FREQUENTLY ASKED QUESTIONS

What Is PulseChain?

Pulsechain is a new blockchain based crypto that offers much cheaper gas fees than Ethereum. Pulsechain also offers the largest airdrop in the history of crypto. Pulsechain is going to change the crypto world as we know it. Our mission on HowtoPulse is to provide education about Pulsechain.

Designed for the future needs of the crypto industry it takes all of the shortcomings of Ethereum and improves them. PulseChain is a Complete Fork of the Ethereum Network. Meaning every coin, wallet ever existed on Ethereum, will be copied and available on PulseChain with one exception. Every ETH token will be converted to PLS on a 1:1 basis. The total supply of PLS will be about 1,000,000 greater than ETH to allow for a robust environment.

The main differences are speed, cost, Deflation, and efficiency of the network.. Capable of hundreds of transactions per second vastly our paces Ethereum’s 13. Follow along to learn how this is possible. PulseChain replaces a PoW model with a DPoS or “Delegated Proof of Stake” protocol. Removing the need for expensive computing power of PoW while maintaining a high level of security. It also replaces Miners with Validators to secure the Network.

What is PulseChain snapshot?

PulseChain will re-enable priced out use cases: Instead of launching empty, PulseChain brings the ETH system state, ERC20s, NFTs, smart contracts and more via a snapshot. This rewards holders and founders of Ethereum based projects. The launch of PulseChain is the largest airdrop in history. Thousands of Ethereum based tokens and NFTs receive their free PulseChain versions. This new gold rush contains the value discovery of thousands of tokens and NFTs on PulseChain. If you always wanted to be a whale in a certain ERC20 or NFT, maybe now you can be.

What Is An Airdrop?

An airdrop is free tokens sent to your address in exchange for a service.

This can be a retweet, a share, a small action or just being in the right place at the right time.

In the case of PulseChain airdrop, there are 2 methods and you almost don’t have to do anything to double your tokens.

So keep reading if you want to find out more about the airdrop that will go down in blockchain history as the biggest airdrop ever.

What consensus mechanism does PulseChain use?

PulseChain is the new kid on the block. A faster, more energy-efficient and more affordable version of the well-known Ethereum blockchain. PulseChain relies on a Proof of Stake Authority (PoSA) consensus mechanism, which is a combination of Delegate Proof of Stake (DPoS) and Proof of Authority (PoA). Also known as the Parlia consensus engine.

The PoSA enables 33 validators to verify transactions and validate blocks. PoSA takes the principles of democracy such as voting and using an election process and brings it to the blockchain. The biggest Pulse (PLS) holders can lock up their PLS to become a validator and all other PLS token holders can delegate their tokens to their favorite validators. It gives power to the people in order to protect PulseChain from malicious attacks and centralization.

What is a validator?

Validators are PulseChain nodes that check the validity of each transaction and generate new blocks. The 33 validators who have staked the most Pulse (PLS) will be validating or denying transactions. When they validate a transaction and generate a new block they receive a financial reward.

The gas fees you have to pay on PulseChain (or any other blockchain for that matter) to make a transaction are paid partly to the validators. 75% of all gas fees on PulseChain go to the validators and their delegators. We pay them to verify the legitimacy of each transaction and keep PulseChain healthy and alive by producing new blocks. The remaining 25% are burnt to reduce circulating PLS supply, which encourages deflation of PLS.

If a validator starts acting against a healthy PulseChain by violating security principles, the validator rules or if the validator node experiences downtime it will get slashed. I.e. it will get punished by having a part of its stake cut. This enables the finality of the chain. It’s simple, act bad and lose money. Act right, and make money and keep the chain alive.

How do you become a validator on PulseChain?

First, you’ll need to launch a PulseChain full node with enough storage and compute power to be able to verify transactions and produce new blocks. High availability of this node is essential, otherwise, you risk getting slashed and losing money.

When the chain is up and running you have to register by staking 500K PLS. Depending on the blockchain this can either be done on a website (easy) or through the command-line interface (hard).

