PulseChain is a stateful fork of Ethereum running Proof of Staked Authority consensus system with the stated goals of increased performance and significantly reduced fees for the users of the ecosystem. As a stateful fork, copies of all Ethereum contracts, tokens, and user accounts at time of fork will exist in the PulseChain network.
Being a fork of Go-Ethereum, many of the Go-Ethereum binaries and tools you’re familiar with remain the same (geth, bootnode, puppeth, etc).
The Proof of Staked Authority (PoSA) consensus engine developed for BSC is based on the Clique consensus engine detailed in EIP-225, with validators tracking and selection being dictated by system contracts. Validator rotation on BSC is administered through cross-chain messages originating from Binance Chain. PulseChain simplifies this system by removing the dual chain complexity and by implementing validator staking and rotation as native system contracts that can be directly interacted with by the PulseChain users. Slashing logic ensures liveness, security, stability, and chain finality.
The PulseChain network will launch with a stable set of maintained validators. Tech-savvy PulseChain users are encouraged to deploy new independent validators that can be voted into the network consensus by the PulseChain users, aiding in the decentralization of the network.
PulseChain brings all of the Ethereum state with it! As of block number _______ (TBD), Exact copies of all smart contracts, ERC-20 tokens, ERC-721 NFTs, and user accounts will exist on PulseChain. Because of the extent of applications and use cases deployed on the Ethereum mainnet, it’s not possible to anticipate exactly how any cloned assets will be valued by the community. Some contracts and applications will work 100% as they do on Ethereum, other contracts such as centralized stable coins are unlikely to have the authoritative support behind them.
Eventually the relative value of these assets will equalize though market action, but it is expected that there will be a discovery period with high volatility at launch of the network.
Although Proof-of-Work (PoW) has been proven as a mechanism to implement a decentralized network, it is not practical for new or small networks and requires a large number of participants and computational waste to maintain the security.
Proof-of-Authority(PoA) provides defense against 51% attack, with improved efficiency and tolerance to certain levels of Byzantine players (malicious or hacked). The PoA protocol however is most criticized for being not as decentralized as PoW, as the validators, i.e. the nodes that take turns to produce blocks, have all the authorities and are prone to corruption and security attacks.
Other blockchains, such as EOS and Cosmos both, introduce different types of Deputy Proof of Stake (DPoS) to allow the token holders to vote and elect the validator set. It increases the decentralization and favors community governance.
PulseChain inherits and modifies the Binance Smart Chain consensus engine, Parlia, which combines DPoS and PoA. The PulseChain consensus engine has the following properties:
The native ETH token will become PLS on the PulseChain network. The PLS supply will be inflated by at least 10,000x upon forking, with the extra supply being distributed to the users that sacrificed during the PulseChain sacrifice phase.
PLS will be used just as ETH is used on the Ethereum network for transaction fees, as well as for delegating stake to network validators.