How Does PulseChain ($PLS) Work?
PulseChain is an upcoming Ethereum Hardfork that is energy efficient and provides a better user experience in terms of low cost & quick transactions. Although Ethereum has a huge userbase and process large transactional volumes but transactions take a good amount of time to execute and GAS Fees can go as high as $100 or more during network congestion. Among many other Layer-1 and Layer-2 scaling solutions & alternatives to Ethereum, PulseChain is the latest to join the group.
It will take snapshot of the Ethereum chain and airdrop all Ethereum based assets on PulseChain. The major difference between Ethereum & Pulsechain is that PLS Token is deflationary and eliminates inflation risk with a token burn mechanism. It is also famous for doing the largest Airdrop in the history of crypto.
To know more about this blockchain, please check out the basic Pulsechain (PLS) guide. In this blog, we are going to see how PulseChain works. Let's start!
How Does PulseChain ($PLS) Work?
PulseChain will Delegated 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.
Right now, Pulse CChain is under development and there is no set date of launch but we might expect the testnet to go live in two or three months. The Roadmap and the Whitepaper related to the project are not available to understand how & when the whole system goes live. We still don't have any information about how the tokenomics going to work but it's going to be deflationary, unlike Ethereum which has an unlimited supply.
How Will PulseChain ($PLS) Airdrop Work?
A copy of all Ethereum assets will be Airdropped on Pulsechain when it goes live. This means all the tokens and NFTs you have on Ethereum will get their versions on PulseChain as well. Free money for Eth Hodlers. It's going to be the largest airdrop in crypto history. You don't have to do anything but wait for it to go live and there will be a procedure and a set of tools to claim your airdrop. You can follow
What Is PulseChain Sacrifice Period?
Apart from the copy of Ethereum's assets, one could also 'sacrifice' their other cryptocurrencies to get Sacrifice Points. The 'sacrifice period' is now over. The collected cryptocurrencies worth $25 million were donated to SENS medical research foundation. Please note:
- The PLS supply increases with the amount sacrificed. One sacrifice point would give you 1 free PLS.
- Ethereum holders only get 1 free PLS per ETH. And its value is deducted from their address after 30 days.
- A genesis address gets 1% of the total PLS supply at launch. Not sure what's going to be the use of this.
- At the launch, if the total supply isn't 10k times higher than Ethereum's supply, then everyone bonus coins on pro-rata basis.
- An automated ratio fixer contract will mint around 2.5% of supply correct the PLS to ETH ratio as soon as the chain launches.
Sacrificing period ended on the 2nd of August 2021. The sacrifice points were given out as bonuses using a set of rules to the existing addresses who participated in the sacrifice process. If someone made a bigger sacrifice early on during the period, they would have got more points.
The total points across all chains were totaled and a list was created in descending order. According to this list, PLS tokens will be distributed once PulseChain goes live.
I hope this blog has given you some idea about how Pulsechain works. Please let me know your thoughts in the comment section below.
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