Australian energy trading technology company Power Ledger is migrating its own next-generation blockchain platform, the Powerledger Energy Blockchain, from Ethereum to Solana.
Power Ledger says Solana is much faster and capable of supporting higher transaction throughput.
Power Ledger’s blockchain-enabled technology, which is now being used on a global scale, provides a secure and accountable platform that can audit and streamline the buying and selling of renewable energy.
“The Power Ledger technology stack was originally built on a low-power POS consortium chain called EcoChain in 2016 before transitioning to a modified fee-less Proof-of-Authority Ethereum consortium chain in 2017,” Power Ledger co-founder and technical director John Bulich said.
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“That served its purpose in the short-term but the limitations of this solution were always very apparent including low transactions per minute.”
Co-founder and executive chairman Dr Jemma Green said smart meter readings move inevitably towards shorter, higher resolution, more granular data and trading intervals.
Dr Green said Power Ledger needed a blockchain technology that could support higher transaction readings and transactions throughput.
Power Ledger lists highlights of the move to Solana including
- Solana’s design is also less energy intensive than existing Proof-of-Work (POW) blockchains, as it utilizes Proof-of-History (POH) and Proof-of-Stake (POS) consensus mechanisms.
- Solana achieves scalability through POH as a timing mechanism, which enables short block times of 400 milliseconds, fast throughput of more than 50,000 transactions per second all while maintaining censorship resistance.
- Delegated staking will be available to Power Ledger’s POWR token holders with expressions of interest also being sought for validators interested in supporting the Powerledger Energy Blockchain.
- POWR tokens will continue to be used for existing clients, and remain on the Ethereum blockchain.
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