PulseChain is an upcoming Ethereum Hardfork that is energy efficient and provides a better user experience in terms of low cost & quick transactions. It will take a snapshot of the Ethereum chain and airdrop all Ethereum based assets on PulseChain. It will be the largest airdrop in the history of crypto. The major difference between Ethereum & Pulsechain is that PLS Token is deflationary and eliminates inflation risk with a token burn mechanism.
To know more about this blockchain, please check out the basic Pulsechain (PLS) guide. In this blog, we are going to see what are different goals of PulseChain are and what does it want to achieve. Let's start!
PulseChain Goals
There are 8 major goals listed on PulseChain's official website. I have combined them in the following points with a very simple explanation of each one of them:
- Expansion of Web 3.0: Instead of directly competing directly with Ethereum, Pulsechain wants to become another entry point to Web 3.0 supporting Ethereum's ecosystem by taking off some of its load. Through their largest airdrop in crypto history, they aim to reward the current holders of Ethereum based assets and adding more value to their ecosystem. This means the assets (Tokens & NFTs) you have on the ETH chain will get a copy on PulseChain when it goes live.
- Better User Experience: PulseChain would provide high throughput (4x), fast and low fee transactions as compared to Ethereum. It will be easy to use and you can simply add the PulseChain Network in your metamask and start transacting. ETH holders can transact for free with freemium PLS.
- Energy Efficient: PoW mining takes up too much energy & investment. Pulsechain uses Delegated Proof of Stake algorithm which is energy-efficient and eco-friendly. Validators create blocks and it doesn't depend upon your hashing power but the amount of Stake.
- Game Theory: Pulsechain (PLS) is going to be a deflationary coin and it will have a limited supply, unlike Ethereum. Validators will earn fees paid in $PLS. 25% of the fee is also burned, taking those $PLS tokens out of the supply forever. This could result in an increase in PLS price when demand rises and more transactions start happening on the network.
- Staking: PulseChain would provide staking opportunities to PLS holders. They would be able to stake and delegate it to other validators who will get the fees to produce blocks. Delegators get a share of rewards depending upon the staking pool.
- Interoperability: Pulsechain will provide a bridge to Ethereum that would work in both directions. For example, you will be able to send ERC-20 assets like ETH to PulseChain and there will be a wrapped version called pETH that gets created. Similarly, PLS will have a wrapped version called ePLS on Ethereum Network. This will bring more liquidity to both networks. Also, ETH is connected to many other popular blockchains, so PulseChain has a chance to get more exposure and benefit from the ever-expanding ecosystem of Ethereum.
I hope this gave you a nice little overview of the goals of PulseChain. Its testnet is already up and running and hopefully, we get to see the mainnet release soon. Please let me know your thoughts about the same. Do you think PulseChain is going to make it? Comment Below!
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