Power Ledger Migrates to Solana But Keeps Its Token On Ethereum
Some projects are still leaving the Ethereum (ETH) blockchain, despite the incoming improvements - as Australian energy trading technology company Power Ledger (POWER) leaves it for more centralized Solana (SOL)-based platform, "tens of thousands of times faster than Ethereum." However, the Power Ledger’s POWR tokens, which are ERC20 tokens, will remain on Ethereum, and will continue to be used for existing clients.
Today, the company announced that it plans to migrate its Powerledger Energy Blockchain from Ethereum to Solana, the latter of which say is "much faster and able to support higher transaction throughput."
Per this press release, Solana achieves scalability through its proof-of-history (PoH) as a timing mechanism, which enables short block times of 400 milliseconds, fast throughput of more than 50,000 transactions per second (tps), while maintaining censorship resistance at the same time.
It does so without the requirement for a Layer 2 solution or sharding, much discussed in the Ethereum ecosystem.
Additionally, they argue, Solana uses PoH and proof-of-stake (PoS) consensus mechanisms, making its design is "less energy-intensive" than existing proof-of-work (PoW) blockchains, such as Ethereum, that also aims to move to PoS.
“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 in the announcement. “That served its purpose in the short-term but the limitations of this solution were always very apparent including low transactions per minute.”
According to co-founder and executive chairman Jemma Green, the new blockchain platform based on Solana will be "tens of thousands of times faster than Ethereum."
Bulich further argued that, having the potential for on-chain matching, Solana "could easily support a scale-up" of Power Ledger’s existing suite of services which includes peer-to-peer trading, flexibility services, energy traceability, and applications for Renewable Energy Certificates.
Meanwhile, staking should also be available to all POWR holders. Additionally, expressions of interest are being sought for validators interested in supporting the Powerledger Energy Blockchain, said the company - "but with a twist."
PoS will occur on the Powerledger Energy Blockchain but it will be linked to the existing POWR that remains on the Ethereum mainnet, "with both the stake and rewards convertible and payable in existing POWR tokens."
Cryptonews.com has reached out to Power Ledger for comment.
As reported, some projects had already moved or expanded from Ethereum to other blockchains, citing high fees and scalability issues among others. A new home of choice for many lately has been Binance Smart Chain (BSC), a blockchain developed by major crypto exchange Binance.
But BSC and Solana aren't the only Ethereum's competitors it seems. MVL, the developer of the ride-hailing service platform Tada, has partnered with TZ APAC, an Asia-based blockchain adoption entity supporting the Tezos (XTZ) ecosystem, in order to develop its data business with hybrid blockchain technology, utilizing both Hyperledger Fabric and the Tezos public blockchain.
Meanwhile, Ethereum is preparing for its next major upgrade, called London, scheduled for August, which will bring with it EIP-1559 meant to improve the network's monetary system, among other changes. Furthermore, the developers have already started rolling out the blockchain's next version meant to introduce PoS, and resolve scalability and high-fee issues, among others.