Cointelegraph Team
Cointelegraph
The 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 $1.00) 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.
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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