Ethereum + PUMLx
What is Ethereum?
Even though most people aren’t familiar with blockchain, they’re probably aware of Bitcoin, which uses blockchain technology. Ethereum is the second most popular blockchain and is quickly gaining ground against Bitcoin’s dominance.
Ethereum (ETH) is an open source public service that uses blockchain technologies to facilitate smart contracts and digital currency transactions safely without a third party. Ethereum allows developers to create any kind of decentralised app. Even though Bitcoin remains the most popular cryptocurrency, it’s Ethereum’s aggressive growth that has many speculating it will soon overtake Bitcoin in usage.
History of Ethereum
Ethereum’s founder, Vitalik Buterin, first got involved in Bitcoin when he was 17 years old and he went on to found Bitcoin Magazine. He created Ethereum in 2014 after becoming frustrated with the inflexibility of the Bitcoin code. He saw that the Bitcoin community was not approaching the problem in the best way. He imagined a platform that went beyond just the financial uses allowed by bitcoin and released a white paper describing what would eventually become Ethereum using a general scripting language (Solidity). One of the main differences between Bitcoin and Ethereum was the fact that Ethereum could trade more than just cryptocurrencies.
To launch Ethereum, Vitalik Buterin and his fellow founders ran a crowdfunding campaign where they sold Ether (the cryptocurrency built on top of Ethereum) to raise funds for their project. They managed to raise more than $18 million from investors. The first live release for Ethereum known as Frontier was launched back in 2015. Since then, the platform has been growing rapidly and today there are tens of thousands of developers building applications for Ethereum Virtual Machine (EVM) across multiple blockchains and layer two protocols.
Eventually, Buterin hopes that Ethereum will be the solution to all use cases of blockchain that don’t have a specialized system to turn to.
Ethereum has been experiencing growing pains and still suffers from some of the issues that Bitcoin faces mainly in terms of scalability. The value of Ether has fluctuated dramatically since its inception. This tremendous growth is attractive to many investors, but the volatility makes other investors cautious.
It’s a relatively new platform, but its potential for use in so many different industries is limitless. Over the past few years, Ethereum has been challenged by security issues and because it is less monopolistic than Bitcoin it is more open to reforms that might eventually make it a superior solution compared to Bitcoin. A total of $50 million worth of Ethereum was hacked in 2016, resulting in questions about the platform’s security. This caused a split among the Ethereum community and it resulted in two separate blockchains: Ethereum (ETH) and Ethereum Classic (ETC).
PUML + Ethereum
The original vision for PUML was to be a mass-market product, something that could bridge the gap between web two and web three users. At the time, and even still today, Ethereum was not a great, scalable platform. This is why PUML was originally built on EOS.
EOS uses a delegated proof of stake consensus mechanism. No one even knew what proof of stake was in 2018–2019 when PUML was founded. EOS was created by Dan Larimer, a very smart guy who was quite good friends with Vitalik, and he understood the issues the ETH was dealing with, with their scaling. At the time the EOS platform offered more opportunities that would allow PUML to build a mass market app, and that’s why PUML originally chose to go with EOS.
As the market continued to evolve and NFTs became a bigger part of the program, it made sense to migrate over to an ERC20 EVM world where the biggest markets for NFTs were being built. PUML’s flagship Genisis Sports Athlete NFTs are built on Ethereum as the PUMLx token which is in the works.
The Future of Ethereum
As the blockchain continues to evolve, so too has its underlying technology. These changes include the release of new features called Byzantium, Constitutionalistation and the recent successful merge of Eth 2.0 to the Beacon Chain — a shift from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism.
DeFi projects built on Ethereum as well as the explosion in popularity of NFTs received considerable attention in 2020 and 2021, highlighting Ethereum’s scalability issues. Ethereum’s transition to eth2 and proof of stake aims to increase scalability for the well-known blockchain. However, the shift occurs in stages and the move to POS will not help to reduce the high gas fees that plague the system when it’s being heavily used. It will not be until Sharding is introduced in the future that gas fees will be significantly reduced.
Ethereum is one of the most important players in the cryptocurrency world, as shown by its huge market cap and the variety of applications built on top of it. By choosing Ethereum to build our token and genesis-level NFTs, PUML has put itself at the forefront of the crypto revolution and in a strong position to move forwards in our evolution.
About PUML Better Health
PUML Better Health is one of the original Web3, Move-to-Earn, Fitness and Wellness company from Gold Coast, Australia. PUML specialises in the Move-To-Earn industry, where users can get rewarded with their cryptocurrency token $PUMLx on the Ethereum blockchain for completing health challenges such as steps and meditation. PUML successfully launched Move-to-Earn for Corporates in 2021 by signing with major corporations such as Singapore and Malaysia’s Western Union, Deloitte, LVMH and many more, generating substantial revenue and growth.
Visit PUML at https://pumlx.com/ or https://twitter.com/pumlhealthio
