Over the last several weeks our blockchain developers have been hard at work stress testing the Powerledger chain and continuing the development, testing and integration of staking smart contracts.
The Powerledger Energy Blockchain now has several validators that are continuing to test the chain. These are very early supporters of the Powerledger Energy Blockchain and are not receiving any rewards. We have identified challenges that validators can experience when getting set up, which we are ironing out. On the back of this, we will be preparing onboarding documentation for external validators, which will take them through a step by step process, from connecting to the chain to fully synchronizing with the existing cluster. External validators can expect to be invited to our GitHub repository and be able to join the chain in the new year.
In parallel, a lot of work is being done developing staking functionality. We are working on two staking mechanisms; one that will be available early in the year and a second solution, which is more decentralized and future proofs the Powerledger consortium blockchain, opening the chain as a public chain. This second staking mechanism is being developed and will be released later as a decentralized approach to staking POWR tokens. A brief description of both solutions can be found below.
Primary staking mechanism
Second staking mechanism
This mechanism is not required for staking and is an exploration of how staking could work with further decentralization. We are using versions of existing Solana tooling to connect the Wormhole bridge where POWR is wrapped and becomes an SPL token on the Powerledger chain. POWR is then swapped for the native token on the Powerledger chain using a version of an existing swap tooling (such as SaberSwap). Finally, native tokens are staked using a Solana staking tooling (such as solstake). All of these steps are facilitated by an open-sourced copy of the Sollet wallet.
Stay tuned for further announcements from Powerledger. To be amongst one of the first to know when POWR staking goes live, follow us on Twitter, Telegram or visit www.powerledger.io