Power Ledger migrates its energy trading blockchain to Solana »CryptoNinjas
Australian energy trading technology company Power Ledger announced today that it will migrate its own blockchain platform Powerledger Energy Blockchain from Ethereum to Blockchain based on Solana.
Electricity ledger Blockchain technologyNow used worldwide, it provides a safe and reliable platform that can audit and simplify the purchase and sale of renewable energy.
“The Power Ledger technology stack was originally built on a low-power POS consortium chain called EcoChain in 2016, and then transitioned to a modified free authority proof Ethereum consortium chain in 2017,” Power Ledger co-founder and technology Director John Bridge said.
“This achieved its purpose in the short term, but the limitations of the solution are always very obvious, including the low transaction volume per minute.”
Dr. Jemma Green, co-founder and executive chairman, said that as smart meter readings inevitably move towards shorter, higher resolution, finer-grained data and transaction intervals.
Power Ledger needs a blockchain technology to support higher transaction readings and transaction throughput…
“Our new Solana-based blockchain platform will be tens of thousands of times faster than Ethereum and more energy efficient. When we started this project to expand the scale of renewable energy, part of our mission was to reduce our own carbon footprint,” she says.
Mr. Bulich said that with the potential of on-chain matching, Solana can easily support the expansion of Power Ledger’s existing service suite, including peer-to-peer transactions, flexibility services, energy traceability and renewable energy certificate (REC) applications.
“One of the main attributes is the way that Solana uses POH as a timing mechanism to achieve this scalability. This mechanism can achieve a short block time of 400 milliseconds and a fast throughput of over 50,000 transactions per second without the need for any layer 2 or partitioning. In addition to the current way of using POWR, this also adds a new use case for POWR. Since this is a project that our POWR community is working with us to help change the world, we will provide it on our new Powerledger energy blockchain Entrust a pledge opportunity,” Mr. Bulich said.
Running nodes and validating transactions to protect the chain requires some technical knowledge…
In addition, validators who are interested in supporting the Powerledger energy blockchain are seeking to express interest, but it is different.
“Those who cannot run the node can only delegate their shares to the node to obtain part of their reward for helping to protect the network. POS will happen on our Powerledger energy blockchain; but it will be in line with our existing POWR (ERC20) The tokens are linked, and the tokens remain on the Ethereum mainnet. Equity and rewards can be converted and paid in existing POWR tokens. We expect professional validators and our existing energy industry partners to be most interested. Node operation Merchants will be required to apply and review before registration,” said Mr. Bulich.
As with any staking operation, validators will be rewarded for performance and will be punished for poor performance.
The complete validator application process and details of pledge rewards will be announced soon.