Power Ledger, an energy trading technology firm in Australia, has announced its migration to Solana from its blockchain platform, the Power Ledger Energy Blockchain. It is quicker and can handle more transactions. The blockchain-enabled technology, which is already being deployed worldwide, provides a safe platform for auditing and securing renewable energy purchases and sales.
John Bulich, the Co-Founder of Power Ledger, said that the company created the Power Ledger technology stack using EcoChain, a low-power POS consortium chain, before switching to a Proof-of-Authority Ethereum fee-less consortium chain in 2017.
According to Dr. Jemma Green, the Co-Founder and Executive Chairman, the smart meter readings are unavoidably moving towards shorter, better resolution, offering more granular data and trading periods.
Power Ledger required a flexible blockchain technology that could handle greater transaction readings. Mr. Bulich feels that Solana can easily enable a scale-up of Power Ledger’s existing portfolio of services, including peer-to-peer trading, tracing energy, and Renewable Energy Certificates (RECs) applications.
Bulich further stated that Solana could achieve this scalability by using a timing mechanism like POH, which allows for short block durations of 400 milliseconds and high throughput of around 50,000 transactions every second without the need for layer two or sharding. Additionally, a Validator interested in supporting the Power Ledger Energy Blockchain is invited to submit expressions of interest.
Mr. Bulich explained that POS would take place on Power Ledger Energy Blockchain, connected to the current POWR (ERC20) token, which will stay on the Ethereum mainnet. Rewards and stakes are convertible. The user can pay using existing POWR tokens.
By the end of this quarter, the whole Validator application procedure and specifics on staking incentives will be uploaded on Power Ledger’s official website and publicized on the Power Ledger’s Telegram channel.