Australian Firm Powerledger Takes Its Blockchain Public, With New Solution

KERC proposes draft norms for pre-paid smart meters in Karnataka. Photo by-Freepik

Energy software technology company Powerledger has revealed its fast ‘Powerledger chain’ for the global energy industry. The company said that Powerledger Chain would support Powerledger’s own applications and third-party applications, as well as be open for public domain electricity use cases, interested in introducing new services and products to the market.

“Our mission with blockchain is part of our larger goal of making energy both green and affordable, to decentralize the grid, and to allow for the acceleration of the energy transition to renewable energy,” said Powerledger Technical Director and Co-founder John Bulich.

Perth based Powerledger is a technology company that has developed a blockchain-enabled renewable energy trading platform. Powerledger’s technology is available across more than thirty projects in ten countries. The former escrow model, in which customers held POWR tokens in escrow to gain access to applications, has been phased out and replaced by the transaction fee model.

Powerledger Wins Award for Its Distributed Solar Electricity Project in UP

Also Read

This new model functions across two tiers: the layer 1 blockchain level and the application level. At the layer 1 blockchain level, the fee structure mirrors that of Solana, with the basic transfer costing 0.000005 of the native POWR token. Meanwhile, each application operating on the Powerledger chain has the flexibility to implement its own distinct fee structure.

“We’ve been testing our Powerledger Chain within a permissioned environment, but are now confident that our blockchain is ready to become public-facing,” said Bulich.

As part of the transition, Sparkz tokens, which previously served as a unit of account in the early stages of its blockchain’s development, have been phased out.

Blockchain Powered LO3 Energy Gets $11 Million For Distributed Energy Marketplace

Also Read

“In this new phase, applications built on top of the Powerledger Chain have the flexibility to introduce their own business logic and tokens, similar to the concept of SPL tokens on Solana’s network. This approach allows for enhanced customization and functionality tailored to specific application needs,” said Bulich.

Powerledger is inviting teams to build on the blockchain, with the aim of aiding the growth of an ecosystem of products that facilitate the energy transition.