PulseChain is a full-state hard fork of Ethereum. The forthcoming PulseChain airdrop will see ERC-20 token balances and NFT holdings mirrored on the PulseChain crypto network when the mainnet goes live. The platform aims to reduce the computational strain on the Ethereum blockchain and create a cost-effective alternative for smart contract developers. There is significant speculation around the PulseChain launch date as many within the Web3 community look forward to what the project has in store. However, several insights indicate what to expect from the project in the future. So, what is PulseChain?
In this article, we’ll dive deep into the PulseChain crypto network. We’ll explore the origins of the project and the native PLS token. Also, we’ll discuss the highly-anticipated PulseChain airdrop and the “sacrifice” period.
What is PulseChain?
PulseChain is a fast, open-source, public blockchain and a cost-effective hard fork of the Ethereum blockchain. It is the first hard fork to contain the complete state of the Ethereum blockchain, meaning that it holds records of every transaction, user account, and smart contract interaction on Ethereum. While the rollout of Ethereum 2.0 reaches its final stages, the programmable blockchain space is becoming home to several Ethereum competitors. PulseChain aims to solve the issues around Ethereum’s scalability by providing a low-cost alternative to the number-one smart contract blockchain network.
Ethereum gas fees can spike dramatically during periods of network congestion. When this occurs, transactions take longer to finalize, and the entire network slows down. PluseChain addresses this by enhancing Ethereum’s speed and efficiency. Ethereum has a block time of 15 seconds. However, PulseChain has a block time of three seconds, making it considerably faster and more scalable.
Furthermore, PulseChain uses a fork of the Binance Smart Chain (BSC) Proof-of-Stake (PoS) consensus mechanism, Parlia. However, the project has since moved toward a new Proof of Staked Authority (PoSA) consensus model, which introduces native validator staking, rotation, and reward-slashing contracts. At the time of writing, PulseChain has 33 validator nodes throughout the network. Anyone can become a validator by staking 5000,000 native PLS tokens. Validators earn a share of transaction fees from across the network. However, this initial staking deposit is non-refundable.
Moreover, PulseChain uses a validator rotation mechanism to ensure the equitable distribution of activity among nodes. The PulseChain community can replace validators every 24 hours according to the number of PLS tokens staked, which creates additional incentives for staking and securing the network.
What Does the PulseChain Crypto Network Aim to Achieve?
PulseCHain aims to increase the value of the Ethereum network by sharing some of the network load and lowering gas fees. Also, the project aims to enrich existing Ethereum users and ETH holders by rewarding them with PLS token balances via the highly-anticipated PulseChain airdrop.
Additionally, PulseChain aims to lower the barrier to entry for Web3 by allowing users to transact for free using the “freemium” PLS token system. Furthermore, PulseChain aims to improve on the game theoretic dynamics of existing blockchain networks using a 0% inflation model for the PLS token.
Moreover, because PulseChain is a full-state Ethereum fork, it doesn’t start life as an empty blockchain. All token balances and smart contract data will be ready to go on the new Ethereum fork as soon as it launches.
If you’re new to crypto and blockchain, check out the Crypto for Beginners course at Moralis Academy. In this course, we teach students how to safely buy, sell, and trade crypto assets. Also, we discuss the differences between Bitcoin, Ethereum, and altcoins. Join our community of over 60,000 students and kickstart your crypto education today with Moralis Academy!
The PLS token
The PLS token is the native utility token of the PulseChain crypto network. It uses the PRC-20 token standard, a variation of Ethereum’s ERC-20 standard, and is essential for paying transaction fees throughout the network. Also, PLS holders can delegate their tokens to validators. By doing this, token holders help to secure the network. Plus, they earn a portion of transaction fees earned by validators.
Network validators can decide how they split transaction fee revenue with delegators. PLS token holders can decide to stake with validators offering higher rewards with lower authority scores or opt for the most authoritative validators and earn less. PulseChain validators receive 75% of all PLS tokens generated by transaction fees. The remaining 25% is burned, lowering the circulating supply. Moreover, the PLS token will be used in community governance and on-chain voting when the final stages of the project roadmap are complete.
Moreover, the PLS token will become available via various distribution mechanisms. Upon forking, the PLS token supply will be significantly inflated to compensate those who participated in the sacrifice phase. However, the token-burning mechanism aims to bring the supply back to equilibrium as the project matures.
Proof of Staked Authority (PoSA)
The PulseChain network uses a Proof of Staked Authority (PoSA) consensus mechanism for transaction validation. PoSA combines Proof-of-Stake (PoS) and Proof-of-Authority (PoA) to offer a next-generation hybrid consensus model that overcomes many of the inefficiencies of legacy consensus mechanisms.
While the Proof-of-Work (PoW) consensus model promotes decentralization, it is often inefficient at preventing attacks for smaller networks. Also, PoW uses a lot of energy and has a large environmental footprint. PoA uses much less electricity than PoW and offers protection against 51% attacks. However, it is often criticized for inhibiting decentralization.
