I wanted to add a bit of value to the Internet as I spent quite some time researching Hex and Richard Heart.
FYI, updates on PulseChain.com and the Sacrifice Phase.
* Proof of Stake with built in Stake delegation
* 4x throughput compared to ETH (3sec blocks instead of 12sec)
* Mirror of ETH (will be announced when the snapshot will take place)
* Token distribution by airdrop/mirroring
What is the Sacrifice Phase?
You send crypto to an address (that Richard Heart probably controls or may just be a black hole). Currently over 170Mil $ have been sacrificed + 22 Mil as donations for the SENSE.org charity (tax write off).
(disclaimer, I got in with 0.1 ETH)
The way it’s marketed is that you sacrifice for free speech and as a statement.
Sacrifice Leaderboard: https://pulselead.xyz/?show_amount=0
What is it really (IMO)?
A clever way to avoid taxable events. You don’t buy anything and the airdrop is meant to have no value in the beginning phase.
You get 10k points for every $ sacrificed which will probably result in 10k pulse tokens (PLS). PLS will be the native token of the PulseChain.
All dapps will be active on the new chain and (almost) all tokens will be copied. Eg. Uniswap owners will be able to operate Uni on Pulse and the token will be pUNI vs eUNI (ETH UNI).
Currently there is a 1:1 $:Points and starting with July 20th there will be a 5% penatly per day, 1.05:1, 1.10:1, 1.15:1 etc.
1) Hex price went up ~3x in anticipation of the Sacrifice Phase. The catch: there will be no dump from those who sacrifice because the tokens are sent to the “black hole” address. The only ones dumping are cashing out for buying stuff IRL or other crypto.
This is because the $ value is calculated at market price at time of the sacrifice. But there are no actual buys/sells when you sacrifice.
2) There are many 1$ sacrifices. I assume this is to skew the bonding curve for the volume bonus received at the end of the sacrifice phase (highest sacrificer gets 2.5x his sacrifice $ in points, last one gets 1x).
3) Taxable events avoidance as stated before.
4) Sacrificing sooner is better, but if you think the token you want to sacrifice will increase in price more, it’s better to wait and sacrifice later.
Small Opinion on Richard Heart
Richard Heart seems legit, rich, smart from other means, wants to build a community around his crypto.
Also, he is not in the best physical shape and very keen on life extension technologies (trying to fund research in that area).
So I think he is legit, he has a lot to gain by creating “his own” blockchain and for it to be successful.
Personal calculation example
Joined Sacrifice with 1 ETH from MetaMask to ETH Sacrifice Address.
Will receive 220$ -> 220 * 10k points -> 220 * 10k PLS token.
(I will need to mint these tokens)
Could go to 1$, could go to 0$. Do your own research, but I’m open to any questions you might have.