As a crypto investor with some experience in the blockchain space, I’m both intrigued and cautious about the recent developments surrounding Ore (ORE), the proof-of-work Solana-native crypto that won the “Grand Prize” at the Solana Renaissance Hackathon. On one hand, it’s impressive that the team was able to create a project that significantly impacted the Solana ecosystem, earning them recognition and financial rewards.
The Solana team responsible for creating Ore, a cryptocurrency that utilizes proof-of-work, took home the top prize at a hackathon sponsored by the Solana Foundation, despite causing significant disruptions to the Solana blockchain network just last month.
I was fortunate enough to win a prize of $50,000 worth of USD Coin (USDC) in the recent “Solana Renaissance Hackathon.” This event, held on May 6, sought to discover the upcoming wave of significant projects for the Solana platform.
In mid-April, a surprising surge in Ore mining activities and the memecoin craze were among the primary causes leading to Solana’s transaction failure problem. Over 70% of non-vote transaction proposals encountered rejection initially as a result.
The Solana Foundation attributed the recent network congestion problems to the increased request for Solana block space and a delay in applying necessary patch updates to its networking infrastructure in a prompt fashion.
On April 15, Solana developers intended to roll out a solution to address the network congestion problem. Yet, data from a Dune Analytics dashboard by scarn_eth indicates that approximately 62% of non-vote transactions are still encountering failures.
As a researcher, I’ve come across the information that the Ore team temporarily paused their mining operations only 13 days after they began on April 16 in order to make improvements and optimize their system with a new version. It seems that they have resumed mining based on their website update.
The anonymous mastermind behind the project, known as Hardhat Chad, expressed delight upon receiving the accolade yet remained mindful that “there’s plenty of work left to do” before they and the Ore team could provide Solana users with a “swift, affordable, secure, and inflation-resistant digital currency that is accessible for mining by all.”
In the past 12 hours following the announcement of its success, the value of an ORE token has surged by 115% and is now priced at $270.8 on CoinMarketCap.
In a recent presentation, Hardhat Chat explained that Ore’s code structure is modeled after Bitcoin‘s, but it was specifically designed as a Solana smart contract. This unique configuration enables multiple miners to securely earn a portion of the network’s block rewards instead of the entire reward going to a single miner.
As an analyst, I believe Ore has the potential to reinvigorate the mining experience for individuals since the computational requirements can be met using standard laptops. This reduction in entry barriers could attract a larger and more diverse population to participate in the mining process.
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2024-05-07 08:10