Four properties, all enforced by the contracts
The issuance price only rises
It doubles when a halving is exhausted, thirty five times in total. There is no setter, no vote and no code path that can issue a token below a price already paid. Every token minted so far was issued below the price of the next.
The MineCirculating supply only falls
Seven percent of every commitment funds open market purchases of EKG, and every token purchased is burned. The function is public and unowned, each purchase is capped at fifteen percent price impact, and no code path exists by which it can sell.
The BuybackHolding is compensated
Two percent of every commitment is distributed to existing holders in PLS — the chain’s native coin, not a secondary token. No lockup, no staking and no registration: balance is the entire qualification.
The PulseTransfers can be shielded
EKG can be sent to any address with no public record linking sender, recipient or amount, using the construction Zcash has operated since 2016. A shielded balance is not a row anyone can look up.
The ShieldOne issuance schedule, thirty five doublings
The Mine issues EKG at the rate the schedule currently specifies. Ninety percent of the PLS committed is returned to the miner twenty four hours later, so the net cost of a token is one tenth of the headline rate. The rate is constant within a halving and doubles when the halving is exhausted — thirty five doublings across the life of the supply, none of them reversible by any code path.
What it costs to mine, halving by halving
The first twelve halvings, which is 99.98% of every token that will ever exist · multiples of what a first day token cost
Every halving, the price
×2
A schedule, not a promise
No vote sets this number and no governance process exists to change it. The price is computed by the contract from the schedule’s position, and it moves in one direction. Every halving costs identical capital to exhaust, because each holds half the tokens of the one before at twice the price — which is what makes the price exponential in capital committed rather than proportional to it.
Of the net cost
70%
Committed to buybacks at once
Seventy percent of the net cost enters the buyback queue in the same transaction, and its only permitted use from that point is to purchase EKG on the open market and burn it. A further twenty percent is distributed to existing holders. The capital spent entering the supply is the capital that contracts it.
The mining analogy, made exact
PLS is both the hardware and the electricity
A Bitcoin miner buys a machine and feeds it electricity. The machine is capital, the electricity is cost, and the electricity is never recovered.
EKG follows the same structure with one substitution. PLS serves as both the equipment and the energy: committed to the Mine, it produces EKG at the scheduled rate, and production grows more expensive at every halving exactly as physical mining does. The difference is the settlement. Ninety percent of the committed PLS is returned to the miner’s wallet twenty four hours later, untouched by the protocol, and the retained ten percent is the entire cost of the tokens.
Of that ten percent, seven funds the buyback that purchases EKG on PulseX and burns it, two is distributed to existing holders, and one funds operations. The only portion never returned is the portion that contracts the supply and compensates the holders.
A standing buyer that cannot sell
EKG trades on PulseX without restriction. Beneath that market sits a single mechanism: seven percent of every commitment is queued to purchase EKG on the same open market, and every token purchased is burned. The contract has no owner, no pause and no withdrawal function. The queued PLS has exactly one exit, and that exit is a purchase.
- Queued to buy EKG
- —waiting, and it can only ever be spent buying
- EKG bought and burned
- —taken off the market and destroyed
- In circulation
- —of 369,000,000 that will ever exist
- Paid out to holders
- —in PLS, so far, to everyone holding
The gate: no single purchase can move the price more than fifteen percent. A queue that has grown large against a thin pool would otherwise execute in one transaction, print a price candle no participant could trade against, and surrender most of its value to front running. The contract instead computes the largest purchase whose price impact is exactly fifteen percent — 7.2486% of the pool’s PLS reserve, derived from the constant product formula at PulseX’s 0.29% fee — spends precisely that, and leaves the remainder queued.
Each purchase deepens the pool it buys from, so the next capped purchase is larger: purchase → burn → deeper pool → larger next purchase. Tested against PulseX’s own deployed bytecode, a queue far in excess of the gate drained in fifty seven purchases, fifty six of them capped, none exceeding fifteen percent.
