- Power Ledger is migrating its blockchain from Ethereum to Solana.
- As per the announcement, staking will be available to all POWR token holders.
- The Australian firm shares that it’s faster than before and supports higher transactions.
Today, Power Ledger announced the migration of its Powerledger Energy Blockchain from Ethereum to Solana. The platform is an Australian energy trading company. About the move, the firm shares that SOL is much faster than ETH and can support higher transaction throughput.
Of note, Solana’s design is not as energy-intensive as current Proof-of-Work (POW) blockchains as it uses many consensus mechanisms, namely Proof-of-History (POH) and Proof-of-Stake (POS).
John Bulich, Co-founder and Technical Director of Power Ledger shared,
“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.”
As per the company, one major factor that motivates the move to Solana is the scalability it achieves through POH. For this, it uses POH as a timing mechanism. This enables short block times of just 400 milliseconds and fast throughput of above 50,000 transactions per second. It also doesn’t require any layer 2 or sharding.
With this, the company notes, a new use case emerges for POWR in addition to its current uses. It will aid the project’s community by providing delegated staking opportunities on the new Power Ledger Energy Blockchain. Users will require some technical knowledge to run the nodes and validate transactions.
Not just this, but users who are not able to run a node can simply delegate their stake to the nodes and receive a portion of the rewards for helping secure the network.
Adding more to its current offering, Power Ledger is also seeking expressions of interest for validators interested in its platform. As per Co-Founder Bulich,
“POS will occur on our Power Ledger Energy Blockchain but will be linked to our existing POWR (ERC20) token which remains on Ethereum mainnet, with both the stake and rewards convertible and payable in existing POWR tokens,”
Bulich noted that the company is looking forward to professional validators participating. They also anticipate participation from their existing energy partners. For now, the application process and details of staking rewards will be shared on Power Ledger’s social media, soon.
- FBI Warns Crypto Users Against Possible Threats
- South Korea’s Woori Bank To Offer Crypto Custody Services
- The Top 9 Projects’ Tokens Used the Most on Binance Smart Contracts
- JPMorgan Lists Bitcoin’s Limitations as a Legal Tender
- Cartesi Showcases the Potential of Blockchain Gaming with Decentralized Poker