Power Ledger, an Australian-based blockchain firm, will move its network from Ethereum to Solana. The reason behind this migration is the scalability and higher speed of Solana. In addition, the company noted that the low energy output of Solana through its Proof of Stake and Proof of History is advantageous. While the migration is still in discussion, those who hold POWR tokens can keep their cryptocurrencies on Ethereum.
Power Ledger is an Australian business founded in 2016 and operates as a peer-to-peer energy trading network. This renewable energy trading network offers the possibility of decentralized sales and purchases of renewable energy using blockchain-based tokens. This is designed to be adaptable to different energy infrastructures and laws.
In the summer of 2016, Jemma Green and Dave Martin, the chairwoman, and managing director, revealed plans for a blockchain-based energy trading platform in Perth, Australia. Then, on August 24, the business made a significant announcement by revealing that it will use Eco chain technology to record energy data.
The white paper of Power Ledger was formally published in July 2017 in a business news release. The white paper said that POWR, an ERC-20 Ethereum-based currency, will be integrated into the Power Ledger site. At the same time, Sparkz, another Consortium Ethereum Network project, developed their platform-specific coin. The firm claimed that as the platform user base increased, there would be a rise in demand for POWR tokens, which would raise the price of POWR tokens and enable the exchange of them for Sparkz.
“That served its purpose in the short-term but the limitations of this solution were always very apparent including low transactions per minute.”Co-founder and executive chairman Dr Jemma Green
In the context of Power Ledger, its market is a dual-token ecosystem that uses two types of tokens, both POWR and Sparkz. Consumers and hosts who provide energy can interact with the ecosystem using POWR tokens secured by Smart Bond technology. Furthermore, in the POWR–to–Sparkz token exchange, POWR tokens may be exchanged for Sparkz tokens, which can be utilized for simple transactions in the energy exchange platform.
POWR was the biggest crowd fundraising initiative in Australia and the 14th most funded crowdfunding project in the world.
More about Power Ledger: