- Comment: Sourcing issues not addressed. Too many primary sources, too many cryptocurrency sources. Strongly suggest you write a version entirely based only on mainstream RSes with no cryptocurrency media - David Gerard (talk) 10:00, 17 March 2024 (UTC)
Original author(s) | Richard Heart |
---|---|
Initial release | 13 May 2023 |
Stable release | 3.2.0 (geth)[1] |
Development status | Active |
Software used | EVM 1 Bytecode |
Written in | Go, Rust, C#, C++, Java, Python, Nim, TypeScript |
Operating system | Unix, Linux, macOS, Windows |
Platform | x86-64, ARM |
Available in | Multilingual, but primarily English |
Type | Distributed computing |
License | Open-source licenses |
Active hosts | 48,889 nodes (17 March 2024)[2] |
Total hosts | 67,052 nodes (17 March 2024)[3] |
Website | pulsechain |
Pulsechain is a decentralized Layer-1 blockchain with smart contract functionality, originally founded and initiated by Richard Heart.[4] Pulse (Abbreviation: PLS[a]) is the native cryptocurrency of the platform.
Pulsechain is an open-source and public blockchain platform launched in May 2023. It is a full-state hard-fork of the Ethereum blockchain, a complete copy of its state at launch time, including all ERC20 tokens, transaction records, user accounts, and smart contract interactions.[5] Entirely all ERC20 tokens on the Ethereum network at the time of the hard fork have been copied over to the Pulsechain network which indicates the largest airdrop of valuable digital assets in digital history.[6]
Pulsechain does not have a single ownership, it is an community driven project and its governance, management, development and operations is decentralized and highly censorship resistant through its IPFS network integration.[7] [8] Pulsechain solved Ethereum's long lasting limitations, particularly related to scalability and transaction fees (gas costs) by optimizing its network architecture and consensus mechanism.[9]
History
Pulsechain's development began in response to the growing challenges faced by the Ethereum network issues.[10] As Ethereum gained popularity, transaction fees (gas) skyrocketed [11], hindering user adoption and limiting the functionality of Decentralized Applications (dApps) built on the platform. [12] [13]
- Conception (2021): Richard Heart, the founder of the HEX project, proposed Pulsechain as a solution to Ethereum's scalability issues.[14] The project gained traction within the cryptocurrency community, particularly among HEX holders seeking a lower-fee alternative for transactions.
- Sacrifice Phase (Early 2023): Pulsechain conducted a "sacrifice" phase, allowing users to contribute various cryptocurrencies or fiat currency to designated addresses.[15] In return, participants received equivalent amounts of Pulse (PLS) tokens once the network launched. During the PulseChain sacrifice, 25 million dollars were raised for the SENS foundation.[16] This phase raised significant funds for the project but also attracted criticism for its centralized aspects.[17]
- Mainnet Launch (May 2023): Pulsechain's mainnet and its native Decetranlized Exchange (DEX) PulseX [18] went live on 13th of May 2023, replicating the Ethereum state at that time and granting users copies of their Ethereum holdings on the Pulsechain network (often referred to as the "Pulsegrid").[19] This "free" airdrop was hailed by some as the largest in crypto history, while others questioned its long-term economic sustainability.
- Present Day (2024): Pulsechain exists as a functional network, processing transactions and facilitating dApps. Close to 50,000 active Blockchain validators validate transactions and participate in the consensus process to secure the network, ensuring adherence to network rules and preventing tampering.[20] [21] They contribute to block production, network security, and governance while incentivized through rewards mechanisms, fostering trust and decentralization within the blockchain ecosystem.[22]
Technical Specifications
Pulsechain is a full-state fork of the architecture of Ethereum 2.0. with major modifications reflected in Pulsechains Gitlab repository, in summary:[23] [24]
- Consensus Mechanism: While details are still emerging, Pulsechain is expected to utilize a Proof-of-Stake (PoS) consensus mechanism similar to Ethereum's current model after the Merge.