In order to become a validator, one has to stake a substantial amount of the native token, in this case, 500K Pulse (PLS). Note, that this will be a NON-REFUNDABLE AMOUNT. The high cost is meant to avoid spam and to attract only serious validators. Once this entry fee is staked, the user is now part of the validator pool. In order to start validating new blocks and start receiving their share from the transaction fees, the validator has to be among the top 33 stakers in the validator pool. These are called bonded validators. Note that the stake size does not affect the reward amount. The stake size only helps getting a validator into rotation. Once in rotation the validators take turns in processing transactions and are rewarded approximately equally.

What Is Trading For Zero On PulseChain?

You are already trading at zero

Everything starts at Zero! This has been a declaration since the inception of the idea of PulseChain. Everything starts at zero. No price. No pre-evaluation. No tax event. Absolutely no expectations.

But what does zero mean in the context of pricing and more importantly Pulse and the new “PRC” coins that are forked at launch? It doesn’t mean that they all have zero value, it more accurately would be referred to as “no price”. We are going to touch on what this means as well as AMM ( automatic market makers) and liquidity pools.

If you have not read LJ’s pieces on CEX vs DEX (centralized vs decentralized exchanges), I would start there for some more clarity on the discussion coming up.

How to use Ledger hardware wallet with PulseChain?

Before you start

Make sure you have the latest version of Ledger Live.

Get your Ledger hardware wallet.

Install the latest version of the Ethereum app on your device.

Add a PulseChain account

1. On the left panel, click on Accounts.

2. Click the Add account button.

3. Type or click the drop-down list to select Ethereum (ETH). Click Continue.

4. Connect and unlock your device, open the Ethereum app. Click Continue. Ledger Live will look for existing accounts in the blockchain. These are then displayed one by one.

5. In the Accounts step, different sections can appear:

• In the Select existing accounts section, the accounts shown already have blockchain transactions. Add a checkmark to the *account(s) to add and choose a name for them.

• In the Add new account section, you can add a new account by adding a checkmark. This is not possible when the last created PulseChain account has not received a transaction yet.

• The Accounts already in Portfolio section lists the accounts that are already in Portfolio and thus can not be added.

6. Click Continue. Your PulseChain account(s) will be added to the Portfolio.

7. Click Add more to continue adding accounts. Otherwise, close the Add accounts window.

How To Use PulseChain TestNet If you are an end user?

1. Open MetaMask extension on your browser

2. Go to custom RPC settings

3. Go to https://gitlab.com/pulsechaincom/pulsechain-testnet or https://chainlist.org and search PulseChain and select TestNet for RPC credentials.

4. Enter the RPC credentials in the fields provided in MetaMask

5. Once you have the PulseChain TestNet activated in your networks, you will be on the PulseChain TestNet.

6. Go to https://fuacet2.howtopulse.com and connect your wallet to claim 1 tPLS per 24 hours – 1 tPLS will appear in your wallet.

7. Now you can send tPLS from one wallet address to another.

8. Go to https://stake.V2b.testnet.pulsechain.com to run the stake function for delegating to validators in TestNet.

Delegated Proof of Stake (DPoS)?

Delegated Proof of Stake (DPoS) is a consensus mechanism where users of the network vote (delegate) to a specific node (Validator) to validate the next block. Using DPoS, you can delegate by pooling your tokens into a staking pool and linking those to a particular Validator. You do not physically transfer your tokens to another wallet, but instead utilize a staking service provider to stake your tokens in a staking pool by the way of a smart contract. The smart contract is in your control at all times.

A limited number of Validators (in this case, 33) are chosen for each new block, so the delegates of one block might not be the delegates of the next. Elected Validators receive the transaction fees from the validated block, and that reward is then shared with users who pooled their tokens in the validator pool. The more you stake, the higher a share of the block reward you will receive. The rewards are shared based on each user’s stake; so if your stake represents 8% of the total staking balance, you would receive 8% of the block reward.

DPoW consensus network uses less energy therefore it is more environmentally friendly and sustainable than PoW. It also requires less 2nd layer solutions to solve the congestion issues that arise from mining on PoW consensus networks.

When it comes to PulseChain specifically, 25-33% of the fees generated will get burned during each transaction on the block. This makes Pulse Chain a deflationary coin. Pulse Chain will start with a large total supply and will deplete over time.