Welcome to Ore’s Mining Update on Solana 🚧
In response to network congestion issues, Ore has temporarily halted its mining operations on the Solana blockchain. Updates by the developer, Hardhat Chad, reveal a strategic decision to address the recent congestion on Solana due to the rapid adoption of their protocol.
Ore’s Impact on Solana Traffic 🚥
The introduction of Ore as an experimental protocol just two weeks ago has quickly propelled it to become the most actively used program on the Solana network in terms of transaction volume. According to Hardhat Chad, Ore’s load on Solana’s mainnet surpasses that of any other smart contract in blockchain history, signifying a substantial impact on network traffic.
- Ore’s rapid rise on Solana
- Identification of bugs in the Solana network stack
- Validation of proof-of-work as a fair token distribution mechanism
Enhancements in Version 2 🔄
Recent updates highlight the necessity for a new contract design in Version 2. By pausing current operations, developers can analyze data, form a team, and focus on refining the upcoming version. Key improvements in Version 2 will include addressing inefficiencies in the code, implementing structural incentives for token holders, and revamping the difficulty adjustment process.
- Addressing code inefficiencies
- Providing incentives for token holders
- Algorithmic difficulty changes
Seamless Transition to Version 2 🔄
Hardhat Chad ensures that there is no rush to claim rewards, and all existing Ore tokens will seamlessly transition to the new Version 2 tokens on a one-for-one basis. More detailed information about Version 2 enhancements will be communicated in the following weeks.
Hot Take: Ore’s Strategic Mining Pause on Solana 🛑
In a bold move to alleviate network congestion, Ore’s decision to temporarily suspend mining on Solana showcases a commitment to optimizing the protocol for enhanced performance and efficiency. Stay tuned for Version 2 updates and the exciting developments ahead in the world of Ore mining on Solana!
By
By
By
By