- Block Time: Pulsechain boasts a faster block time compared to Ethereum, aiming for quicker transaction processing.
- Native Token: The native token of Pulsechain is called Pulse (PLS). It serves various purposes within the network, including:
- Activating validators
- Paying transaction fees
- Bridging assets to other blockchains
Promises and Controversies
Pulsechain promises to offer several advantages over Ethereum, including:
- Lower transaction fees: By improving scalability, Pulsechain significantly reduced the gas costs associated with Ethereum transactions on its Pulsechain network.
- Faster transaction processing: With a faster block time, Pulsechain has proven significantly quicker confirmation times for transactions.
- Support for existing Ethereum projects: By replicating the Ethereum state, Pulsechain claims seamless compatibility with existing Ethereum-based Decentralized Applications (dApps) and tokens. This "free" replication provides users with copies of their Ethereum holdings on the Pulsechain network.
Pulsechain is a contentious project also facing criticism:
- Centralization Concerns: The project's founder, Richard Heart, has been accused of wielding excessive control over the network, raising concerns about centralization.[25]
- Sustainability of "Free" Tokens: Doubts exist around the long-term economic viability of replicating Ethereum assets without a clear value proposition for the Pulsechain network itself.[26]
- Legality and Regulatory Issues: The legality of Pulsechain's token distribution method (referred to as a "sacrifice" phase) has been questioned, with potential regulatory hurdles on the horizon.[27]
Regulation
In the United States, the proposed Digital Commodities Consumer Protection Act would treat Ethereum and other cryptocurrencies as commodities, which could then be regulated by the Commodity Futures Trading Commission (CFTC).[28][29]
Notes
References
- ^ Go-Pulse source code base
- ^ "Realtime live blockchain dashboard of active Pulsechain nodes". 17 March 2024. Retrieved 17 March 2024.
- ^ "Realtime live blockchain dashboard of total Pulsechain nodes". 17 March 2024. Retrieved 17 March 2024.
- ^ Gitlab Source Repositories of Pulsechain
- ^ Academy.moralis.io reflection of the Full State Pulsechain Fork
- ^ Cryptonews.com article about Pulsechains largest airdrop
- ^ Medium Article about Pulsechains community driven approach
- ^ Blockguard.org article about Pulsechain's IPFS blockchain leadership
- ^ Medium article about why Pulsechain is the better Ethereum and Bitcoin
- ^ Coindesk.com article - Where did we go wrong with Ethereum Scaling
- ^ Binance article abou Ethereum Gas fees reach highest Levels
- ^ Medium article reflecting gas fees a barrier to mainstream blockchain adoption
- ^ Binance.com article about high Ethereum gas fees
- ^ Cryptoslate.com article about HEX founder Richard Heart
- ^ Binance.com article about Pulsechain sacrifice phase
- ^ Express.co.uk article about the Pulsechain fundraising
- ^ Captainaltcoin.com article highlighting Skpeticism and controversioal views
- ^ Cryptonews.net article about PulseX exchange
- ^ Btcc.com article about Pulsechain go-live date
- ^ Realtime live Blockchain Dashboard of active Pulsechain Validator Nodes
- ^ Live Pulsechain Block Explorer on mainnet
- ^ Linkedin.com article rabout Pulsechain going to be Ethereum 2.0?
- ^ Academy.moralis.io reflection of the Full State Pulsechain Fork
- ^ Pulsechain specification main code repository
- ^ Protos.com article about Pulsechain issues at its launch in May 2023
- ^ Seekindalpha.com article critically reflecting Pulsechain's value proposition
- ^ U.S. Securities and Exchange Commision / Richard J. Schueler a/k/a Richard Heart, Hex, PulseChain, and PulseX
- ^ "Customer Advisory: Understand the Risks of Virtual Currency Trading". Commodity Futures Trading Commission.
- ^ "Bitcoin Basics" (PDF). Commodity Futures Trading Commission. December 2019. Retrieved 21 December 2022.