Power Ledger to Move to Solana From Ethereum

Power Ledger is an Australia-based blockchain company, is to migrate to Solana from Ethereum in search of higher speed and scalability. Despite the migration, the platform’s $POWR tokens will still be used for existing clients and remain on the Ethereum network.

Power Ledger’s blockchain-enabled technology, which is now being used on a global scale, provides a secure and accountable platform that can audit and streamline the buying and selling of renewable energy.

The firm also cited the lower energy output of Solana’s Proof-of-History (POH) and Proof-of-Stake (POS) mechanisms.

Solana achieves 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 all while maintaining censorship resistance.

Staking will be available to all of Power Ledger’s POWR token holders with expressions of interest also being sought for validators interested in supporting the Powerledger Energy Blockchain.

POWR tokens will continue to be used for existing clients, and remain on the Ethereum blockchain.

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