What is PulseChain? A complete beginner’s guide.
Step aside Bitcoin, Ethereum — there’s a new player in town, and it’s shaking up the crypto landscape.
Welcome to the new world of PulseChain! 🪐
With blockchain technology revolutionizing everything from finance to governance, it can be a task to keep up with all the latest developments. But some breakthroughs are too significant to overlook. PulseChain is one such phenomenon that’s causing ripples in the cryptoverse. This article will guide you step-by-step, unpacking the fundamentals of cryptocurrency and blockchain, and we will deep dive into all that PulseChain has to offer.
What is cryptocurrency?
Cryptocurrency, often abbreviated to crypto, is a modern form of digital money, maintained by cryptographic technology. The genesis of this novel financial mechanism traces back to 2008, marked by the creation of Bitcoin. What set cryptocurrencies apart from traditional bank transfers or financial services like Paypal or Alipay was the absence of a middleman.
What is a middleman?
Middlemen are central authorities, such as banks or governments, that mediate transactions between senders and recipients. They possess the power to surveil, censor, or reverse transactions and are capable of sharing sensitive data they collect about you with third parties. They may also control your access to certain financial services.
Cryptocurrencies like PulseChain stand in stark contrast to this traditional system. Crypto transactions establish a direct link between senders and recipients, thereby bypassing any central authority. Your funds remain confidential, and no authority can dictate your choice of services. This remarkable feature is a product of the underlying technology called blockchain.
What is a blockchain?
A blockchain is a database that records transactions and is updated and distributed across numerous computers within a network. Every time a new set of transactions is added, it’s referred to as a “block” — hence the term, blockchain. In most cases, blockchains are public, and data can only be added, not removed. For someone to tamper with the information or defraud the system, they’d have to do so on the majority of networked computers — an improbable feat. This renders established blockchains like PulseChain highly secure.
Why is it called cryptocurrency?
Cryptocurrencies leverage cryptographic techniques to safeguard your funds. These techniques, long utilized in the banking industry to secure monetary transactions, lend cryptocurrencies a bank-level of security.
What is a hard fork?
Imagine a hard fork as creating a new, separate road from a main highway because you want to change the rules of the road, like the speed limit. You start with the same journey but split off at a certain point. PulseChain is like this new road, but it’s a duplicate of Ethereum, which is a major highway in the world of crypto. At a specific point in time, PulseChain copied Ethereum’s journey, including all its cars (which represent your crypto tokens), and started its own route.
Now, PulseChain and Ethereum are two different roads with the same starting journey. While they can interact with each other via bridges, they are their own blockchain. PulseChain’s road has its own benefits like lower toll fees (transaction costs) and faster speed limits (transaction times). So, if you had any cars on Ethereum when PulseChain was launched, you’ll find the same cars on PulseChain too!
What is the difference between PulseChain and Bitcoin?
Having launched in 2023, PulseChain built on the revolutionary concepts introduced by Bitcoin and adopted by Ethereum but with some significant enhancements.
While both Bitcoin and PulseChain allow the use of digital money without banks or payment providers, PulseChain is programmable, enabling the creation and deployment of decentralized applications on its network.
Bitcoin allows us to send basic messages about what we value, establishing value without a central authority. PulseChain goes a step further: you can create any program or contract, without any limitations. As a result, PulseChain is a hotbed of innovation.
While Bitcoin serves as a payment network, PulseChain more closely resembles a marketplace for financial services, games, social networks, and other apps that respect user privacy and can’t be censored.
What can PulseChain do?
PulseChain offers a broad range of capabilities.
Banking for Everyone
PulseChain enables access to banking services for anyone with an internet connection, including lending, borrowing, and savings products.
A More Private Internet
Users don’t need to disclose all their personal details to use a PulseChain app, making it an economy founded on value, not surveillance.
A Peer-to-Peer Network
PulseChain supports peer-to-peer transactions, eliminating the need for intermediary companies.
Censorship-Resistant
No government or company has control over PulseChain. This decentralization makes it near-impossible for anyone to prevent you from receiving payments or using services on PulseChain.
