Powerledger Unveils Innovative Powerledger Chain to Revolutionize Global Energy Landscape August 25, 2023 August 25, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsAugust 25, 2023 by Kelly Cromley

Powerledger Unveils Innovative Powerledger Chain to Revolutionize Global Energy Landscape

Powerledger, a frontrunner in the energy industry, has introduced a groundbreaking solution known as the “Powerledger Chain.” This newly unveiled technology is poised to reshape the global energy sector by providing a swift and reliable platform that supports a range of applications, both proprietary and third-party.

Powerledger Chain: Enabling a New Era in Energy Innovation

The Powerledger Chain, as disclosed by the company, is designed to not only bolster Powerledger’s proprietary applications but also to accommodate external applications seeking to tap into the power of blockchain for energy-related use cases. The platform is positioned as an open canvas for introducing novel services and products that can catalyze transformation across the energy market.

Striving for Green and Affordable Energy

John Bulich, the Technical Director & Co-founder of Powerledger, articulated the broader mission behind this innovative endeavor. He noted that the integration of blockchain technology aligns with Powerledger’s overarching objective of making energy both environmentally sustainable and economically accessible. The company aims to decentralize the energy grid and expedite the transition to renewable energy sources.

Evolution of the Transaction Model

The company’s transaction model has undergone a significant transformation. Previously reliant on the escrow model, where customers held POWR tokens in escrow for application access, Powerledger has now transitioned to a transaction fee model. This novel approach operates on two distinct tiers: the foundational blockchain level and the application level. At the base blockchain level, the fee structure emulates the renowned Solana blockchain, with the basic transfer incurring a fee of 0.000005 of the native POWR token. On the other hand, each individual application on the Powerledger chain possesses the flexibility to establish its own tailored fee structure.

Transitioning Toward Public Accessibility

After rigorous testing within a permissioned environment, the Powerledger team is confident that the blockchain is now primed for public access. Mr. Bulich emphasized that this transition is a significant step toward realizing the platform’s potential.

A Dynamic Ecosystem for Energy Transition

As part of its forward-looking strategy, Powerledger encourages developers to contribute to the platform’s growth by building on the blockchain. This collaborative approach seeks to foster an ecosystem of products that facilitate the ongoing energy transition. By inviting external teams to leverage the Powerledger Chain’s capabilities, the company aims to enhance throughput and versatility while also rewarding validators and delegates.

Enhanced Accessibility and Democratization

To enhance accessibility and participation, Powerledger has lowered the minimum POWR staking requirements to 2500 POWR. Furthermore, the company intends to entirely remove the minimum staking requirement by the close of the year, further democratizing participation.

Paving the Path to Renewable Energy Democratization

Mr. Bulich reiterated that the launch of the new blockchain solution is another stride towards realizing Powerledger’s overarching vision – democratizing renewable energy. With its footprint spanning over 30+ projects across 10 countries, including Europe, Asia Pacific, and the Americas, Powerledger is actively engaged with significant players in the distribution, transmission, and retail sectors.

The unveiling of the Powerledger Chain is not only a significant advancement for the company but also a pivotal moment in the global energy sector’s transformation journey. As the world embraces the potential of blockchain, Powerledger stands at the forefront, leveraging technology to usher in an era of sustainable and accessible energy for all.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.