Delegated Proof-of-Stake (DPoS) is a variation of the classic PoS consensus mechanism used by prominent blockchains like BSC’s Parlia DPoS mechanism. DPoS is energy efficient and promotes decentralization by allowing token holders to elect validators. PulseChain’s PoSA model shares these properties. Plus, it provides an equitable platform for community governance. Additionally, PulseChain’s PoSA model uses a validator rotation system to ensure fairness and encourage efficiency via staking incentives.
The PulseChain Airdrop
An airdrop is when a blockchain or crypto project distributes free coins or tokens to its community. Airdrops are often seen as a marketing tool that allows new projects to give away free tokens to boost interest and engagement.
The PulseChian airdrop is supposed to be the “largest airdrop in history” and will see free PLS-20 balances airdropped to reflect thousands of ERC-20 token balances. PulseChain holds a full-state copy of all Ethereum token balances. This allows the forthcoming PulseChain airdrop to distribute PLS variations of various Ethereum tokens and NFTs.
The PulseChain airdrop will commence upon the launch of the PulseChain blockchain. Anyone with an Ethereum token balance in a non-custodial wallet will receive a 1:1 PLS token balance with no action required, giving users access to all their Ethereum tokens on PulseChain. Any ETH held in a non-custodial wallet will be replaced with a PLS balance. However, all ERC-20 tokens will retain their original names.
The Sacrifice Period
During the sacrifice period of the PulseChain launch, users were encouraged to burn ETH and ERC-20 tokens in exchange for a greater number of PLS tokens in the future. This speculative fundraising model allowed early investors to support the project at the ground level and the broader ecosystem of PulseCHain dapps. The earlier an investor sacrifices tokens, the more tokens they receive. Also, sacrifice rates became increasingly favorable with larger deposits.
The sacrificial period ran for 17 days, concluding at midnight on August 2, 2021. Rates remained unchanged for the first five days of the sacrifice period before increasing by 5% per day for the last 14 days. Furthermore, investors could “sacrifice” their tokens by donating them to approved charities. This helped to raise $25 million for medical research in under a week.
Web3 gaming and social media are significant drivers of Web3 adoption. Save our “What is Steem?” article for later reading to learn about blockchain messaging apps and Web3 social media platforms like the Steemit app. Also, save this “What is Amazon GameSparks?” article for later reading to learn about the AWS game development offering and learn how to use AWS for Web3 development and integrate AWS Lambda NodeJS into your project today with Moralis.
PulseX is PulseChain’s flagship DeFi token swap platform. It will provide network participants with access to Defi features like AMMs, liquidity pools, and yield farming. PulseX is headed by Richard Heart, an entrepreneur, and founder of the HEX cryptocurrency project. PulseChain’s sacrifice period raised funds that will partly contribute to the development and launch of PulseX. Investors who sacrificed tokens will receive an allocation of PLSX tokens, the native utility token of the PulseX platform.
PulseX is a cone of Uniswap, the leading DEX on Ethereum. However, it promises faster transactions and lower fees. Nonetheless, it is yet to be seen how well the PluseX DEX will perform and if it will garner the same interest from DeFI users as Uniswap. Moreover, the supply of PLSX tokens is informed by the value of tokens sacrificed by investors during the sacrifice period.
The PulseChain crypto network is fully-interoperable with Ethereum. Anyone can buy and sell ETH and Ethereum tokens on PulseChain. Plus, PLS is available as an ERC-20 token. Also, the interoperable PulseBridge allows users to bridge assets between multiple blockchain networks. PulseBridge works by allowing users to lock assets in a smart contract and issue assets like pETH at a 1:1 ratio.
Interoperability is an essential component of the Web3 landscape. In the past, blockchain networks and their communities have been segregated. However, interoperability allows blockchain development communities to collaborate and expedite innovation. Moreover, interoperability helps decentralized finance (DeFi) protocols access better liquidity and provide a better user experience for the users of all kinds of Web3 protocols.
What is PulseChain? Exploring the PulseChain Crypto Network – Summary
The PulseChain network is the first full-state hard fork of the Ethereum blockchain. It aims to support the Ethereum network and all decentralized applications (dapps) built on Ethereum by lowering the strain on the network and reducing gas costs. Reducing gas costs and minimizing congestion helps Ethereum to scale without friction. By stabilizing gas fees throughout the Web3 ecosystem, PulseChain aims to promote the mass adoption of blockchain technologies and smart contracts.
The PulseCHain launch date is yet to be confirmed. HEX founder Richard Heart has teased the Web3 community with hints about the project launch date. However, it remains to be seen when the project will go live.
Moreover, smart contract developers can easily migrate or relaunch Ethereum dapps on PulseChain. As a faster and cheaper alternative to the leading smart contract blockchain, PulseChain is helping to promote innovation and collaboration in Web3 while complementing the existing architecture and community of the Ethereum network.
There has never been a better time to learn a new skill. Web3 developers are in extremely high demand sector-wide and can command handsome salaries.