Brayden Lindrea3 hours agoOre wins Solana hackathon despite disrupting Solana’s network in AprilA sudden rise in Ore mining transactions was one of the main culprits behind Solana’s April congestion issue, where up to 70% of non-vote transactions were rejected.989 Total views15 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe team behind the proof-of-work powered Solana-native crypto Ore has won the “Grand Prize” at a Solana Foundation-backed hackathon despite the project majorly disrupting the blockchain in April.
Ore won $50,000 in USD Coin (USDC) for its efforts in the May 6 “Solana Renaissance Hackathon” focused on finding Solana’s “next wave of high-impact projects.”
However, the sudden rise in Ore mining transactions, combined with the recent memecoin mania, were two of the main contributors behind Solana’s transaction failure issue in mid-April, which saw more than 70% of non-vote transaction requests being knocked back at first instance.
The Solana Foundation said the recent network congestion issues were due to the high demand for Solana block space and a failure to promptly implement patches related to its networking stack.
Solana developers planned to implement a fix to improve the congestion issue on April 15. However, the non-vote transaction failure rate is still hovering around 62%, according to a Dune Analytics dashboard by scarn_eth.
The Ore team also temporarily halted its own mining operations just 13 days after it launched on April 16 to optimize its system with a second version. It appears that mining has recommenced, according to Ore’s website.
The project’s pseudonymous creator, Hardhat Chad, was pleased to win the award but acknowledged “there’s still a long way to go” before he and the Ore team can offer Solana users a “fast, cheap, private, inflation-proof digital currency everyone can mine.”Source: Hardhat Chad
The Ore (ORE) token is up 115% to $270.8 since its victory was announced 12 hours ago, according to CoinMarketCap.
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Ore’s codebase is based on Bitcoin’s, but was written as a Solana smart contract in a way that allows multiple miners to win a share of the network’s block rewards, instead of it being paid out to a single miner, Hardhat Chat explained in a presentation.
He hopes Ore will “make mining fun again” as computation can be performed with ordinary laptops, thus lowering the barrier to entry.
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