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PulseChain Hard Fork: In-Depth Analysis of Innovation and Controversy
PulseChain: Innovation and Controversy of the Ethereum Hard Fork Chain
PulseChain is a full-state Hard Fork chain of Ethereum that retains all transaction, user account, and smart contract interaction records from Ethereum. The platform aims to alleviate the computational burden on the Ethereum bad chain and provide developers with a more cost-effective option.
PulseChain increases the value of the Ethereum network by offloading some of the network's load and reducing gas fees. Its block time is 12 seconds, faster than Ethereum's 15 seconds, and theoretically has stronger scalability. The project adopts 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 native PLS tokens and earn rewards from network transaction fees. The project launched its official version on May 14 of this year.
Team Background
The founder of PulseChain is Richard Heart, who is also the founder of HEX. Richard Heart is an American cryptocurrency entrepreneur and was one of the important investors in the Ethereum crowdfunding as early as 2015. He has hundreds of thousands of followers on social media, but his reputation is mixed.
Richard Heart is known for his marketing tactics. He purchased a 555.55-carat black diamond and named it "The HEX.COM Diamond" to symbolize HEX's longest staking period of 5555 days. He also sponsored a famous race car driver to participate in the Daytona 500 race.
HEX Project Introduction
HEX is a project launched by Richard Heart on December 2, 2019, claiming to be the world's first high-yield blockchain certificate of deposit. In the early stages of the project, HEX was distributed to Bitcoin holders at a ratio of 1:10000 and allowed users to obtain HEX by donating ETH.
HEX holders can stake their tokens for 1 to 5555 days, and upon maturity, they will receive the principal and interest. Users who do not stake will face inflation, and ending the stake early will result in losing half of the earnings. The project also has a promotion reward mechanism, where referrers can receive a 20% reward.
PulseChain Airdrop Mechanism
The PulseChain mainnet launch will involve an airdrop. Any users holding Ethereum tokens in non-custodial wallets will receive a 1:1 balance of PLS tokens. However, due to the extremely low initial value of PLS, this airdrop is not of much practical significance.
Project Operation Mechanism
Most projects on the PulseChain network are launched through the "Sacrifice event", where users receive corresponding token allocations by making donations. In the early days, the PLS community donated $670 million, and the PLSX community donated $1 billion.
Token Economics
PLS is the native token of PulseChain, used to pay network gas fees. The total supply is 135 trillion, with over 90% held by the OA address (believed to be Richard Heart's address).
Validators receive 75% of the transaction fees, while the remaining 25% is burned. In the future, PLS will also be used for community governance and on-chain voting.
PLSX is the platform token of PulseX exchange, offering benefits such as fee discounts. 21% of the platform fees will be used to buy back and burn PLSX.
INC is the reward token for staking mining, obtained by mortgaging LP.
Ecosystem
The PulseChain ecosystem includes multiple projects:
Project Status and Outlook
The PulseChain ecosystem is currently mainly led by Richard Heart and the HEX community, with most projects being forked versions of well-known projects on Ethereum. The project has not yet attracted participation from traditional venture capital and mainly relies on community fundraising.
After the mainnet launch, PulseChain's total locked value (TVL) on DeFiLlama quickly reached nearly $500 million, but most of it came from PulseX. Recently, the TVL has shown a downward trend, indicating that some funds are being withdrawn.
OKX has launched the PLS/USDT trading pair on May 24, providing investors with a more convenient trading channel. However, the project's official information channels are still limited, mainly relying on the founder's personal social media updates.
The PulseChain project is still in its early stages of development, and its future direction remains to be seen. Investors should fully understand the project's characteristics and potential risks when participating, and conduct thorough research and analysis.