Commerce Guarantees
PulseChain provides customers with a secure, built-in assurance that funds will only change hands upon fulfilling the agreed terms. Similarly, developers are assured of consistent rule adherence.
All Products are Composable
As all apps are built on the same blockchain with a shared global state, they can build off each other, like Legos. This fosters the continual development of enhanced products and experiences.
Cheaper and Faster Crossborder Payments
Stablecoins, a unique type of cryptocurrency pegged to a stable asset (usually the US dollar), facilitate a cheap and stable global payment system. These stablecoins streamline cross-border money transfers.
Meet Pulse, PulseChain’s Cryptocurrency
PulseChain’s native cryptocurrency, Pulse (PLS), is entirely digital and can be sent anywhere around the globe instantly. Pulse’s supply is not regulated by any government or company — it’s decentralized and fully transparent. New coins (or tokens) are exclusively issued to stakers who secure the network.
Each operation on the PulseChain network demands a specific amount of computational power, paid in the form of Pulse. Therefore, a minimal amount of Pulse is necessary to access the network.
What can I do with PLS coins?
Pulse coins have multiple applications, the most prominent being their use in Decentralized Finance (DeFi), extending a range of banking services to anyone with an internet connection. Users can employ Pulse as collateral for loans or provide liquidity to earn interest on their funds. Many are simply buying and holding PLS in anticipation of future price appreciation. While there is no guarantee of this price appreciation, based on the performance of other native blockchain coins, one could say there is a chance for PLS to perform very well.
Who runs PulseChain?
No single entity controls PulseChain. It operates through the decentralized participation and cooperation of its community. Volunteers run nodes (computers with a copy of the PulseChain blockchain data), replacing individual servers and cloud systems owned by major internet providers and services.
These distributed nodes, operated by individuals and businesses worldwide, enhance the resilience of the PulseChain network infrastructure. As such, it’s less vulnerable to hacks or shutdowns. Since its inception, PulseChain has experienced zero downtime. Thousands of individual nodes support the PulseChain network, marking it as one of the most decentralized cryptocurrencies, second only to Ethereum.
What are smart contracts?
Smart contracts are computer programs that live on the PulseChain blockchain. They only execute when a user (or another contract) triggers a transaction. These programs, known as decentralized apps, or dapps, make PulseChain extremely flexible compared to other cryptocurrencies.
Once published to PulseChain, a smart contract remains online and operational as long as PulseChain exists, undeterred by any changes in terms of service or feature removals. Smart contracts are automated, providing non-discriminatory service to all users at all times.
Smart contracts have a multitude of applications, from lending apps and decentralized trading exchanges to insurance and yield-generating apps. One smart contract that is central to PulseChain is HEX.
What is HEX?
HEX is a truly decentralized cryptocurrency that was launched in December 2019 by Richard Heart. Built on the Ethereum network and now forked to PulseChain, HEX differentiates itself through a system called staking where users can “lock” their tokens for a chosen period, and in return, earn interest on their investment.
The longer and larger the stake, the higher the interest earned. HEX simulates the mechanics of a traditional certificate of deposit (CD) but in a decentralized and trustless way.
Learn more about HEX: HEX.com
What about PulseChain’s energy consumption?
PulseChain’s adoption of the proof-of-stake model sets it apart from energy-intensive proof-of-work networks like Bitcoin. This transition significantly reduces energy consumption while maintaining network security and scalability. By relying on validators who hold Pulse tokens, rather than resource-intensive mining, PulseChain achieves a more energy-efficient and cost-effective network. This commitment to sustainability demonstrates that innovative technologies can be developed and operated with a focus on environmental responsibility.
Conclusion
PulseChain offers a revolutionary decentralized network that empowers individuals to transact and communicate without the control of a central authority. With its energy-efficient proof-of-stake model and commitment to sustainability, PulseChain sets a new standard for blockchain technology. By joining PulseChain, you become part of a vibrant community driving innovation, financial inclusivity, and privacy. Experience the benefits of faster transactions, lower costs, and a secure ecosystem built on trust and transparency.
Join PulseChain today and discover the incredible possibilities of a decentralized future.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
