Energy Trading Platform Power Ledger Switches Allegiance To Solana Blockchain
More decentralized applications (dapps) are seeking greener pastures away from the congested Ethereum network.
The latest is Australia-based blockchain company Power Ledger.
Higher TPS A Draw
In a blog post on its website, Power Ledger said it would be migrating its protocol to the Solana network. The blockchain protocol cites higher transaction output and the speed of the Solana network as its reasons for the move.
Another plus for them is that Solana’s proof-of-history (PoH) and proof-of-stake (PoS) timing mechanism is more environmentally friendly as it consumes less energy in validating transactions.
According to the energy trading company, Solana’s ability to process over 50,000 transactions per second (TPS) was a major draw.
Commenting on the development, co-founder and technical director John Bulich noted that the company was hard-pressed to work on the Ethereum blockchain for some time.
However, the limitations of the popular dapps proof-of-work (PoW) forced the company's hands to seek out an alternative protocol that can process transactions faster and is less energy-demanding.
Power Ledger is a blockchain platform that audits and streamlines the buying and selling of renewable energy. The shift to green energy in crypto mining has seen the company reassess its priorities recently.
Commenting on the random shift, co-founder and executive chairman Dr. Jemma Green noted that the company's growth on a global scale has seen them monitor their carbon footprint closely.
Meanwhile, the blockchain platform's native tokens POWR will remain on the Ethereum mainnet. Validator nodes and miners can stake and earn rewards with their POWR tokens.
PoW Losing The Battle Day By Day
Consensus on blockchains is achieved through several means. More ancient platforms like Bitcoin (BTC) and Ethereum (ETH) use the proof-of-work (PoW) consensus algorithm, which demands that mining nodes compete in solving complex mathematical puzzles. Although this rightly secures the network against bad actors and is more decentralized than most other algorithms, they are slower and more energy demanding. BTC 2.75% Bitcoin / USD BTCUSD $ 66,021.93
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This has seen new blockchain platforms like Solana (SOL), Cardano (ADA), Polkadot (DOT) switch to a more sophisticated consensus algorithm. Although these famous ‘Ethereum killers' use various means, most rely on a less energy-demanding proof-of-stake (PoS) consensus algorithm. SOL 11.89% Solana / USD SOLUSD $ 174.75
$20.7811.89% Volume 3.25 b Change $20.78 Open $174.75 Circulating 300.68 m Market Cap 52.54 b 1 d Sports Betting Platform DraftKings to Become Polygon Network Validator & Support Custom NFTs Drops in Marketplace 1 d Circle’s Stablecoin USDC Launches on Hedera Hashgraph's Network 2 d Over 160 Projects Are Launching on Terra by Early Next Year to 'Amplify Demand for UST' and Send it to $10 Bln, says Founder ADA 3.53% Cardano / USD ADAUSD $ 2.19
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This is because PoS delegates or chooses a particular mining or validator node for a specific blockchain transaction as against every mining node tussling for the same transaction.
Environmental concerns have made crypto investors favor these new crypto protocols, with government authorities clamping down entirely on crypto mining. One of such authorities is Asian giant China which has banned the mining of Bitcoin in its Yinchuan and Inner Mongolia regions.
Corporate bodies have also criticized PoW protocols, with EV company Tesla removing support for Bitcoin payment for its electric sedans.
The Ethereum network is planning to migrate to a PoS protocol by the end of the year. But for now, it is relying on layer two scaling solutions like the Polygon Network to relieve the load on its mainnet.