What is PulseChain and how does it differ from Ethereum?
PulseChain is built as a hard fork of the Ethereum blockchain, which means it inherits Ethereum’s technology and structure but aims to offer distinct features and benefits.
A significant goal of PulseChain is to reduce transaction fees on Ethereum by sharing its load, effectively creating a version of Ethereum that could process transactions at a lower cost, thereby addressing scalability issues.
Developers of PulseChain aim to enable use cases that have become economically unfeasible on Ethereum due to high gas fees, thereby broadening accessibility for smaller projects and users.
PulseChain will not launch as a blank slate; it aims to replicate the Ethereum system state, which includes copies of existing ERC-20 tokens and NFTs for users, allowing them to retain access to their assets.
The PulseChain network intends to facilitate interoperability with Ethereum and other blockchains via a decentralized bridging service, enabling assets to move seamlessly between networks.
One surprising aspect of PulseChain is its ambitious plan for the largest airdrop in cryptocurrency history, where thousands of Ethereum-based tokens will be mirrored on the new network, potentially benefiting early adopters and users alike.
PulseChain employs an alternative consensus mechanism called Proof of Stake (PoS), which supports faster transaction confirmations and lower energy consumption as compared to Ethereum’s Proof of Work mechanism prior to Ethereum's own transition to PoS.
Validators on PulseChain will have to meet certain staking and performance criteria to maintain network integrity, similar to Ethereum but adapted to the specific demands of PulseChain's workload and objectives.
As PulseChain operates through the Ethereum Virtual Machine (EVM), developers can easily deploy their Ethereum-based smart contracts onto PulseChain, benefiting from compatibility but with improved cost efficiency.
The transaction speed on PulseChain is designed to be significantly faster than Ethereum’s, with lower confirmation times, theoretically making it more suitable for high-frequency trading and other speed-sensitive applications.
The PulseChain architecture incorporates a unique fee-burning mechanism aimed at reducing total supply over time, a feature that echoes Ethereum’s EIP-1559 but is tailored to PulseChain's ecosystem.
Unlike Ethereum, which has undergone multiple upgrades over the years (including the merge to PoS), PulseChain is starting fresh with a clean slate, allowing for direct innovations without legacy considerations.
One notable difference is PulseChain’s approach to governance; it has proposed on-chain voting mechanisms that allow holders of the PLS token to have a say in protocol changes directly, aiming to increase decentralization and participation.
PulseChain's development is directly influenced by its founder, Richard Heart, whose strong advocacy for lower costs and faster transactions has shaped the foundational aspects of the project.
With its focus on increasing user accessibility and providing free copies of existing tokens, PulseChain addresses some of the criticisms that Ethereum faces regarding equity and accessibility in the crypto space.
The design of PulseChain aims to create a more inclusive environment for smaller developers and projects that may struggle with congestion and high costs on Ethereum, promoting innovation and diversity.
In terms of technical scalability, PulseChain uses sharding-like techniques, which break down transaction processing into smaller, manageable parts, enabling greater throughput across the network.
PulseChain also places emphasis on security measures for its validation process, incorporating advanced cryptographic techniques to ensure secure transactions while maintaining quick processing times.
The economic model of PulseChain, like Ethereum, is influenced by supply and demand considerations, including how users interact with the network which can dictate the utility and valuation of the native PLS token.
Lastly, the rise of PulseChain prompts discussions about the ongoing evolution of the blockchain ecosystem, challenging existing paradigms of how decentralized networks can operate more efficiently and meet user needs in a rapidly changing technological landscape.