Ethereum has begun to grow larger over the years gaining popularity. This led to ever-increasing transaction fees, which became an entry and exit barrier for smaller investors. All this had negative impact on HEX and other Ethereum-based tokens.
Rather than lowering transaction fees for trading and staking HEX, the ETH improvements have led to increasing them many times. For instance, I once bought 100,000 HEX for the sum of $500, staking it for maybe $1. After a year, the value of the investment rose to $7,000, but the unstaking involved a cost of $700. Despite the sizable profit, the cost of unstaking could be considered as highway robbery.
Rising transaction fees were keeping investors awake at night and they were under no illusion that this problem would be solved before the full implementation of ETH 2.0 which could take several more years. Moreover, the more work on the second version of Ethereum progressed, the more it began to indicate that it would do nothing to reduce transaction fees. Nor did anyone expect Richard Heart to undertake efforts to address this issue.
The breakthrough came in 2021 when Richard started talking on YouTube about the issue of Ethereum upgrades and the increase in transaction fees, arguing that they were unacceptable. At the time, he first mentioned the idea of building a new Blockchain to solve this problem. Its name was not yet known at the time. Details gradually started to emerge but at the start all that was known was that Richard was building a faster, cheaper, fee-burning alternative of Ethereum.
Read more in my book ‘Second Crypto Revolution: Build Generational Wealth With Richard Heart’s Crypto Ecosystem“.
Shortly afterwards, Richard informed about an option of investing into PulseChain. Information about the planned Sacrifice Phase was soon made public. Sacrifice Phase ran from 15 July to 3 August 2021 and was a kind of pre-sale, where users could invest in PLS tokens from a special pool. Each sacrificer received points and the number of points depended on the day on which the sacrifice was made and the dollar value of the cryptocurrency being sacrificed at the same time.
Richard Heart could not conduct a standard ICO (Initial Coin Offering) in order to raise funds for a new cryptocurrency venture because this would be considered an unregulated financial product under American law and would certainly not appeal to the US Securities and Exchange Commission. Moreover, as a multibillionaire, he certainly didn’t need extra money for his new projects either. Sacrifice Phase was his next philanthropic venture enabling people who decided to support his vision to make a lot of money.
The website www.pulsechain.com says that participation in the sacrifice is a demonstration of the user’s faith that the blockchains are free speech which is a protected human right and not a means of investment. Richard treats PulseChain as a political statement of the users involved, which has no monetary value. Sacrifice was therefore not an ICO and if Richard Heart officially sought to generate profits for himself or investors, he would face severe legal consequences for doing so.
In practice, users who donated money to the sacrifice could not expect anything and knew that they may or may not make money. As a result, the SEC has no reason to launch any investigation. And while it is not hard to guess that all or almost all those who sacrificed their money were hoping to make a profit, in practice their hands would have been tied if, for instance, PulseChain had never been launched.
One way of sacrificing for PulseChain was to support the SENS.org charity which makes efforts to extend human life. People who donated not to Richard but to the SENS foundation, received PLS points just like everyone else. In total, the foundation received more than $27 million using this method. Overall, the entire sacrifice phase generated more than $700 million for PulseChain and is the largest pre-sale in crypto currency history.
The initial phase of the sacrifice was to last 19 days and it was most cost-effective to join the project during this time. After it came officially to an end, Richard decided to extend the campaign due to the large number of people who continued sacrificing. However, with each consecutive day of sacrifice, the value of each dollar sacrificed was less and less.
For the first 5 days, users had the best rate. For $1 they received 10 000 points. So if they bid $100 on days 1 to 5, they received at least 1 million points. Investing $100 on the last day of the campaign entailed receiving at least 505,050 points, almost half as many.
I emphasize almost because there was a premium for the amount sacrificed. The more dollars you sacrificed compared to others, the higher your premium would be. The address that offered the most (in USD value) will receive the highest premium of 2.5x its number of points. The address that offered the least will receive 1.0x (no premium). Each user in between receives a premium between 1.0x and 2.5x.
WHAT IS PULSECHAIN?
Richard Heart’s new project called PulseChain is a fast and sustainable Blockchain that is a copy of Ethereum with modified and streamlined code. PulseChain has its own native Pulse token (PLS) which those who have taken part in the sacrifice phase will receive at launch. The token will also be given for free to any user with ETH in their wallet on PulseChain’s launch date. PulseChain will replicate the entire contents of a user’s wallet on the Ethereum network including all tokens running on the network.
PulseChain’s differentiator will be to charge much lower fees than Ethereum platform and to improve all Ethereum shortcomings to become more user-friendly and cost-effective. PulseChain will enable hundreds of transactions per second, which will be much faster than Ethereum’s 13 transactions per second. PulseChain will use Proof of Stake (PoS) instead of Proof of Work (PoW) , while maintaining high transaction security and not having to use the high computing power of the Proof of Work.