In most designs a buyback is discretionary — a decision made with funds that could be spent elsewhere. Here it is the only permitted use of seven percent of every commitment, there is no account the funds can be redirected to, and the supply it removes cannot be reissued, because minting is bounded by the cap. Circulating supply moves in one direction.
What the gate does not do. The buyback is a public purchase on a public market, so it can be traded in front of by anyone observing the mempool. The gate bounds the value of doing so per call, and the one minute cooldown prevents the queue being drained within a block, but the exposure is not eliminated — no protocol that purchases on an open market eliminates it. Stating otherwise would be marketing, and this page does not do that.
Every commitment pays existing holders
Two percent of every commitment is distributed to EKG holders in the same transaction, before the new tokens are minted. It is paid in PLS — the chain’s native coin, not a secondary token, not points, and not a claim on a future payment. It is claimable at any time, with no deadline.
No lockup, no staking, no registration
There is no contract to deposit into and nothing to opt into. Balance is the entire qualification, accruing per token from the moment it is held. Distributions stop when the balance is sold and scale when it grows.
Paid before the new supply exists
The holders’ share is distributed before the miner’s tokens are minted. Paid afterwards, a large miner would receive a share of their own payment. Paying first ensures that minting to sell carries a real cost rather than a rebate.
No holder can be excluded
The exclusion mechanism takes no arguments and covers only the protocol’s own contracts and the liquidity pair. There is no list, no blacklist, and no address any party can add — including the deployer, at any time.
Distributions are largest in the earliest period. Half the supply is issued in the first halving, so the greatest volume of PLS moves through the split precisely when the fewest holders divide it.
Payments without a public record
EKG can be sent to any address, in any amount, with no on chain record connecting sender, recipient or amount. The construction is the one Zcash has operated in production since 2016, and it has not previously existed on PulseChain.
Why this matters. A transparent ledger publishes an account’s entire financial history by default. Pay a contractor and their next client can read the invoice. Receive a salary and it is legible to anyone. Hold a balance and anyone who learns the address knows its worth, permanently. Cash has never worked that way. Shielded transfers restore that baseline.
Operational on the test network
Three transactions on the test chain, each with a real proof generated in a browser in roughly six seconds, against a tree rebuilt from the chain’s own records rather than from any server the project operates. The final one paid out to an address that had never previously existed.
- 150 EKG shielded ~1,564,000 gas
- 60 EKG transferred shielded ~1,436,000 gas
- 60 EKG withdrawn to a previously unused address ~1,505,000 gas
The Shield charges no fee, has no owner and no upgrade path, and the project operates no servers that move funds through it. Those three properties are what distinguish a published algorithm from a business. Van Loon turned on the question of a contract nobody controls; the prosecutions in this area have each involved an operator taking a fee. There is no fee here and no operator to take one.
The setup behind this testnet pool is deliberately insecure, and it says so out loud. The key that makes proofs checkable came from a development run with no secret in it, so anyone who reads the repository can forge a proof against this pool. One thing bounds the damage: a turnstile that counts what went in and refuses to let more come out than was ever deposited. That exact accounting is what contained the counterfeiting bug Zcash found in May after it had been live for four years — the flaw was undetectable, and the turnstile caught the consequences anyway. A real ceremony with outside contributors, and an audit of the circuit by someone who did not write it, both come before this touches real money. The full design is in the paper.
A commitment of 1,000 PLS, step by step
Nothing is locked, nothing is staked, nothing requires registration and no approval is involved. Every step, start to finish, with nothing omitted.
-
1
1,000 PLS is committed
The Mine prices the tokens at the current halving’s rate and mints them to the sender’s wallet in the same transaction. At the current rate that is —. After the next halving the same 1,000 buys —, and it never buys more again.
-
2
900 is reserved for the miner, immediately
Not spent, not lent, not pooled, not deployed anywhere. It is recorded as the miner’s in a balance no function in the protocol can spend, and the test suite verifies that invariant after every action.
