Power Ledger migrates to Solana but keeps its token on Ethereum 

Several projects are still moving away from the Ethereum (ETH) blockchain despite upcoming improvements. The most prominent example is Australian energy trading technology company Power Ledger (POWER), which is moving to a more centralized Solana (SOL), “ten thousand times faster than Ethereum”. However, Power Ledger’s POWR token, which is an ERC20 token, will remain on Ethereum and will continue to be used by existing customers.

Power Ledger migrates to Solana but keeps its token on Ethereum

The company announced today that it plans to migrate its Powerledger Energy blockchain from Ethereum to Solana, which is reportedly “much faster and able to support higher transaction throughput.”

According to this press release, Solana achieves scalability through Proof of History (PoH) as a timing mechanism that enables short block times of 400 milliseconds and a throughput of more than 50,000 transactions per second (tps) while maintaining censorship resistance.

It does this without a Layer 2 solution or sharding, which is much discussed in the Ethereum ecosystem.

In addition, they argue, Solana uses a PoH and Proof-of-Stake (PoS) consensus mechanism, which makes its design “less energy-intensive” than existing Proof-of-Work (PoW) blockchains. , like Ethereum, also aim to move to the PoS.

“The Power Ledger technology platform was originally built on a low-energy PoS consortium called EcoChain in 2016 before moving to a modified free Proof of Authority Ethereum federated chain in 2017,” Bulich, co-founder and CEO of Jemma Green, said in the announcement. “It does the job in the short term, but the limitations of this solution have always been very obvious, including the low transactions per minute.”

According to Bulich, the new blockchain platform based on Solana will be “ten thousand times faster than Ethereum”.

Bulich further argues that with the potential for on-chain matching, Solana “can easily support” the scaling of Power Ledger’s existing services, including peer-to-peer transactions, flexible services and traceability.

In the meantime, staking should also be available to all POWR holders. In addition, expressions of interest are being sought for validators who are interested in supporting the Powerledger Energy Blockchain, the company said – “but with a twist”.

PoS will take place on the Powerledger Energy Blockchain, but it will still be linked to the existing POWR on the Ethereum mainnet, “with stakes and rewards that are convertible and payable into existing POWR tokens”.

Some projects have moved Ethereum to other blockchains

As reported, several Ethereum projects have been moved or scaled to other blockchains due to high fees and scalability issues, among other things. A new home of choice recently is Binance Smart Chain (BSC), a blockchain developed by the major cryptocurrency exchange Binance.

But it seems that BSC and Solana aren’t the only competitors to Ethereum. MVL, the developer of the Tada ride-hailing service platform, has partnered with TZ APAC, an Asia-based blockchain user who supports the Tezos (XTZ) ecosystem, to grow the business of Tezos’ public blockchain.

In the meantime, Ethereum is preparing for its next major upgrade, known as the London-Level Instinct, which is slated for August and will bring with it EIP-1559 to improve the network’s monetary system along with other changes. In addition, developers have started rolling out the next version of the blockchain, which will introduce PoS and, among other things, solve the problems of scalability and high fees.

Join our Facebook group and Telegram group Coincu News to chat with more than 10,000 other people and exchange information about the crypto currency market.

Important NOTE: All content on the website is for informational purposes only and does not constitute investment advice. Your money, the choice is yours.