Ore's Creator Proposes SOL Tokens Incentives for Testnet Activity Amid Solana's Congestion Issues
Summary:
The pseudonymous creator of the Ore project, Hardhat Chad, has proposed an incentive in the form of SOL tokens for users to engage in testnet activities on the Solana network. The proposition comes after the Solana network experienced high congestion and transaction failure rates. The emphasis is on improving performance and spotting potential issues before they reach the mainnet. Chad has also announced the need to halt mining operations temporarily due to recent network challenges, marking a move towards long-term sustainability rather strictly token mining. Meanwhile, Solana developers have released an update aiming to alleviate network congestion.
The anonymous founder of the Ore project, known only as Hardhat Chad, has proposed that the Solana Foundation incentivise testnet activity with a bounty reward. This proposition arose after the Solana network was plagued with high congestion leading to transaction failure rates soaring up to 75% for almost a week. Chad opined on social platform X, that if the Solana blockchain wants to motivate users to engage in testnet activities like testing fresh features or frameworks, they should reward with SOL (SOL) tokens. This could drive active participation, boost performance and identify potential pitfalls before migrating the changes to the mainnet.
The public reaction to Chad's proposal was mixed; it was supported by some and dismissed by others. A user called TheSoftwareJedi suggested Chad to focus on improving his project first and establish trust with the foundation. The user also mentioned that Chad could seek funding through the foundation's grants but emphasised on the importance of maintaining independence from incentives offered by the foundation.
In response, Chad clarified that he isn’t in need of finances from the foundation, instead his objective for Ore is to create a currency and not just develop tools for the testnet. Chad is also calling for reassessment of incentives to battle spam attacks, and is questioning why building spam bots for testnet should be prioritized.
Chad declared via social media that it was imperative to halt mining operations immediately for the stability of the Solana network and the welfare of Ore’s investors. In light of recent network challenges, Chad underscored the necessity of revamping the smart contract framework. This approach ties in with the project’s strategic plan for developing Ore's second version (v2), symbolising dedication to long-term stability.
Ore is a blockchain project based on the Solana platform, which is analysing the correct method of distribution by employing a proof-of-work (PoW) token distribution protocol. By marrying PoW’s security with Solana’s rapid transaction ability, the project is breaking new ground.
Ever since inception, Ore's activity has contributed massively to the congestion on the Solana network, negatively affecting the transaction scheduling and causing a spike in transaction failure rates, particularly during the influx of memecoins on the network.
In a bid to ease this prevailing congestion, Solana developers have rolled out a mainnet beta update, v1.17.31. This update brings forth enhancements designed to alleviate network congestion. Further improvements are expected to follow in the release of v1.18.
Published At
4/17/2024 10:34:43 AM
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