Power Ledger switches blockchain platforms – The Fifth Estate

Australian energy trading technology company Power Ledger has switched its blockchain system from Ethereum to the faster, more energy efficient Solana.

Power Ledger’s energy trading platform, which allows near-to-real-time, fully-accountable peer-to-peer energy trading, was originally built on Ethereum’s decentralised public ledger for verifying and recording transactions.

“That served its purpose in the short-term but the limitations of this solution were always very apparent including low transactions per minute,” Power Ledger co-founder and technical director John Bulich said.

The energy trading company has made the switch to Solana because it’s much quicker, supports higher transaction readings and is more energy efficient.

“Our new blockchain platform based on Solana will be tens of thousands of times faster than Ethereum but also energy efficient,” co-founder and executive chairman Dr Jemma Green said.

“As we started this project to allow renewables to be scaled, part of our mission is to be light on our own carbon footprint,” said Dr Green.

Ethereum has attracted criticism, along with other blockchain platforms, for its high energy consumption, and is now taking steps to drastically reduce its energy intensity.