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PulseChain: Innovation and Controversy of the Ethereum Hard Fork Chain
PulseChain: An Innovative Attempt at an Ethereum Hard Fork Chain
PulseChain is a blockchain project that originates from a full-state Hard Fork of Ethereum, retaining the complete record of all transactions, user accounts, and smart contract interactions on Ethereum. The platform aims to alleviate the computational pressure on the Ethereum network, providing developers with a more cost-effective option.
PulseChain increases the value of the Ethereum network by alleviating some of the network load and reducing gas fees. Compared to Ethereum's block time of 15 seconds, PulseChain has a block time of 12 seconds, which the official claims makes it faster and more scalable.
In terms of consensus mechanism, PulseChain uses a fork of the Binance Smart Chain's Proof of Stake mechanism, Parlia. Currently, the project has shifted to a new Proof of Staked Authority (PoSA) consensus model, introducing native validator staking, rotation, and reward reduction contracts.
As of now, the PulseChain network has 15,893 validator nodes. Anyone can become a validator by staking 32,000,000 PLS tokens and earn rewards from the network transaction fees.
PulseChain completed the testing of versions V3 and V4 earlier this year and launched the official version on May 14.
Project Team
The founder of PulseChain is Richard Heart, who is also the founder of the HEX project. Richard Heart is an American cryptocurrency entrepreneur and was one of the first large-scale investors in the Ethereum crowdfunding back in 2015.
Richard Heart has hundreds of thousands of followers on social media, but opinions about him vary widely. Some people see him as an innovator, while others view his projects as a Ponzi scheme.
The HEX project he founded earlier allows holders to earn up to 40% annualized returns by locking tokens. HEX raised $60 million on its first day of issuance, setting a record for blockchain token fundraising at that time. Over a span of 3 years, HEX reached a maximum increase of ten thousand times, making Richard Heart famous.
Richard Heart is also known for his unique marketing methods. He bought a 555.55-carat black diamond and named it "The HEX.COM Diamond" to symbolize HEX's maximum staking period of 5555 days. He also sponsored the three-time champion driver JJ Yeley to participate in the Daytona 500 race.
PulseChain Token Economics
PLS is the native token of PulseChain, used to pay network gas fees. It uses the PRC-20 token standard, which is a variant of the Ethereum ERC-20 standard.
The total supply of PLS tokens is 1.35 trillion, of which over 90% is held by an address believed to be controlled by the founder. This has sparked controversy, with some believing it demonstrates the founder's confidence in the project, while others worry it could pose a potential risk.
PulseChain validators receive 75% of transaction fees in PLS tokens, with the remaining 25% being burned to reduce circulating supply. In the future, PLS tokens will also be used for community governance and on-chain voting.
Ecosystem
The PulseChain ecosystem includes multiple projects:
PulseX: The official decentralized exchange platform, which is a fork of Uniswap.
Liquid Loans: The largest third-party project on PulseChain, dedicated to developing a native over-collateralized stablecoin.
Powercity: A team composed of followers of Richard Heart, developed several sub-projects including staking, cross-chain bridges, lending, and NFT exchanges.
Ph series projects: including Phiat (AAVE V2 fork), Phamous (GMX fork), Phux (Balancer V2 fork) and Phatty (a wallet aggregator similar to Debank).
Current Development Status
After the mainnet launch of PulseChain, its Total Value Locked (TVL) on DeFi Llama quickly reached nearly $500 million, surpassing well-known public chains like Solana and Fantom. However, this figure mainly comes from PulseX, particularly the PLSX-WPLS trading pair.
Recently, a trading platform announced the launch of the PLS/USDT trading pair, providing more liquidity for PLS. However, the project's official communication channels are still limited, mainly relying on Telegram groups and updates from the founder's personal social media.
Overall, PulseChain is a controversial yet innovative project. Its development prospects and potential risks are worth close attention. Investors should conduct thorough research and carefully assess the associated risks before participating.