The long-awaited PulseChain mainnet has finally been released. In this article, we take a look at PulseChain crypto and its token PLS.
What is PulseChain Crypto? What Does PLS Token Do? – 2023
As mentioned earlier, the PulseChain mainnet went live today. The platform’s CEO Richard Heart tweeted the news on his Twitter account.
The first full-state hard fork of the Ethereum blockchain is the PulseChain network. By lessening network load and gas costs, it intends to support the Ethereum network and any decentralized applications (Dapps) built on Ethereum.
Ethereum can scale frictionlessly by reducing gas costs and congestion. The goal of PulseChain is to encourage the widespread adoption of blockchain technology and smart contracts by stabilizing gas prices across the Web3 ecosystem.
About PLS Token
The native utility token of the PulseChain network is the PLS token. It is necessary for paying transaction fees across the network and makes use of the PRC-20 token standard, an adaptation of Ethereum’s ERC-20 standard. Holders of PLS may also assign validators using their tokens. Holders of tokens contribute to the network’s security in this way. Additionally, they receive a share of the transaction fees paid by validators.
The distribution of transaction fee income with delegators is up to network validators. Owners of PLS tokens can choose to stake with validators that give larger rewards with lower authority scores or choose the most authoritative validators and earn less.
75 percent of all PLS tokens generated by transaction fees go to PulseChain validators. The remaining 25% is burned, reducing the supply that is in circulation. When the project’s final phases are finished, the PLS token will also be utilized for on-chain voting and community governance.
PLS Token’s Distribution Mechanisms
The PLS token will also be made accessible through several distribution channels. To reward those who took part in the sacrifice phase, the supply of PLS tokens will be greatly boosted after the fork. As the project develops, the token-burning process seeks to restore the supply to equilibrium.
About Sacrifice Phase
Users were encouraged to burn ETH and ERC-20 tokens during the PulseChain launch’s sacrifice period in order to receive more PLS tokens later on. Early investors were able to support the project at its foundational level and the larger ecosystem of PulseChain dapps because of this speculative fundraising methodology. The number of tokens each investor receives depends on how soon they surrender tokens. Additionally, sacrifice rates improved as deposits were larger.
The 17-day sacrifice period came to an end at midnight on August 2, 2021. During the first five days of the sacrifice period, rates were stable; following that, they rose by 5% every day for the final 14 days. Investors could also “sacrifice” their tokens by giving them to recognized nonprofit organizations.
In less than a week, this assisted in raising $25 million for medical research. The PulseChain community and Richard Heart were thanked by Aubrey de Grey, the Chief Science Officer of the SENS Research Foundation, for their contributions of millions of dollars to medical research.
I want to thank Richard Heart; what he’s doing for us is spectacular! We have been having a very good year with income – a big expansion of our activities is coming. Thanks to the PulseChain Airdrop, those plans are going to explode to another level entirely. Our work will be greatly accelerated, resulting in huge numbers of lives saved in the future, as a direct result of Richard’s supporters’ wonderful generosity. We’re all working tirelessly to keep up with donors and hold up our part of the process. Thank you so very much, Richard!
Aubrey de Grey
About PulseX
PulseX is the flagship DeFi token swap platform on PulseChain. It will give network users access to Defi features including yield farming, liquidity pools, and AMMs. Richard Heart, an entrepreneur and the brains behind the HEX cryptocurrency concept is the head of PulseX.
During the sacrifice period of PulseChain, it raised funds that will help in some little way with the creation and introduction of PulseX. The native utility token of the PulseX platform, PLSX, will be distributed to investors who sacrificed tokens.
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