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Ore Wins Solana Hackathon Despite Previous Network Disruption

2024/05/07 13:37

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The team behind the proof-of-work powered Solana-native crypto Ore clinched the "Grand Prize" at a recent Solana Foundation-backed hackathon, despite the project causing significant disruption to the blockchain last month.

Ore was awarded $50,000 in USD Coin (USDC) for its contributions to the "Solana Renaissance Hackathon" held on May 6, aimed at discovering Solana's next high-impact projects.

However, Ore's sudden surge in mining transactions, coupled with the recent frenzy surrounding memecoins, played a significant role in causing transaction failures on the Solana network in mid-April. More than 70% of non-vote transaction requests were initially rejected due to this issue.

The Solana Foundation attributed the network congestion problems to the high demand for Solana block space and a delay in implementing patches related to its networking stack.

Despite Ore temporarily halting its mining operations just 13 days after its launch on April 16 to optimize its system with a second version, mining has since resumed, as indicated on Ore's website.

The project's creator, known as Hardhat Chad, expressed satisfaction at winning the award but acknowledged that there is still progress to be made before Ore can provide Solana users with a fast, cheap, private, and inflation-proof digital currency that everyone can mine.

Ore exists for one reason: to provide the world with a fast, cheap, private, inflation-proof digital currency everyone can mine.

There's a long way to go to make this vision a reality, but wins like these are important and we get one step closer everyday https://t.co/NOenDUvHH4
— Hardhat Chad (@HardhatChad) May 6, 2024

Since its victory was announced 12 hours ago, the Ore (ORE) token has surged by 115% to $270.8, according to CoinMarketCap.

Ore's codebase is based on Bitcoin's, but it was developed as a Solana smart contract, allowing multiple miners to share the network's block rewards instead of being paid out to a single miner. Hardhat Chad aims to make mining more accessible and enjoyable, enabling computation with ordinary laptops and reducing entry barriers.

Dapatkan pemahaman yang lebih luas tentang industri kripto melalui laporan informatif, dan terlibat dalam diskusi mendalam dengan penulis dan pembaca yang berpikiran sama. Anda dipersilakan untuk bergabung dengan kami di komunitas Coinlive kami yang sedang berkembang:https://t.me/CoinliveSG

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