*** Cryptocurrencies and NFTs are volatile and those who invest in them should be prepared to lose all their money. NOTHING www.howtopulse.com states, shares, expresses, or allude to should be considered financial advice or recommendations of action. This blog is intended for educational and entertainment purposes only. Consult a professional (or two…or more) for any tax, accounting or legal related questions you may have. Howtopulse did not receive any payments to write this blog or any other post on this site.***
What is PulseChain?
Pulsechain is a new blockchain based crypto that offers much cheaper gas fees than Ethereum. Pulsechain also offers the largest airdrop in the history of crypto. Pulsechain is going to change the crypto world as we know it. Our mission on HowtoPulse is to provide education about Pulsechain.
Designed for the future needs of the crypto industry it takes all of the shortcomings of Ethereum and improves them. PulseChain is a Complete Fork of the Ethereum Network. Meaning every coin, wallet ever existed on Ethereum, will be copied and available on PulseChain with one exception. Every ETH token will be converted to PLS on a 1:1 basis. The total supply of PLS will be about 1,000,000 greater than ETH to allow for a robust environment.
The main differences are speed, cost, Deflation, and efficiency of the network.. Capable of hundreds of transactions per second vastly our paces Ethereum’s 13. Follow along to learn how this is possible.
PulseChain replaces a PoW model with a DPoS or “Delegated Proof of Stake” protocol.
Removing the need for expensive computing power of PoW while maintaining a high level of security. It also replaces Miners with Validators to secure the Network.
Delegated proof of stake (DPoS) allows for transactions to be processed extremely quickly without sacrificing security. This is possible due to trusted high-performance nodes that validate each transaction backed by PLS staker’s which vote in confidence with their own coins. Replacing the proof of work (PoW) Model frees up the computing power to validators encrypting transactions.
While Ethereum Miners hash complex math for chances to be rewarded with ETH. Pulse validators focus on securing only the transactions on the network for a small fee. This removes the need to burn large amounts of energy to achieve a reward for the work thereby lowering the total cost to the network.
Every Pulse coin (PLS) is created at launch removing the ever-expanding supply of the coins, unlike ETH. Further, each transaction fee is burned at 75% reducing the total supply. Over time as less PLS will be available in the market, the price will rise organically.
Removing the need to burn energy due to the high cost of PoW, Pulse will maintain high levels of production far into the future. As more work will be required in the future Pulse is designed for the ground up to meet this need.
PulseChain was designed to complement the current Ethereum projects as a way to reduce cost and free up congestion for all. This will revolutionize what is possible in today’s demanding crypto universe. If you like what Ethereum offers today you will most likely love what PulseChain can offer.
What is PulseChain snapshot?
PulseChain will re-enable priced out use cases: Instead of launching empty, PulseChain brings the ETH system state, ERC20s, NFTs, smart contracts and more via a snapshot. This rewards holders and founders of Ethereum based projects. The launch of PulseChain is the largest airdrop in history. Thousands of Ethereum based tokens and NFTs receive their free PulseChain versions. This new gold rush contains the value discovery of thousands of tokens and NFTs on PulseChain. If you always wanted to be a whale in a certain ERC20 or NFT, maybe now you can be.
Stateful Ethereum Fork
PulseChain brings all of the Ethereum state with it! As of block number _______ (TBD), Exact copies of all smart contracts, ERC-20 tokens, ERC-721 NFTs, and user accounts will exist on PulseChain. Because of the extent of applications and use cases deployed on the Ethereum main net, it’s not possible to anticipate exactly how any cloned assets will be valued by the community. Some contracts and applications will work 100% as they do on Ethereum, other contracts such as centralized stable coins are unlikely to have the authoritative support behind them.
Eventually, the relative value of these assets will equalize through market action, but it is expected that there will be a discovery period with high volatility at the launch of the network.
Proof of Staked Authority
Although Proof-of-Work (PoW) has been proven as a mechanism to implement a decentralized network, it is not practical for new or small networks and requires a large number of participants and computational waste to maintain the security.
Proof-of-Authority(PoA) provides defense against 51% attack, with improved efficiency and tolerance to certain levels of Byzantine players (malicious or hacked). The PoA protocol however is most criticized for being not as decentralized as PoW, as the validators, i.e. the nodes that take turns to produce blocks, have all the authorities and are prone to corruption and security attacks.
Other blockchains, such as EOS and Cosmos both, introduce different types of Deputy Proof of Stake (DPoS) to allow the token holders to vote and elect the validator set. It increases the decentralization and favors community governance.
PulseChain inherits and modifies the Binance Smart Chain consensus engine, Parlia, which combines DPoS and PoA. The PulseChain consensus engine has the following properties:
- Blocks are produced by a limited set of validators.
- Validators take turns to produce blocks in a PoA manner, similar to Ethereum’s Clique consensus engine.
- Validator set are elected in and out based on a staking contracts implemented on PulseChain.
- Validator set rotation occurs on a regular interval with applicable validators chosen from the staking contract (selecting the validators with the bonded stake)
- The consensus engine will interact directly with the slash, staking, and validator system-contracts to achieve liveness and stability, revenue distribution, and validator rotation.
The native ETH token will become PLS on the PulseChain network. The PLS supply will be inflated by at least 10,000x upon forking, with the extra supply being distributed to the users that sacrificed during the PulseChain sacrifice phase.
PLS will be used just as ETH is used on the Ethereum network for transaction fees, as well as for delegating stake to network validators.
www.howtopulse.com is not affiliated with PulseChain in any form.