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Pulse - Ethereum chain fork coming up

  • 28-04-2021 3:20pm
    Registered Users Posts: 634 ✭✭✭

    Think this is well worthy of posting for everyones benefit.

    There is an upcoming form of the entire Ethereum chain that is not ETH 2.0 and will have new Coin and really low gas fees,

    Here are the pinned messages in the chat if you don't have Telegram,
    Well guys I have good news. We already have a testnet churning out blocks. It doesn't have historic state added yet or validator rotation, but its much faster progress than I expected.
    Pulse FAQs

    What is PulseChain?

    PulseChain (Pulse) is the name of the new Ethereum fork Richard Heart is creating.

    What is a Fork?

    Forks are often created in the normal process of software development. In the blockchain world it often refers to the upgrade of an existing block chain network’s software. Forks can either be contentious or non-contentious, contentious Forks often result in two copies of the blockchain, non-contentious forks are when everyone agrees to change the software code.

    Why is Richard Heart Forking the Ethereum network?

    Due to some recent changes and upgrades on the Ethereum network the cost to run the HEX smart contract code is increasing to a point where it negatively impacts the HEX ecosystem. Rather than sit by and watch this happen Richard Heart has opted to take matters into his own hands and create an improved version of the Ethereum network which will be faster and cheaper than the original Ethereum network.
    By doing this the PulseChain network will be Ethereum compatible and will be able to make use of many of the existing tools and infrastructure developed for the Ethereum network.

    What will happen to the Existing HEX smart contract?

    The existing HEX smart contract can never be changed it is immutable. It will continue to run in its current form on the Ethereum network.

    How is a new HEX Contract Created?

    The existing HEX smart contract will be duplicated on the new PulseChain network. This means all the existing liquid HEX and staked HEX balances will be transported across in their current state at the point in time the migration occurs.

    Will we get double the amount of HEX?

    As there will now be 2 HEX smart contracts running, one on the original Ethereum network, and a new one on the pulse network, you will in fact have an exact duplicate of your current HEX stakes and liquid balances on both networks.

    Will I have two copies of coins or just one?

    As above, yes you will have two copies one on the Ethereum network and one on the pulse network however it is important to note that the value of these two contracts and the HEX contained on them will not be the same. Once the duplication is complete the networks will operate independently of each other and the state of the stakes and liquid balances will differ from that point in time onwards.

    If I end a stake on HEX (ETH) will it end on HEX (PLS)?

    No, as the networks are entirely different as noted above, they will not synchronise and therefore any actions taken on one network will not impact the other.

    Why would anyone move to the HEX (PLS) chain?

    Much like a network fork the duplication of the HEX smart contract may or may not be contentious, depending upon the social consensus of all HEX users, we may end up with two functioning HEX smart contracts, one on the original network and one on the new PulseChain network. However, the current thinking is that the PulseChain network will be far superior and will take with it the majority of user support, existing infrastructure already built, and the value contained within the HEX ecosystem built out to date.

    How much would my HEX (ETH) be worth?

    There is no way to know how much the old HEX on the Ethereum network will be worth. If there is enough support garnered to continue to run that smart contract on the original network it may retain some value. History suggests that in circumstances such as this, when wide community support is for the new chain , the value of the old smart contract may go to zero. Ultimately the value of HEX on the Ethereum network will be determined by the market.

    I want more details, where can I get these?

    There is a lot of planning going on behind the scenes, at present we expect more details to be released towards the end of April. There is still much work to be done and all the finer details will be released as they are known. Sit tight and enjoy the ride, there will be much more discussion as this unfolds.
    Progress is much faster than anticipated. We already have a working test net up, without historic ETH state and validator rotation.

    Thought experiment:
    Instead of pulse launching empty and forks of successful ETH projects launching on it and getting rich, Pulse goes live with the entire Ethereum system state. Freeing all Ethereans from the high gas costs on ETH, reducing ETHs fees by reducing the load on it, and rewarding the original developers, for instance, uniswap.

    To lower fees, make sure Pulse launches at $0 (tax advantageous) and save all the Ethereans, the supply of pulse is 10,000x'd and airdropped to only holders of X and ETH (don't worry about X for now.) All the WETH/ERC20 pairs are now Pulse/ERC20 pairs. This makes it likely that everyone that had any ETH will be able to transact with the free Pulse they get.

    What do all the erc20 holders and pulse holders do? How many dapps have onramped and have working front ends.

    Do pulse holders start accumulating all the ERC20s with their new found wealth?
    Do erc20 holders start dumping for pulse?
    Erc20/erc20 pairs should be fun to watch.
    What other exciting things happen?
    By the way, the code for the fork is already being written.
    HEX has nothing to do with Pulse, it's just another ERC20 that benefits from it.

    First and foremost you must no expectations of the work of others.

    I think it would be smart for people to be able to sacrifice all kinds of crypto. But, people can try and game the system pushing up price right before they send. So you use a TWAP (time weighted average price) to prevent that. You lose your crypto. Your sacrifice is noted. You mint your own x coin. X is not yet named. X is a political statement that you prefer fees in crypto be lower, and are willing to sacrifice to prove you're serious. Projects like Pulse that want a nice set of people with a similar belief to send free stuff to, can do so. X will have a bonding curve and other game theory parameters. Its important that pulse launch at $0 value.

    For instance, off the top of my head, I think x holders would get free Pulse at a 10,000:1 ratio. Compared to what ETH holders will get. Most chains start off empty, we're using the 10,000:1 ratio to let everyone that's already on ETH be able to transact for free basically, and that's a whole LOT of erc20 users.

    The largest airdrop in the history of man is big deal. We can safe lots of ETH users and make ETH more valuable at the same time by getting its fees down.