The launch of PulseChain will be caused by the so-called Hard Fork of Ethereum. This event occurs when the blockchain splits into two independent parts. A user group that does not want to support the main chain then moves to the newly created blockchain, either creating a new network or making some changes to the original network. PulseChain will create its own network, using the Ethereum network condition on the day of the split. To access new tokens on the PulseChain network, simply switch the network being in a compatible wallet (e.g. MetaMask).
PULSECHAIN FEATURES THAT WILL MAKE THE PROJECT REVOLUTIONARY
PulseChain offers higher transaction processing rate that will not jeopardize security and provide smoother trading. The main reason for creating PulseChain was to reduce the cost of gas fees which have been and continue to be a pain in the neck for the Ethereum users. The PulseChain’s transaction fees will be much lower than those on the Ethereum platform due to the Pulse’s validators securing transactions for a small fee and due to no need to use large amounts of energy during the process.
The third feature of PulseChain is deflation which boosts the purchasing power of the token. The total supply of PLS is created at launch. The transaction fee is burnt in 75% which has the effect of reducing the total supply. In the future, when there are fewer PLS tokens in the market, their price will organically increase. PulseChain is a faster, cheaper and more lucrative competitor to Ethereum.
BIGGEST AIRDROP IN CRYPTOCURRENCY HISTORY
In the crypto business, airdrop is an opportunity to receive free tokens that will be sent at your address in exchange for performing a certain action. PulseChain’s airdrop will be the largest such event in the history of cryptocurrencies.
There are two methods that will allow you to enhance your token holdings. The first method to enhance your coin holdings was to sacrifice accepted tokens on the Ethereum network in exchange for points then converted to Pulse (PLS) tokens.
The second method to double your wallet is to have tokens running on the Ethereum Blockchain at the PulseChain launch date. You will then receive a 1:1 copy of the tokens, which will be in PulseChain as long as they have been in a wallet for which you have private keys (e.g. MetaMask).
As the PulseChain launch date approaches, the crypto community is increasingly trying to predict the launch price of the PLS token. According to Howtopulse.com, it will settle at: 0,00017-0,00054 $. Some predict that PLS tokens will see a 20-fold increase after three months, 70-fold after six months and 300-fold after 12 months. These values are very impressive, although opponents regard them as phantasmagoria.
But are these really pipe dreams? Looking at the launch history of other Blockchains….absolutely not! Ethereum went up 2858 times over the period of 6 years, Matic 1003 times over the period of 2.5 years and Polkastarter 608 times over the period of one year. Investors’ predictions, taking into account the innovation of the project, may well come true.
Interest in PulseChain continues to grow, as evidenced by the presence of 65,000 future users on Telegram, well before the project was launched. This number continues to grow, which will ensure future liquidity of the platform. Project’s strengths weight in favor of Richard Heart’s new child: from its innovation, through the real transaction costs cutting, to the giving away of free tokens to users.
PULSECHAIN RELEASE DATE
Richard Heart keeps saying that ‘software is hard’ and that he has never yet managed to get the timing of a project right. It is thereore worth examining this topic. Initially, the PulseChain launch was expected to be 2-3 months after the sacrifice phase. Heart then announced that it would take another 2 months. Later, Richard announced many times that the project would have a couple of months delay. In the meantime, he launched the sacrifice phase for another project – PulseX. Then he again announced to the world that he needed ‘two more weeks’ and argued that ‘we are so close now’.
After some time, the investment community was surprised by the news of new bugs in the code, that required corrections and a change of programming language, which of course extended the waiting time again. This was seen by many as an attempted scam, although it was said in the sacrifice phase that this was not an investment and no expectations should be held. It should be noted that the funds from the sacrifice addresses were not moved. There is still over a billion dollars hanging in the PulseChain and PulseX wallets, so investors’ money is safe.
Since the end of May 2022, Richard has insisted that he would no longer give any timeframe until he knows the correct and fixed release date because he doesn’t want people to get mad again when he gets it wrong. Richard livestreams on YouTube from time to time where he mentions that work is going well. In his Twitter bio, he wrote that free tokens will soon be available, indicating that the launch of PulseChain is worth waiting a little longer.
HYPOTHETICAL CAUSES OF DELAY
Delays can be due to the product complexity and it just has to take so long. Bugs found in the code need to be fixed, which is very time-consuming. The developers may also have found opportunities to make the final product even better than originally envisaged and decided that it was better to delay it a few more weeks or even months than to launch what they have.
Another hypothesis is to avoid a flub , as has happened with other projects like Solana, which is shut down every now and then because something is not working properly. This is what Richard talks about most often in his public speeches. He claims that the product could be launched immediately but with the developers’ knowledge of where the weaknesses are it would be vulnerable to hacking. Richard understandably prefers to address every known bug and launch a perfect product rather than something that is just good enough.
Another option is that Richard wants to launch the product when the crypto market bottoms and bear market officially ends. As a result, the project would start at very low prices and keep growing. Richard takes care about image and likes pretty charts. When asked directly, he denied this speculation, although it is possible that the ready-to-go product and the bottom of the market slump will coincide.
Read more in my book ‘Second Crypto Revolution: Build Generational Wealth With Richard Heart’s Crypto Ecosystem“.