PulseChain is a layer 1 blockchain network that uses a Proof-of-Stake (PoS) consensus algorithm to validate transactions and create new blocks. The network is built on top of Ethereum, and it aims to provide faster and cheaper transactions compared to Ethereum.
Here is a good overview of how the PulseChain network works:
- Validation: When a user submits a transaction to the PulseChain network, validators on the network check the transaction to ensure that it is valid. Validators are chosen based on their stake in the network, and they are incentivized to act honestly through the network’s reward system.
- Block creation: Once a transaction is validated, it is added to a block along with other validated transactions. Validators then compete to create a new block that contains all of the validated transactions. The winner of this competition is chosen randomly based on their stake in the network.
- Consensus: Once a new block is created, it is propagated to all the other nodes in the network. These nodes then validate the block and add it to their own copy of the blockchain. This process ensures that all nodes on the network have a consistent copy of the blockchain.
- Rewards: Validators are rewarded for their work on the network in the form of Pulse tokens. The amount of rewards that a validator receives is proportional to their stake in the network.
In addition to the PoS consensus algorithm, PulseChain also uses other technologies to enhance the network’s performance. For example, it uses sharding to split the network into smaller pieces, which helps to increase the network’s throughput. It also uses a novel bridging mechanism to allow for seamless interoperability between different blockchain networks.
Overall, PulseChain aims to provide a fast, efficient, and scalable blockchain platform that can support a wide range of decentralized applications and use cases.