PulseChain is the first hard fork with the full system state of Ethereum which means that PulseChain contains copies of every Ethereum smart contract, token, and user account. This is unprecedented because now, every Ethereum user gets for free all of his balances and NFTs on a high-performance and cheaper blockchain. With frequent Ethereum gas fee spikes due to the network’s congestion, PulseChain comes as salvation.
PulseChain is an open-source, general-purpose blockchain built for speed and efficiency.
A blockchain like Ethereum has poor scalability and this results in high fees. This leads to the natural filtering of low-value transactions. Users paying low gas fees are left with pending transactions for a very long time. Scalability is the “ability to scale” and it’s blind to the value of transactions and this is what PulseChain is trying to fix.
Ethereum’s block time is 15 seconds and, at critical times, transaction fees can reach even
$1000 for a simple transfer or $3500 for an NFT sale.
PulseChain, on the contrary, with its high throughput, 3s block time, and low transaction fees, is ideal for building decentralized applications. This opens up a lot of potential, and a reason why many users opt to learn more about Pulsechain and how it works.
PulseChain consensus mechanism
The network’s consensus has been initially forked from Binance Smart Chain – Parlia and changed later ushering in a new kind of Proof of Staked Authority (PoSA). The consensus had to be modified to enable the passage from Ethereum’s Proof of Work to Proof of Stake.
With PoSA, PulseChain will make sure that it’s more eco-friendly than Ethereum’s PoW. PulseChain modernized the previous consensus by introducing validator staking, rotation, and slashing as native system contracts. Users interact with these contracts by staking and voting on validators ensuring chain security and stability and get rewarded for these actions with a portion of transaction fees.
There are 33 validating nodes and there can be an infinite number of standby nodes. Being a public blockchain means that anyone can sign up as a validator upon staking a non-refundable deposit of 500K PLS tokens. Only validating nodes participate in consensus. They can upgrade system contracts. Validator nodes sign blocks in cycles. At each rotation, a new set of validating nodes can be formed depending on the number of staked PLS tokens they have. The rotation changes every 28800 blocks (~24 hours).
In Ethereum, users pay gas fees to miners to validate their transactions but in PulseChain 75% of transaction fees go to reward the miners while the remaining 25% is burned. Each validator sets its own revenue share to be given to its delegators. Vote staking rewards are one of the sources of passive income for PulseChain users.
PulseChain’s native token is PLS. It’s a PRC-20 token. The PLS supply will be inflated by at least 10,000x upon forking. Extra supply is going to be distributed to the users that sacrificed during the PulseChain sacrifice phase. PLS token is deflationary because 25% of all transaction fees get burned on a regular basis.
PLS token finds utility in being a payment for transaction fees, delegating stake to validators, and voting.
After the fork, some contracts and applications will work as they did on Ethereum, others may not. It’s also unknown what will be the value of tokens and NFTs on PulseChain but with Ethereum subject to clogging due to high fees, the user may prefer to trade tokens they already own on a cheaper, high-performance chain.
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