Why $HEX finally has a $PULSE
Disclaimer: I am not a financial advisor. I do own $HEX.
HEX is on the rise. For those who don’t know about $HEX, it is a the first blockchain Certificate Of Deposit and pays up to 40% interest a year if you stake it. You can go to hex.com to learn more and it is currently running on the Ethereum chain, so it’s available on uniswap.
Why is HEX going up?
HEX has had quite a run since its launch last year. In the last few months, it settled a bit between .01 and .02 cents. Although it has outperformed most other tokens from its genesis, it did stall during the last couple months (even though most alts skyrocketed).
But in the last day it is hitting all time high over .03 cents. The general consensus is it’s because of the launch of PulseChain. Although it’s a separate project it is linked to HEX because it has the same founder and shares the same community (at the moment).
Pulsechain is forking Ethereum with the core mission to make gas cheaper and potentially the inner workings on how things work including Proof of Stake, and perhaps other features including burn. The details have yet to be announced, but here are the highlights I have heard so far:
PULSE will airdrop for selected ERC20 Tokens.
What is being claimed as the “biggest air drop” of all time, Pulse Chain will be allowing anyone who has (selected) ERC20 tokens will get a copy on Pulse. The list isn’t finalized - but it looks like all “shit coins” will not be allowed to participate. Obviously the one guaranteed token to be included is HEX. So if you want to be guaranteed to be in the airdrop, it looks like owning HEX will get you in the game.
PULSE will launch with a "SACRIFICE PHASE”
The more confusing element of the PulseChain launch is the sacrifice phase. Apparently in the first 30 days anyone can send their tokens to a dedicated address as a sacrifice to participate in Pulsechain. The details are vague, and they make it very clear that there should be “no expectations of value or gain” when you sacrifice. If you read between the lines they want to make sure it’s not seen as selling of securities (e.g. ICO). Ultimately it comes down to blind faith on what you get in return, but essentially you are giving up your tokens.
Another interesting element of the sacrifice is technically it’s not “selling” your ERC20. You are donating it. So it shouldn’t have a negative impact on the ERC20 Tokens price (so for those who are sacrificing HEX, this shouldn’t effect the price of HEX as a mass sell-off).
This was posted on the Pulsechain Telegram of what coins/tokens will be accepted in sacrifice phase.
PULSE will create a copy of HEX
In order to keep it straight, it seems like the community is calling the new HEX = pHEX (pulse HEX). Every HEX holder is being told they will be given an exact copy of their HEX Holdings (staked or un-staked) on the PulseChain. This of course gets HEX holders very excited - when they imagine doubling up their bag. But there are still unknowns - the biggest is how the price of HEX and pHEX will be effected.
Everyone hopes that both HEX and pHEX go up in value. It’s really up to how people perceive PULSE. Since PULSE is exposed to many other ERC20 Token holders (who may not own HEX) - it should have a larger more diverse community of ERC20 holders.
Eating other Communities
One of the big chess moves with Pulse seems to be focused on eating other communities. If you have been in crypto a long time, you begin to understand that each coin / token has their “tight community”. Doge, Safemoon, HEX all have strong communities that defend their tokens to the death. With the launch of Pulse, communities (like these) will most likely participate in the air drop (and maybe even sacrifice early) - which brings these community members into the Pulse Community. Of course, this is why new coins do air drops - but this one could be much bigger due to the idea it’s forking Ethereum and mirroring selected tokens of very active communities outside of just Hexicans.
How to get into Pulse?
Pulse is not launched yet. The sacrifice phase may start within the week - and then Pulse will launch soon after.
It seems like the best way to ensure you have Pulse is to buy HEX today. I am not a financial advisor - but that seems to be the logical path - since it’s guaranteed to be copied on PULSE.
FAQs
Here are the published FAQs off the Pulsechain Telegram
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.