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Draft:Pulsechain

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  • Comment: IMDB, express.co.uk, and LinkedIn are not reliable sources. C F A 💬 18:03, 21 August 2024 (UTC)
Summary of the initial article discussion at David Gerard's talkpage thread.
Update from 21-March-2024: Page re-written based on mainstream RSes as suggested. All details listed on the main article's talkpage. --Mgloor (talk) 21:30, 21 March 2024 (UTC)
Update from June 2024: It's time to bring this page on-line to WP main namespace. Draft overview on talkpage. Page in DRAFT namespace since March (5 months), not challenged since weeks. All concerns eliminated. --Mgloor (talk) 05:21, 1 June 2024 (UTC)

PulseChain
Logo
Original author(s)Richard Heart
Initial release13 May 2023; 18 months ago (2023-05-13)
Stable release3.2.0 (geth)[1]
Development statusActive
Software usedEVM 1 Bytecode
Written inGo, Rust, C#, C++, Java, Python, Nim, TypeScript
Operating systemUnix, Linux, macOS, Windows
Platformx86-64, ARM
Available inMultilingual, but primarily English
TypeDistributed computing
LicenseOpen-source licenses
Active hosts47,724 nodes (12 Oct 2024)
Websitepulsechain.com

PulseChain is a decentralized Layer-1 blockchain with smart contract functionality, originally founded and initiated by Richard Heart.[2] Pulse (Abbreviation: PLS[a]) is the native cryptocurrency of the platform.[3] [4]

History

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Pulsechain's development began in response to the growing challenges faced by the Ethereum network scalability issues.[5] As Ethereum gained popularity, transaction fees (gas) skyrocketed [6] [7], hindering user adoption and limiting the functionality of Decentralized Applications (dApps) built on the platform.

  • Conception (2021): Richard Heart, the founder of the HEX project, proposed PulseChain as a solution to Ethereum's scalability issues.[5]
  • Sacrifice Phase (Early 2023): PulseChain conducted a "sacrifice" phase, allowing users to contribute various cryptocurrencies or fiat currency to designated addresses. 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.[8]
  • Mainnet Launch (May 2023): PulseChain's mainnet and its native Decetranlized Exchange (DEX) PulseX. This airdrop was hailed by some as the largest in crypto history, while others questioned its long-term economic sustainability.[9] [10] [11] [12]
  • 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. They contribute to block production, network security, and governance while incentivized through rewards mechanisms, fostering trust and decentralization within the blockchain ecosystem.[13]

Technical Specifications

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Pulsechain is a full-state fork of the architecture of Ethereum 2.0. with major modifications reflected in PulseChain's Gitlab repository, in summary:[1]

  • 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

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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.
  • 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.
  • 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.[14] [15]

Regulation

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See also: 2020s commodities boom

In the United States, the proposed Digital Commodities Consumer Protection Act would treat PulseChain and other cryptocurrencies as commodities, which could then be regulated by the Commodity Futures Trading Commission (CFTC).[16][17]

Notes

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  1. ^ Cryptocurrency do not have a formal ISO 4217 alpha-3 code. "PLS" is informal only

References

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  1. ^ a b Gitlab Go-pulse source repository
  2. ^ IMDB cinema movie about PulseChain founder Richard Heart (2023)
  3. ^ Forbes PulseChain ticker
  4. ^ Yahoo Finance PulseChain ticker
  5. ^ a b Wilson Research Center / Ethereum drawbacks
  6. ^ Forbes India article about high Eth gas fees
  7. ^ CNBC article about "extremly high Ethereum txn fees"
  8. ^ Express.co.uk article about the PulseChain fundraising
  9. ^ IEEE PulseChain aidrop reflected
  10. ^ SENS Research foundation / PulseChain airdrop
  11. ^ Express.co.uk article about SENS fundraising
  12. ^ Perspectives in Medicine Journal (March 2024) / Reference: PulseChain airdrop reflected
  13. ^ Linkedin.com article about PulseChain
  14. ^ U.S. Securities and Exchange Commision / Richard J. Schueler a/k/a Richard Heart, Hex, PulseChain, and PulseX
  15. ^ Bloomberg articel "Crypto Case Tests SEC’s Ability to Police Blockchain Technology"
  16. ^ "Customer Advisory: Understand the Risks of Virtual Currency Trading". Commodity Futures Trading Commission.
  17. ^ "Bitcoin Basics" (PDF). Commodity Futures Trading Commission. December 2019. Retrieved 21 December 2022.
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Category:2023 software Category:Blockchains

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