Mark Weaden
Power Ledger migrates to Solana from Ethereum
Power Ledger has become the latest blockchain project to migrate to the Solana network from Ethereum, citing higher speed and scalability as motivations for the shift.
Ethereum's scalability problems work against it
The Ethereum network is the most popular blockchain in the crypto space and hosts a wide range of decentralized platforms. However, scalability remains one of the biggest problems affecting the network, and it is the reason some projects have migrated to other blockchains.
Australia-based blockchain company Power Ledger announced earlier today that it has migrated to the Solana network in search of higher speed and scalability. The company wrote, "Power Ledger will migrate its own Powerledger Energy Blockchain from Ethereum to the Solana blockchain, which is much faster and able to support higher transaction throughput. Solana's design is also less energy-intensive than existing Proof-of-Work (POW) blockchains, as it utilizes Proof-of-History (POH) and Proof-of-Stake (POS) consensus mechanisms."
The Powerledger Energy Blockchain was developed to audit and streamline the buying and selling processes of renewable energy. The company's co-founder John Bulich said that the Ethereum network presents some challenges for them at the moment. He said, "The Power Ledger technology stack was built on a low-power POS consortium in 2016 before transitioning to a modified fee-less Proof-of-Authority Ethereum consortium chain in 2017. That serves its purpose in the short term, but the limitations of this solution were always very apparent, including low transactions per minute."
Despite the migration to the Solana network, the platform's POWR tokens would remain on the Ethereum blockchain to make it easy for the company's existing clients to use. Bulich said the new platform on the Solana blockchain would be tens of thousands of times faster than Ethereum, and it is also energy-efficient, something that is important to them.
Power Ledger is not the first project to leave the Ethereum network due to scalability issues. Several prominent decentralized applications have left the Ethereum blockchain due to the slow network and its inability to handle numerous transactions at a time.
However, the Ethereum developers are slowly migrating to the proof-of-stake protocol, which is expected to solve its scalability problems.
