What is PulseChain? A Guide to the Ethereum Hard Fork
PulseChain is a new blockchain project that aims to improve the Ethereum ecosystem by creating a faster, cheaper, and more environmentally friendly version of the network. PulseChain is a hard fork of Ethereum, which means that it copied the entire state of the Ethereum blockchain and launched a new network with some modifications. In this guide, we will explain what PulseChain is, how it works, and what are its advantages and disadvantages.
What is PulseChain?
PulseChain is a layer-1 blockchain created by Richard Heart, the founder of HEX, a controversial cryptocurrency project that is the first high-interest blockchain certificate of deposit. PulseChain raised over $1 billion in an initiative termed a “sacrifice”. The sacrifice phase allowed participants to “sacrifice” any cryptocurrency or fiat currency to receive PLS tokens at a fixed rate. As of writing this article, you can buy PulseChain tokens are available from various outlets.
PulseChain also more environmental-friendly than Ethereum. PulseChain took a snapshot of the Ethereum system state and replicated it on a new network with some modifications. The new network has a native token called PLS (PulseChain), which can be used to activate validators, pay for transactions, and bridge to other chains2.
PulseChain boasted about having a faster block time of 10 seconds instead of 12 seconds on Ethereum. To get PLS tokens, users had to participate in a sacrifice phase, where they could sacrifice any cryptocurrency or fiat currency to a list of supported addresses or charities. The more they sacrificed, the more PLS they received. PulseChain also launched its own decentralized exchange called PulseX, which is similar to Uniswap. PulseX allows users to swap any ERC-20 token or NFT on the Pulse network and also burns a portion of the fees to reduce the supply of PLS over time. It also had its own sacrifice phase, where users could get PLSX tokens by sacrificing PLS or other cryptocurrencies. You can check your PulseX and PulseChain balances via PulseCoinList’s balance and airdrop checker.
Both PulseChain and PusleX saw $11 billion of HEX locked up during the “sacrifice”. PulseChain is currently live on the mainnet. Users can access PulseChain by changing their MetaMask settings to connect to the Pulse RPC endpoint. They can also use the PulseScan block explorer to view their balances and transactions on the Pulse network
How does PulseChain work?
PulseChain uses a proof-of-stake (PoS) consensus mechanism, which is different from the proof-of-work (PoW) mechanism used by Bitcoin and Ethereum (before its upgrade). PoS reduces the amount of computational work needed to verify blocks and transactions. Under PoW, hefty computing requirements kept the blockchain secure. PoS changes the way blocks are verified using the machines of coin owners, so there doesn’t need to be as much computational work done. The owners offer their coins as collateral — staking — for the chance to validate blocks and earn rewards.
Validators are selected randomly to confirm transactions and validate block information. This system randomizes who gets to collect fees rather than using a competitive rewards-based mechanism like PoW. To become a validator, a coin owner must “stake” a specific amount of coins. For instance, Ethereum requires 32 ETH to be staked before a user can operate a node. Blocks are validated by multiple validators, and when a specific number of validators verify that the block is accurate, it is finalized and closed.
To activate your own validator, you’ll need to stake 32 ETH; however, you don’t need to stake that much ETH to participate in validation. You can join validation pools using “liquid staking” which uses an ERC-20 token that represents your ETH7. Different proof-of-stake mechanisms may use various methods to reach a consensus. For example, when Ethereum introduces sharding, a validator will verify the transactions and add them to a shard block, which requires no more than 128 validators to form a voting “committee”8.
What are the advantages of PulseChain?
PulseChain claims to offer several benefits over Ethereum, such as:
- Faster transactions: PulseChain has a block time of 10 seconds, compared to 12 seconds on Ethereum. This means that transactions can be confirmed faster and users can enjoy a smoother experience.
- Lower fees: PulseChain has lower gas fees than Ethereum because it has less congestion and more scalability. Users can pay for transactions with PLS or ETH (freemium model). PulseX also burns some of the fees to reduce inflation and increase scarcity.
- Environmental friendliness: PulseChain does not use energy-intensive mining like PoW networks. Instead, it uses PoS validators who stake their coins to secure the network. This reduces the carbon footprint and electricity consumption of the network.
- Value discovery: PulseChain gives users a free copy of their tokens and NFTs on the new network, which you can check for here. This creates a new opportunity for value discovery and experimentation. Users can trade, swap, or sell their Pulse versions of their assets on PulseX or other platforms. At this moment there are various outlets allowing you to buy PulseChain (PLS) tokens directly or via a bridge.
What are the disadvantages of PulseChain?
PulseChain also has some drawbacks and risks, such as:
- Controversy: PulseChain is associated with HEX, a project that has been widely criticized for being a scam, a Ponzi scheme, or a cult. HEX claims to offer high returns to investors who lock up their coins for long periods, but many experts have warned that it is unsustainable and deceptive9. PulseChain’s founder, Richard Heart, is also a controversial figure who has been accused of being arrogant, dishonest, and manipulative10.
- Security: PulseChain is a new and untested network that may have bugs, vulnerabilities, or exploits. It also relies on the security of the Ethereum network, which may be compromised by hackers or malicious actors. PulseChain’s validators may also act dishonestly or collude to harm the network or its users.
- Regulation: PulseChain may face legal challenges or regulatory scrutiny from authorities who may deem it as a security, a fraud, or a violation of existing laws.
Conclusion
PulseChain is an ambitious project that aims to improve the Ethereum ecosystem by creating a faster, cheaper, and more environmentally friendly version of the network. PulseChain is a hard fork of Ethereum that gives users a free copy of their tokens and NFTs on the new network. PulseChain uses a proof-of-stake consensus mechanism that reduces the computational work and energy consumption of the network. PulseChain also has its own decentralized exchange called PulseX that allows users to swap any ERC-20 token or NFT on the Pulse network. In addition, PulseChain has a vast ecosystem of dApps, apps, and sites. To note a view, such as leverage trading platforms, NFT projects, and native PulseChain Web3 Identity/domain name providers.
However, PulseChain is also a controversial project that is associated with HEX, a project that has been widely criticized for being a scam, a Ponzi scheme, or a cult. PulseChain’s founder, Richard Heart, is also a controversial figure who has been accused of being arrogant, dishonest, and manipulative. PulseChain is a new and untested network that may have bugs, vulnerabilities, or exploits. It also relies on the security of the Ethereum network, which may be compromised by hackers or malicious actors. PulseChain may face legal challenges or regulatory scrutiny from authorities who may deem it as a security, a fraud, or a violation of existing laws.
Therefore, users who are interested in PulseChain should do their own research and due diligence before participating in the network. They should also be aware of the risks and uncertainties involved in using a new and experimental blockchain project.
References:
1: Richard Heart: A Crypto Visionary’s Journey
4: Pulsechain Sacrifice Phase Ends With $11 Billion Worth Of HEX Locked Up
5: Ethereum Proof of Stake: Explained
7: Richard Heart — Wikipedia
