Power Ledger: Energy Blockchain based on Solana is faster than Ethereum

Power Ledger: Energy Blockchain based on Solana is faster than Ethereum

BUSINESS | Jul 12, 2021 | WOZINGA NEWS

Power Ledger: Energy Blockchain based on Solana is faster than Ethereum

  • The firm has decided to migrate its blockchain platform to Solana from Ethereum. 
  • Power Ledger’s founders have explained the energy efficiency and capability of the Solana blockchain.

By Marielle Petere Wozinga Journalist

Power Ledger: Energy Blockchain based on Solana is faster than Ethereum

Power Ledger has declared that the Powerledger Energy Blockchain based on Solana will be much faster than Ethereum. 

For this matter, Power Ledger tweeted on Monday. The firm announced it would migrate its blockchain platform to Solana from Ethereum. 

Also, the release also stated the reason. It is due to the capability of the Solana blockchain. 

Dr. Jemma Green is the executive chairman and co-founder of Power Ledger. She mentioned the energy efficiency of the Solana blockchain.

Besides, she explained that “the new blockchain platform based on Solana” would be “tens of thousands of times faster than Ethereum.” 

About Power Ledger

Power Ledger is an Australian energy trading technology firm. The technical director and co-founder of the company, John Bulich commented about the first tech stack of Power Ledger.

Regarding technology stack or tech stack, it means a set of programming languages, frameworks, and tools. Developers use it to create platforms, such as mobile apps or the web. 

Back to Bulich’s statement, he recalled, “The Power Ledger technology stack was originally built on a low-power POS consortium chain.” He pointed out that in 2016 EcoChain, POS consortium chain. 

Also, Bulich mentioned the transition in 2017. He pointed out that it was because of the modified fee-less Proof-of-Authority in Ethereum

Bulich added, “That served its purpose in the short-term.” Yet, he admitted: “the limitations of this solution were always very apparent including low transactions per minute.” 

According to the announcement, Bulich clarified the existing POWR. “POS will occur on our Powerledger Energy Blockchain but will be linked to our existing POWR (ERC20) token which remains on Ethereum mainnet,” he answered.

Then, Bulich added, “with both the stake and rewards convertible and payable in existing POWR tokens.”

About the new Energy Blockchain

Regarding the new blockchain platform based on Solana, Green remarked. “As we started this project to allow renewables to be scaled, part of our mission is to be light on our carbon footprint,”

In this case, Bulich stated, “the potential for on-chain matching Solana could easily support a scale-up of Power Ledger’s existing suite of services.” 

It would include “peer-to-peer trading, flexibility services, energy traceability and applications for Renewable Energy Certificates (REC’s).” 

According to the release, Bulich pointed out the features and advantages of Solana. He discussed more scalability via Proof-of-History. 

POH is a timing mechanism. Because of it, this would empower a short block time of 400 milliseconds. 

As for the fast throughput, it could reach over “50,000 transactions per second.” He touched even without “the requirement for any layer 2 or sharding.” 

Do you agree with the statement of Dr. Jemma Green regarding Solana?

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