The native token of PulseChain is PLS, which can be used to activate validators, pay for transactions and bridge to other chains. PLS has a fixed supply of four trillion tokens, which were distributed through a sacrifice phase, where users could donate any cryptocurrency or fiat currency to a list of supported addresses or charities in exchange for PLS tokens.
PLS has some features that aim to make it different from other tokens, such as:
- PLS is deflationary and PulseChain burns a portion of the transaction fees paid in PLS, reducing the supply of PLS over time.
- PulseChain implements EIP-1559, which means that every transaction on the network has a base fee that is burned and a tip that goes to the validator.
- PLS is freemium. ETH holders can transact for free with freemium PLS. This means that every ETH address that existed at the time of the fork received a free copy of its ETH balance in PLS on the Pulse network. These freemium PLS can only be used to pay for transactions and cannot be transferred or sold. This allows ETH users to enjoy the benefits of PulseChain without sacrificing their ETH.
- PulseChain uses proof-of-stake as its consensus mechanism, which means that users can stake their PLS tokens to activate validators and earn rewards for helping to secure the network. Users need at least 32 million PLS to become a validator, or they can join a staking pool with other users. Validators are randomly selected to propose and attest blocks, and they receive rewards based on their stake and performance.
Who Is Behind PulseChain?
The founder of PulseChain is Richard Heart, an infamous figure in the crypto industry. He claims to be an entrepreneur, author, YouTuber and philanthropist. Richard Heart is also the founder of HEX, an ERC-20 token on Ethereum.
Richard Heart is a self-made millionaire who started his career as an internet marketer. He later moved on to create several successful online businesses, such as a search engine optimization company, a dating website and a Bitcoinhardware wallet. He also wrote a book called SciVive, which teaches people how to live longer and happier lives.Richard Heart has been a vocal critic of the inefficiencies and limitations of the Ethereum network, which he believes is holding back the innovation and adoption of decentralized applications. He claims PulseChain is a solution to these problems, as it forks Ethereum to improve its speed and scalability.
Key Features and Goals:
Reduced Transaction Fees: One of the central issues PulseChain aimed to tackle was the high transaction fees (commonly referred to as "gas fees") on the Ethereum network. These fees could become prohibitively expensive during periods of high network congestion. PulseChain sought to create a more cost-effective environment for users by reducing transaction fees, potentially making DApps and smart contract interactions more accessible.
Enhanced Scalability: Scalability has been a longstanding challenge for blockchain networks like Ethereum. PulseChain intended to improve scalability by implementing various technical changes, including a switch to a Proof of Stake (PoS) consensus mechanism, which is often considered more energy-efficient than Ethereum's existing Proof of Work (PoW) mechanism. Additionally, PulseChain explored the possibility of implementing sharding and other optimizations to increase network capacity.
Ethereum Compatibility: PulseChain planned to maintain compatibility with the Ethereum network. This meant that existing Ethereum-based smart contracts and applications could be deployed on PulseChain with minimal modifications. This compatibility was expected to ease the transition for developers and users who were already familiar with Ethereum.
Airdrop: A notable aspect of the PulseChain project was its proposed airdrop of PULSE tokens to Ethereum holders. An airdrop involves distributing a new cryptocurrency to holders of an existing cryptocurrency, typically in proportion to their holdings. In the case of PulseChain, if you held Ethereum at a specific snapshot date, you would receive a corresponding amount of PULSE tokens on the PulseChain network, potentially creating an incentive for Ethereum users to explore and participate in the PulseChain ecosystem.