-
3
The remaining 100 is allocated in the same transaction
70 to the buyback, to purchase EKG and burn it; 20 distributed to existing holders; 10 to operations. Holders are paid before the new tokens exist, so no miner receives a share of their own payment.
-
4
After twenty four hours, the 900 is claimable
One transaction, at any time. No deadline, no penalty for waiting, no expiry. The net cost of the tokens was the 100 PLS, of which 70 is already queued to purchase EKG on the market.
-
5
From then on, holding accrues distributions
Two percent of every subsequent commitment, by anyone, accrues as claimable PLS. No lockup, no registration, no staking contract. Holding the token is the entire mechanism.
Every figure here except the token count is a fixed ratio written into the contract. The token count is the only part that moves, and it only moves one way.
Model a commitment against live rates
Enter an amount and every figure below is computed from rates read off the chain as you type. Nothing is sent, no wallet is connected, and nothing about you leaves the page.
- Tokens received
- —
- Returned after 24 hours
- —ninety percent of the commitment
- Net cost
- —the only portion not returned
- Allocated to buybacks
- —queued to purchase EKG on the open market
- The same commitment after the next halving
- —identical capital, half the tokens
Figures read live from the Mine, the buy and burn, and the PulseX pool. Nothing here is a forecast about any market price.
Ten percent is the entire cost
Every protocol quotes a headline price. This one quotes it and returns ninety percent of it, so the quoted figure and the paid figure are different by construction, and both are stated here.
1,000 PLS, split the moment you mine
90 / 7 / 2 / 1 of the whole amount
369,000,000, and then never again
Thirty six halvings and nothing else. Halving one holds half of everything, halving two a quarter, and so on down — the same fractions by which Bitcoin’s epochs release its supply. When the final token is minted there is no thirty seventh.
There is no clock and no daily quota. No order is refused and no order is deferred. An order larger than the halving it lands in is filled up the schedule within the same transaction: halving one’s price for the portion taken from halving one, halving two’s price for the next portion, and so on. Additional supply costs exponentially more capital, and that is the only form of rationing in the protocol — the only form that cannot be waited out.
Where the supply sits
Share of the cap, halving by halving
The number that decides everything
Every halving costs the same to exhaust
Each halving holds half the tokens of the one before it and charges twice as much for each one. Half as many at twice the price is the same money, so clearing a halving costs the same whether it is the first or the thirty sixth. That is not a coincidence; it is the mechanism. It makes the price exponential in the capital committed rather than proportional to it: doubling the inflow does not double the price, it doubles it twice.
- To exhaust one halving
- —the identical figure for 35 of the 36
- To double the price
- —same number, and that is the point
- To mine the whole curve
- —every token that will ever exist
| Halving | Tokens released | Price per token | Real cost per token | To exhaust it |
|---|
swipe the table sideways for the rest
Real cost is a tenth of the price, because ninety percent of what you spend comes back to you a day later. “To exhaust it” is what somebody would have to send to take every token in that halving, and it is the same figure for thirty five of the thirty six.
One honest exception, and it is visible in the table: halving 36 costs twice what the other thirty five cost, because it also sweeps up whatever rounding left behind across the preceding thirty five. That remainder is 0.00537 of a token out of 369,000,000. The equal-cost claim is exact for halvings 1 through 35, and the arithmetic lives in the contract rather than in a spreadsheet.
The market exists before the first token does
Most tokens issue first and promise a market later, and the gap between those two moments is where launches fail: early participants with nowhere to sell, a buyback with nothing to buy, liquidity that arrives late and leaves early. EKG closes that gap in the contract itself. Every mine reverts until the pool is live. Not as policy — as a revert.
The pool opens below what mining costs. Day one, buying on PulseX is cheaper than mining — deliberately. The buyback spends its queue into exactly that gap, pushing the market price up toward the mining cost from underneath, and the mining cost only ever moves up. Two prices, both with a reason to rise, and a standing buyer in between.
