TL:DR
Pulsechain is a new blockchain that will be copied from Ethereum. The blockchain isn’t the only thing that is being copied, but everything within ETH including wallet addresses, tokens, and NFTs.
This is also the biggest airdrop in the history of crypto and those who own any of the tokens or NFTs in Ethereum, will also own them in PulseChain.
This new blockchain will offer faster and cheaper transactions when compared to Ethereum. It will significantly reduce the gas fees.
Introduction
Pulsechain is designed to take all the shortcomings of Ethereum and improve upon them. One such case is transaction fees. It seeks to lower them to a level that will alow people to transact on the chain. In addition, PulseChain is a complete fork of Ethereum.
As a result every token and wallet that exists on Ethereum will be copied onto the blockchain with one exception Eth. Instead, users can trade ETH for PLS on a 1:1 basis. There will also be 1,000,000 more PLS than ETH to allow for development and robust environment.
The main difference between PulseChain and Ethereum is the increased speed transactions, fees, deflation, and network efficiency. Additionally, PulseChain removes the need for PoW and instead uses a DPoS (Delegated Proof of Stake) consensus mechanism.
What Is PulseChain?
Pulsechain is a fork of the Ethereum blockchain. However, it is a complete fork meaning every token and wallet address will be copied onto Pulsechain.
Some may say, well basically this is ETH 2.0 right? Yes and No. Sure, it is a complete copy of Ethereum however with much needed improvements. Some of them are as follows.
Speed
Delegated proof of stake (DPoS) allows for transactions to be processed extremely quickly without sacrificing security. PLS staker’s vote in confidence with their own coins, which makes it possible for the high-performance nodes to validate every transaction. With the PoW (Proof of Work) Model replaced, validators have more computing power to encrypt transactions
Cost
ETH mining is a complex process that miners do for chances to be rewarded with ETH. In exchange for a small fee, pulse validators secure only the network transactions. Thus, the cost of operating a network will be reduced as there will not be a need for the network to consume a tremendous amount of energy.
Deflation
As opposed to ETH, all Pulse coins (PLS) are created at launch, eliminating the need to ever expand the supply. Further, each transaction fee is burned at 75% reducing the total supply. PLS will tend to rise organically as less of it is available over time.
Effieciency
Because Pulse uses no energy to generate power, high levels of production will continue well into the future without burning energy. In light of the fact that more work will be needed in the future, Pulse is designed to meet this need.
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 snapshotBy creating a snapshot of ETH system state, ERC20s, NFTs, smart contracts, and more, PulseChain will re-enable priced out use cases. It rewards Ethereum-based project holders and founders. A massive airdrop is being launched from PulseChain.PulseChain is the largest airdrop This is a first in history. Thousands of Ethereum-based tokens and NFTs received their free PulseChain versions. This new gold rush contains the value discovery of thousands of tokens and NFTs on PulseChain. Perhaps you can now be a whale in a particular ERC20 or NFT.
Additionally, they address ETH's many weaknesses, including its transaction speed and gas fees. Etc. Check their website out for more.
PulseChain Airdrop
An airdrop in crypto is an event where tokens are sent to your wallet address for free. This could be due to a retweet, a share, or simply by investing and being in the right place at the right time. As explained earlier, PulseChain is a complete "hard fork" of Ethereum. As a result, during the snapshot, anyone owning and ERC-20 tokens, NFTs or having a wallet address with tokens in them will be rewarded the equivalent amount but on PulseChain. For instance, if you own Chainlink on Ethereum at the time the snapshot was taken, then you will be given the equivalent amount of P Chainlink and so forth. The holder will get 1:1 copy of all the tokens they owned on the Ethereum blockchain.
There are two ways you can be eligible to receive these free tokens. The two methods are explained below:
Method 1: Hold ERC-20 tokens or NFTs on the Ethereum blockchain
Anyone who holds in their non-custodial wallet ERC-20 tokens or NFTs on the Ethereum blockchain will receive a 1 to 1 copy of their tokens on PulseChain. An ERC-20 is a fungible token that lives on the Ethereum blockchain, for example, Ether (ETH), HEX, Chainlink (LINK), Shiba Inu (SHIB), Tether (USDT), Wrapped Bitcoin (WBTC), etc.
A non-custodial wallet means that you have the private key to the wallet and can access it directly (e.g. MetaMask). Any PulseChain copies of tokens that you hold on a centralized exchange such as Binance, Coinbase, Kucoin or others, will not be yours when PulseChain launches. You would have to then beg the exchange to give you the tokens, but it’s a lost cause.
Therefore, get as many tokens on Ethereum to make sure you can maximize any potential rewards.
Method 2: Whoever "Sacrificed" Coins or Donated to the SENS Foundation
A large number of coins and tokens were sacrificed for the PulseChain project, totalling several billions of dollars in value. The sacrifice phase is technically still live, but it is practically over, and the founder, Richard Heart, recommends that you should NOT sacrifice now. The rate is about 2,500 times worse than it was on 15 July 2021!! So, you are much more likely to get a better deal for PulseChain coins after launch.
How it worked was as follows: for every sacrificed coin, people would get a certain amount of “sacrifice points” in return. The ratio between $ sacrificed vs “sacrifice points” received decreases every day. On the first days of the sacrifice, you would have gotten 10K “sacrifice points” per $1, on October 15 it was roughly 137 “sacrifice points” per $1. This value gets lower by the day- and it is currently 2,500 times worse than on day 1.
How Does PulseChain Work?
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.
Proof of Stake
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.
Tokenomics
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.
Final Thoughts
PulseChain is one of the first projects out there who are not only hard forking an existing blockchain but providing the biggest airdrop of all time. They hope to spur a new crypto ecosytem that takes adavantage of the improvements that have been holding the Ethereum blockchain. With faster transaction speeds, lower transaction costs, and efficiency, this is one project to keep an eye out for in 2022.
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