Blockchain and Decentralisation

As any followers of Powerledger will know, blockchain and its associated cryptocurrency POWR are important cornerstones in our conception of the decentralised grid. As Powerledger has grown, its ambitions have expanded too; from proving it can work in principle, to getting ready to work at scale. That is why we have evolved our blockchain to incorporate the next generation blockchain technology. One of these changes is to use a blockchain that can handle a much higher throughput of transactions, and this is why we have migrated to a Solana-based blockchain.

- Global Market Insights Inc.

”Blockchain technology in the energy market is predicted to rise from USD 200 million in 2018 to around $18 billion by 2025.”

Blockchain for decentralised and distributed energy markets

Powerledger sees blockchain as something akin to barcodes in supermarkets. Barcodes and scanners don’t define what a supermarket is, but they allow supermarkets to operate at high volumes and low margins. A permissioned based blockchain allows Powerledger to build and scale energy projects across the globe, processing 50,000+ transactions per second. This scalable technology is fast, transparent and secure. Powerledger's blockchain technology facilitates secure trading and mitigates settlement risk, whilst also providing an immutable and verifiable audit trail.

Blockchain technology that uses less energy

As Powerledger continues to scale-up, we have built a blockchain that consumes less energy. The Powerledger Energy Blockchain is a customised permissioned Solana blockchain. The Solana design is both faster and less energy intensive than the existing proof-of-work blockchains, as it utilises Proof-of-History and Proof-of-Stake (PoS) consensus mechanisms. Solana’s PoS design means that Validators need to be invited by Powerledger and only those accepted by Powerledger can participate. We also consider the provenance of energy used by each Validator, including the renewable energy sources.

Staking with Powerledger

Staking will soon occur on our Powerledger Energy Blockchain. It will be linked to our existing POWR (ERC-20) token which will remain on Ethereum mainnet, with both the stake and the rewards, convertible and payable in existing POWR tokens.

John Bulich
Technical Director & Co-founder • Powerledger

”Market mechanisms facilitated by blockchain technology can deliver the energy system of the future without government subsidy.”