How Does PulseChain Work?
In this video, we'll tell you everything you need to know about PulseChain.
You'll understand why PulseChain is so important, and why it will be one of the biggest blockchains in the crypto space.
So, watch this video till the end so you don't miss anything.
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PulseChain is an upcoming Ethereum Hard fork that is energy efficient and provides a better user experience in terms of low cost & quick transactions. Although Ethereum has a huge userbase and processes large transactional volumes transactions take a good amount of time to execute and GAS Fees can go as high as $100 or more during network congestion. Among many other Layer-1 and Layer-2 scaling solutions & alternatives to Ethereum, PulseChain is the latest to join the group.
It will take a snapshot of the Ethereum chain and airdrop all Ethereum-based assets on PulseChain. The major difference between Ethereum & Pulsechain is that PLS Token is deflationary and eliminates inflation risk with a token burn mechanism. It is also famous for doing the largest Airdrop in the history of crypto.
Now, are you curious about how PulseChain works?
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Well, PulseChain will Delegate the Proof of Stake (DPoS) algorithm to reach its consensus which provides 4x faster block generation time than Ethereum i.e 3 seconds. Ethereum's average block time is around 13 seconds. A set of validators will be selected to create the highest number of blocks and others will be able to delegate their stake or vote for them as top validators. Validators who have the largest stake will earn more from transaction fees for keeping the blockchain secure and running at all times. 25% of the transaction fees are burnt to reduce the circulating supply. As compared to PoW, DPoS is much faster and energy efficient too although Ethereum is undergoing the transition to PoS.
At the moment, PulseChain is in development and was supposed to be launched in May, unfortunately, the launch date has been postponed to a later date. One thing is for sure, it will launch this year 2022.
The project roadmap and white paper are not available to understand how and when the entire system will go live. We still don't have any information on how tokenomics will work, but it will be deflationary, unlike Ethereum which has an unlimited supply.
During the airdrop, a copy of all Ethereum assets will be airdropped on Pulsechain when it goes live. This means that all the tokens and NFTs you have on Ethereum will also have their version on PulseChain. Free money for Eth Hodlers. This is crazy.
This will be the biggest drop in the history of crypto. You don't have to do anything but wait for the release and there will be a procedure and a set of tools to claim your airdrop. We have already made a video to show you how to claim your airdrop. Be sure to check out our PulseChain Playlist. The link is in the description.
Now, to be clear from the start, PulseChain is the network while Pulse is the native coin of the PulseChain system. The PulseChain project is led by Richard Heart, who was also involved in the HEX project. In essence, PulseChain is an Ethereum hard-fork with a snapshot of the entire Ethereum blockchain converted into a Proof-of-Stake blockchain. With faster transaction times and lower fees.
The PulseChain team has highlighted several features that it says will set the project apart from Ethereum. Namely that it will be more energy-efficient, faster, and cheaper than Ethereum. It's worth noting, however, that Ethereum is undergoing an upgrade that could resolve some of its current energy concerns. Ethereum's ETH token has no maximum supply cap, which creates the risk of inflation for holders. PulseChain's official cryptocurrency is PLS and is designed as a deflationary asset. Eliminating PLS inflation risk with a token burn mechanism. Furthermore, validators will only earn fees and 25% of the fees will be burnt to reduce the circulating supply. Again, it is vital to mention that Ethereum's own EIP1559 will enact a burn mechanism similar to that proposed on PulseChain.
Moreover, PulseChain has stated that it also wants to decrease the burden on the Ethereum network and has no intention to kill or directly compete with it. Furthermore, it appears the chain was first conceived to allow HEX holders to make transactions whilst avoiding Ethereum gas fees.
As mentioned early, PulseChain will be a hard fork of the Ethereum blockchain. As such it will replicate all the ERC-20 tokens that exist over to PulseChain. Users will effectively receive a copy of all their current assets on PulseChain and even those not investing in PulseChain can receive these tokens. Importantly, PulseChain's native token and all the coins on it are designed to start with no value so as not to benefit from the hard work of others.
Not only is it being copied but it is being improved upon to become a delegated Proof-of-Stake blockchain like Binance Smart Chain or EOS. Running with a set of validators, therefore, means users will avoid high gas fees when making transactions on PulseChain. This model enables optimization that will reduce block times to around 3 seconds. Which compared to Ethereum’s current 13, is a 4x improvement. In layman’s terms, PulseChain could be described as a Binance Smart Chain-style blockchain. Giving users full compatibility with Ethereum plus the snapshot of the Ethereum blockchain. Importantly BSC and Polygon are not forks of the Ethereum blockchain but forks of the source code.
PulseChain is a direct copy and in this way is more like Bitcoin Cash, a copy of the entire chain. Now that the sacrifice period is over, you can no longer participate to get the Pulse token. For now, the only known way is to participate in the airdrop.
Or wait until it is launched to buy it directly on an exchange.
A key factor that will underline the future success of PulseChain will be its ability to take decentralized applications (dapps) currently suffering from fees on Ethereum and revive them.
Blockchain games and DeFi applications running on Ethereum have traditionally suffered due to high gas fees. Hence the explosion of activity on alternative chains like BSC and Polygon where fees and transaction times are greatly reduced. Because PulseChain will have a copy of Ethereum assets and smart contracts dapp developers could simply try and relaunch on PulseChain.
For example, a blockchain game running on Ethereum that has lost its user base due to high gas fees could relaunch very easily on PulseChain. Offering its users faster and cheaper actions that could effectively revive the dapp and its activity. The same story is true for a DeFi exchange such as Uniswap. Same service plus lower fees and faster transactions. Interestingly, this revitalization process has been observed in the flesh during 2021. With dapp games such as Axie Infinity leaving Ethereum in favor of its custom-built Ronin sidechain, or Aavegotchi moving to Polygon. On these alternative chains, they could offer users reduced fees and faster transactions. In turn, generating all-time high usage.
And the more users there are, the more valuable the Pulse token will become. In any case, the Pulse token is destined to increase in value.
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