Power Ledger believes that in order to achieve more scalability and a higher speed, it needs to move from Ethereum to Solana.
The Australian energy trading technology company published the news earlier today on its official website. Power Ledger cited that Solana’s Proof-of-History consensus mechanism is not only better than Proof-of-Work but even more than Proof-of-Stake ones. POH is able to support a higher number of transactions and consumes much less energy than POW and POS blockchains.
“Our new blockchain platform based on Solana will be tens of thousands of times faster than Ethereum but also energy efficient. As we started this project to allow renewables to be scaled, part of our mission is to be light on our own carbon footprint.”Jemma Green, co-founder and executive chairman
The Powerledger Energy Blockchain was created to audit and streamline the purchase and selling of renewable energy. Solana’s network, thanks to its proof-of-history protocol, can run up to 50,000 transactions per second while still keeping its censorship resistance. Any of the Power Ledger’s POWR token holders can support the blockchain by staking and being a validator. Meanwhile, POWR tokens will remain on Ethereum.
“A major attribute is the way Solana achieves this scalability through POH as a timing mechanism which enables short block times of 400 milliseconds, fast throughput of more than 50,000 transactions per second, without the requirement for any layer 2 or sharding.”John Bulich, Power Ledger co-founder and technical director
Have you heard about Proof-of-Work and Proof-of-Stake?
Proof-of-work and proof-of-stake are ways to mine cryptocurrency coins and are both “consensus mechanisms”. They are required to record transactions on blockchains without requiring a third party.
Proof of work is a protocol needed to execute a complicated mathematical equation called mining. This is a process required to create a new group of transactions that will be added to the blockchain.
This protocol turns miners into validators and makes the whole process of mining virtual. Unlike the proof-of-work protocol that rewards miners, the block creator is picked through several combinations of a random selection of wealth and age. Since the mining process is virtual, there is a great amount of energy and money saved.