Draft:Pulsechain
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Submission declined on 17 March 2024 by David Gerard (talk).
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This draft has been resubmitted and is currently awaiting re-review. |  |
| Submission declined on 15 March 2024 by DoubleGrazing (talk). This submission appears to read more like an advertisement than an entry in an encyclopedia. Encyclopedia articles need to be written from a neutral point of view, and should refer to a range of independent, reliable, published sources, not just to materials produced by the creator of the subject being discussed. This is important so that the article can meet Wikipedia's verifiability policy and the notability of the subject can be established. If you still feel that this subject is worthy of inclusion in Wikipedia, please rewrite your submission to comply with these policies. This draft's references do not show that the subject qualifies for a Wikipedia article. In summary, the draft needs multiple published sources that are: Declined by DoubleGrazing 7 months ago.
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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)
- Summary of the initial article discussion at David Gerard's talkpage thread.
 Logo | |
| 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 | 48,854 nodes (18 March 2024) [2] |
| Website | pulsechain |
PulseChain is a decentralized Layer-1 blockchain with smart contract functionality, originally founded and initiated by Richard Heart.[3] Pulse (Abbreviation: PLS[a]) is the native cryptocurrency of the platform.[4] [5]
History
Pulsechain's development began in response to the growing challenges faced by the Ethereum network scalability issues.[6] As Ethereum gained popularity, transaction fees (gas) skyrocketed [7] [8], 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.[6]
- 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.[9]
- 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.[10] [11] [12] [13]
- 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.[14]
Technical Specifications
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
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.[15] [16]
Regulation
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).[17][18]
Notes
References
- ^ a b Gitlab Go-pulse source repository
- ^ Live Validator dashboard (retrieved 18 March 2024)
- ^ IMDB cinema movie about PulseChain founder Richard Heart (2023)
- ^ Forbes PulseChain ticker
- ^ Yahoo Finance PulseChain ticker
- ^ a b Wilson Research Center / Ethereum drawbacks
- ^ Forbes India article about high Eth gas fees
- ^ CNBC article about "extremly high Ethereum txn fees"
- ^ Express.co.uk article about the PulseChain fundraising
- ^ IEEE PulseChain aidrop reflected
- ^ SENS Research foundation / PulseChain airdrop
- ^ Express.co.uk article about SENS fundraising
- ^ Perspectives in Medizine Journal (March 2024) / Reference: PulseChain airdrop reflected
- ^ Linkedin.com article about PulseChain
- ^ U.S. Securities and Exchange Commision / Richard J. Schueler a/k/a Richard Heart, Hex, PulseChain, and PulseX
- ^ Bloomberg articel "Crypto Case Tests SEC’s Ability to Police Blockchain Technology"
- ^ "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.
External links
Wikimedia Commons has media related to Pulsechain.
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