Australian-based energy trading technology company Power Ledger has announced it will soon migrate its in-house blockchain platform from Ethereum to Solana.
Power Ledger’s globally used blockchain-enabled technology provides a secure and liable platform that can examine, adjust and streamline the buying and selling of renewable energy.
The latest development will be the second time that the Power Ledger Energy blockchain is undergoing a migration in a bid to provide faster and frictionless settlements.
According to Power Ledger’s co-founder and technical director, John Bulich, the blockchain platform “was originally built on a low-power POS consortium chain called EcoChain in 2016,” but was later transitioned “to a modified fee-less Proof-of-Authority Ethereum consortium chain in 2017.”
Power Ledger, however, needed blockchain technology that could support higher transaction readings as well as transaction inputs and output, all of which the Ethereum consortium blockchain fails to satisfy at this time.
“That served its purpose in the short-term but the limitations of this solution were always very apparent, including low transactions per minute,’ said Bullich.
The switch to the Solana blockchain is therefore an advantageous move as the new Solana-based Power ledger blockchain platform will not only “be tens of thousands of times faster than Ethereum”, says “but also energy efficient.”, said Jemma Green, co-founder and executive chairman of Power Ledger.
Solana achieves scalability through the Proof-of-History (POH) consensus mechanism which enables short block times of 400 milliseconds and fast throughput of more than 50,000 transactions per second.
With the potential for on-chain similarities, the Solana blockchain could easily support a scale-up of Power Ledger’s several existing services such as flexibility services, energy traceability, applications for Renewable Energy Certificates (REC’s) as well as peer-to-peer trading.
Upon migrating to Solana, holders of Power Ledger’s POWR token will be able to run nodes and validate transactions to secure the chain and earn rewards for doing so. Meanwhile, POWR tokens will also continue to exist on Ethereum for users who already use Ethereum clients.
Power Ledger’s move to Solana marks the first high-profile move to the ‘trending’ blockchain. Recently, Solana Labs announced a $314 raise that will primarily be allocated to the growth of the network’s ecosystem.
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