The same arithmetic, plus the two things Bitcoin cannot do
EKG does not claim to replace Bitcoin, and the bottom rows of this table exist because omitting them would make the rest untrustworthy. What EKG adds is a standing bid beneath the asset and a distribution to its holders — neither of which Bitcoin has, by design.
| Bitcoin | EKG | |
|---|---|---|
| Supply cap | 21,000,000 | 369,000,000 |
| Halvings | 33 | 36 |
| Emission | halves at every epoch | halves at every halving, the same |
| First epoch releases | 50% of the cap | 50% of the cap, the same |
| What a miner spends | electricity | PLS, and 90% of it comes back in 24 hours |
| What mining costs | whatever power costs that day | fixed by the contract, doubling at every halving |
| A standing buyer | none | 7% of every mine, spent buying on the open market |
| Supply once issuance ends | flat forever | still falling, because the buy and burn keeps buying |
| Holders paid for holding | no | 2% of every mine, paid in PLS |
| Private balances | no, every balance is public | the Shield, on testnet |
| Who can change the rules | nobody without rough consensus | nobody at all, no owner and no proxy |
| Security model | proof of work, hundreds of billions of dollars behind it | one contract on one chain |
| Decentralisation | thousands of independent miners worldwide | a single immutable contract |
| Track record | sixteen years | weeks, on a testnet, with no external audit |
swipe the table sideways for the rest
Bitcoin wins the last three rows and it is not close. Nothing here is a claim to be safer than Bitcoin or more decentralised than Bitcoin, because neither would be true. The claim is narrower and it is the only one worth making: Bitcoin's issuance schedule, run on a chain where a contract can also hold a bid and pay its holders, and the contract does both.
Nobody can change any of this. Including us.
Every address is fixed at deployment. There is no proxy behind any of it, no governance, no multisig and no key in a drawer somewhere. The rules above are not a roadmap, they are the only behaviour these contracts have.
The PLS set aside for miners is tracked separately and no function in the protocol can spend it. Nobody can be excluded from the Pulse. Operations is pull and never push, so an address that refuses PLS can never block somebody else's mine.
Reviewed the way an attacker would read it
An immutable contract gets exactly one draft. There is no patch, no pause and no owner to call, so the only place a mistake can be found is before deployment. That is where the effort went, and the record of it is below.
The suite runs at two opening prices three orders of magnitude apart, which is how the claim that the opening price is only a scale factor got checked rather than asserted. One test mines out all thirty six halvings and asserts the supply lands on 369,000,000 exactly, with nothing stranded.
Separately, a hundred simulated days with a thousand wallets runs against PulseX’s own bytecode — launch, mining, market selling, daily buybacks — and checks every invariant after every transaction: 2,499 checks, none broken. It ends with every wallet selling everything it holds at once; the buyback buys into the crash because that is its only move, the mine and sell round trip loses money on all one hundred attempts, and every outstanding return remains payable afterward.
The buy and burn is the one part that talks to somebody else’s code, so a mock was not good enough. PulseX’s router, factory and WPLS are pulled off PulseChain byte for byte and run inside the test chain, and the whole launch goes through them: one openMine() call that mines the pool’s EKG side, funds the pair, burns the LP tokens and opens mining — then queue, buy, burn. That is where the fifty seven buy drain was measured, and where the claim that no buy breaks fifteen percent is checked against what actually happened to the pool rather than against our own arithmetic.
Six rounds of review went looking for ways to kill the protocol permanently and found four. All four are closed, and each has a test written to fail loudly if the fix is ever removed. They are written up in the paper, in detail, with what each would have cost.
There has been no external audit, and that is a hard gate before mainnet. Six rounds of review by the same kind of reader is not the same thing as one round by a different one. Nothing on this page is an invitation to send real money anywhere yet.
Verify everything on this page yourself.
The schedule is arithmetic, the contracts are immutable, and every figure above is read from the chain or reproducible from the repository. Nothing here asks to be believed.