Despite Disruptions, Solana-native Cryptocurrency Ore Wins Big at Hackathon
Summary:
Despite causing significant disruptions last month, the Solana-native cryptocurrency, Ore, has won the "Grand Prize" at a Solana Foundation-sponsored hackathon. The recent rise in Ore mining transactions contributed to Solana’s transaction failure issue in mid-April. However, mining has now recommenced and the Ore token has seen a 115% surge since winning the prize. Solana developers intend to improve the system with solutions to mitigate these issues. Ore's codebase uses Bitcoin's and allows multiple miners to claim a part of the network’s block rewards, in the hopes of making mining more accessible on standard laptops.
Despite causing significant disturbance to Solana blockchain last month, cryptocurrency Ore, a Solana-native digital currency, has snatched the "Grand Prize" at a hackathon sponsored by the Solana Foundation. The Ore team was awarded $50,000 in USD Coin (USDC) for their participation in the "Solana Renaissance Hackathon" on May 6, aimed at discovering Solana's "upcoming high-impact ventures". Nevertheless, the sudden increase in Ore mining transactions, coupled with the recent surge in meme-based coins, were major factors triggering Solana’s transaction failure in mid-April, leading to more than 70% of non-vote transaction requests being initially rejected. The Solana Foundation attributed the recent network traffic issues to the skyrocketing demand for Solana block space and the delay in applying patches associated with its networking stack. On April 15, Solana developers intended to implement a solution to mitigate the traffic problem. However, data from a Dune Analytics dashboard by scarn_eth reveals that the non-vote transaction failure rate remains at approximately 62%. The Ore team suspended their mining operations for a short period, 13 days after its April 16 launch, to enhance their system with a second version. Mining now appears to be active again based on information from Ore's website. Hardhat Chad, the anonymous mastermind behind the project, expressed joy at the win, but recognized that a lot of work lies ahead before him and the Ore team can provide Solana users with a "fast, inexpensive, private, inflation-resistant digital currency that can be mined by everyone.” The Ore (ORE) token has seen a surge of 115% to $270.8 post the announcement of its victory, a mere 12 hours ago as per CoinMarketCap. Utilizing Bitcoin's codebase as its foundation, Ore's codebase was crafted as a Solana smart contract to allow multiple miners to claim a part of the network’s block rewards, instead of awarding it to a single miner as explained by Hardhat Chat in a presentation. The aim of Ore is to rejuvenate mining by making it accessible through standard laptops, thereby making entry easier.
Published At
5/7/2024 8:06:33 AM
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