Power Ledger's co-founder and technical director John Bulich answers questions received from the community members.
What is the EcoChain™?
Developed in September of 2016 the EcoChain™ blockchain is our private Proof-of-Stake (PoS), low-power blockchain, developed in-house and live tested in the energy markets during our trials in 2016 and 2017. It has been stress-tested in high-load environments and provided valuable insights into blockchain functionality and compatibility, with energy data collection and settlement.
Our blockchain was developed specifically for use in the power industry. It was first deployed in Western Australia and internationally in New Zealand, and used in a number of our global projects after.
In 2017 we commenced the transition to a modified fee-less Proof-of-Authority (PoA) Consortium Ethereum network.
What blockchain is Power Ledger currently using?
Currently Power Ledger is running the older Ethereum consortium chain while also testing our newer recently developed Ethereum PowerLedger chain.
What blockchain will Power Ledger transition to?
Power Ledger will transition over to its own customized consortium Solana Blockchain. This new Powerledger blockchain is many times faster than Ethereum. As smart meter readings move inevitably towards shorter, higher resolution and more granular data intervals, we need a blockchain technology that can support the higher readings and transaction throughput.
Why is Power Ledger transitioning to Solana?
Solana has important attributes such as extremely short block times with fast throughput of 50,000+ transactions per second, without the requirement for any layer 2 or sharing. With the potential for on-chain matching it can easily support a scale-up of our existing suite of services: P2P, flexibility services, energy traceability, and certificate trading applications.
Solana’s design is also less energy intensive than existing proof-of-work blockchains, as it utilizes proof-of-history and proof-of-stake consensus mechanisms.
Solana’s POS design means that we will be inviting those that are interested in supporting the Power Ledger Blockchain to participate in validation and staking, only with a twist. Staking will occur on our Power Ledger Blockchain but will be linked to our existing POWR (ERC20) token which will remain on Ethereum mainnet, with both the stake and the rewards, convertible and payable in existing POWR tokens.
Will the EcoChain™ still exist?
No, once we migrate over to Solana it will be called the Powerledger Energy Blockchain.
What about my POWR tokens, will they need to migrate?
No. Your POWR tokens still remain on Ethereum as an ERC20 token.
Why is POWR still an ERC20 token on Ethereum?
Leaving the primary token POWR on Ethereum provides flexibility and functionality that is not possible if it was also the native token on the Solana based blockchain which has a different purpose.
What is staking and delegated staking?
Staking is the process where a token holder locks their tokens in a particular wallet that gives them access to participate on a Proof-of-Stake network. Validators are responsible for forging blocks and approving transactions on the network. In return for this, validators are rewarded with a network fee, which they share with the stakers, known as staking rewards.
Validators will earn rewards for performance and will incur penalties for non performance. Therefore of the Powerledger Blockchain we anticipate that professional validators and our existing energy industry partners will be the most interested. The node operators will be asked to apply and will be vetted before being enrolled. Those who are not able to run a node, will be able to delegate their stake of POWR tokens to the nodes for a portion of the rewards.
How can I get involved in staking?
We will be making staking available to all our POWR token holders. As you know, running the nodes and validating transactions to secure the chain will require some technical knowledge. As this is a project for our POWR community to help change the world with us, we will be providing delegated staking opportunities on our new Powerledger Blockchain. Those who are not able to run a node, will simply be able to delegate their stake to the nodes for a portion of the rewards, paid back in POWR.
Where do I find out more information on becoming a Validator or Staker?
The complete validator application process and details of staking rewards will be published on Power Ledger’s website and announced on our Telegram channel shortly.