future of cryptocurrencies - neigh not just crypto - it is the future of all currencies.
“The NULLcoin™ has an infinite circulation limit so people can have as many as they want,” said Chief Product Officer Dane.
NULLcoin™ is envisaged to be a completely no-code solution that will live only on the Blockchain. Thus the Technical Architecture is comprised entirely of no-code solutions only.
We’re using Google (for Googling) for most of the heavy-lifting. For example, the NULLcoin™ creation service - tokenmint.io was selected due to the fact that it showed up on the first page of the Google SERP for the search term “create ERC20 token.”
“NULLcoin™ was easy to make!” said Full Stack Developer, Austin
. “All I had to do was visit tokenmint.io
, figure out whether I wanted a mintable or fixed-supply token, research what those were, ask my teammate Utsav what the difference was, read a couple of whitepapers, select fixed-supply, go to the supply definition screen and enter the supply, ask Utsav
whether we should make an infinite supply, found out we couldn’t, connect my Ethereum wallet (asking Utsav whether it would automatically withdraw funds from my account), and in those 11 or 12 easy steps, I was done! I created an ERC-20 token, and with tokenmint.io and Utsav’s help, you can too!”
Other no-code solutions to power the NULLcoin™ will be:
Zapier: To automate the process of creating a master-list of all buyers of NULLcoin™s. While completely unnecessary to keep a record, since we send all NULLcoin™ to just one address - the Private key-less wallet. Still, who really know how taxes work? So, we’ll keep a record of all monies sent to our wallet via Zapier integration.
Metamask: To deploy a wallet to the Ethereum mainnet, we need to deploy the token contract on-chain. This requirement will be served by Metamask.
: Not to be confused with the movie character, we will require an automation script to batch-process all incoming transactions, release equal value of NULLcoin™s, and transfer them to the Private key-less wallet. Our mad scientist Austin will provide a script in the form of an API to save time. For this, we’ve decided to elevate Austin to the rank of a
and named this solution - Austin Powers
Why Blockchain (because Stone Cold said so)
Also, because it’s cooler than saying “We’re raising funds to create a spreadsheet. No one would take us seriously. Like seriously!”
Blockchain enables openness of transactions giving users complete visibility into the 2-step transaction cycle that would’ve been visible to all actors anyway.
taken care of, we had to figure out
We settled for the Ethereum Blockchain because -
- It has the widest developer support (although NULLcoin won’t need it)
- It is several testing tools (but we’re going straight into production..YOLO)
- It was the first result on our SERP for “Which Blockchain To Use?”
The NULLcoin uses the Ethereum Blockchain’s most primitive feature - the ability to act as a spreadsheet macro
. They like to call them smart contracts
The NULLcoin smart contract has the singular event of waiting till the token wallet achieves its fundraising goals of $0.00 USD. If funding goal is met, it releases all 10 million NULLcoins directly into a private key-less Ethereum wallet, essentially burning all NULLcoins.
If you weren’t able to buy in time, don’t worry. Anyone can request more NULLcoins at anytimee, and the system will not only issue the token, but also burn the token.
Token Economy Design
"Zero is the only non-volatile number,” said David Smooke. “Once nothing becomes a numerical something, that something changes value over time. By making the NULLcoin™ hodl no value and not be backed by an unstable asset such as the US dollar, we are ensuring that the NULLcoin™ can remain truly stable. From now and through eternity, anyone can issue a NULLcoin™, and it will hold the exact same value. I would argue, we’ve invented the stablest coin in human history. At the very least, we’ve tied for the most stable stablecoin in human history.”
Mapping of Edge Cases
Dividing by Zero
You may run into situations where an inevitable division by zero occurs. This is undefined behavior and according to the current laws of physics may cause a rift in spacetime that annihilates us all, or may not. It may also cause you to have either infinite money, or no money. In order to correct this, please contact your bank, unless you have infinite money in which case you should email us immediately.
Nonzero wallet balances
Let’s say a rift in spacetime has occurred. You may find yourself with non-null NULLcoin™s. This is obviously a paradox and will resolve itself by the universe erasing you. If you’re still reading this, then it was not a paradox and you should contact us to correct this obvious mistake.
Well, the axes are there. The trendlines are not missing. This is what a revenue projection looks like when there’s never even been a revenue source and there are no prospects in the future either.
We believe a no-trendline chart is better than a downward crashing revenue chart. Your opinions might differ but that’s the beauty of opinions. We’re all entitled to form our own opinions and develop our independent belief system, without fear of coercion.
OnChain Garbage Collection
Many tech companies are mobile-first, design-first, api-first, or some-other-random-tech-first. Not us, we put the environment first. The brightness of our green represents our eco-first philosophy. That’s why the very first project on our roadmap will be to make sure our ledger is 100% void of unwanted NULLcoin™™. We are already prototyping a giant green Pacman-like creature to automatically and sustainably gobble up discarded NULLcoin™™.
NULL Type Coercion
If division by zero or some other error causes a coin to be any type other than NULL, we’ll coerce it back to NULL using a 20 step patent pending process. We will also extend this functionality to any other cryptocurrency wishing to coerce any of their coin types to NULL. Our NULL coercion API will be available at an introductory price of $1 per single coercion or $10 for a batch coercion limited to 100 coins.
Altcoins suffering from inviability will soon be able to convert 1:1 for NULLcoin™.
Our smart contract protocol will offer the closest functional equivalent to a NULL primitive our mortal team could imagine given a 6-pack stimulus package. When a smart contract executes, it will simply return a noop.
Unlike altcoins, each NULLcoin™™ can safely and instantly be converted to a physical object representing the digital asset. A physical NULLcoin™ is a massless point in space. The downside, you might find it difficult to keep track of all your NULLcoin™. The upside, you can put as many as you want in your pocket.
You didn’t think we’d launch physical NULLcoin™ without waterproofing them did you? Of course not! Each NULLcoin™™ will be guaranteed waterproof up to 600ft.
Q3 2020 - Q4 2021
To be announced during NULLCON 2020.
Because the NULLcoin™ does not change price over time, 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.
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