Ore won the Solana hackathon in April despite disrupting Solana’s network.
The team behind Proof of Work won the “grand prize” at a Solana Foundation-backed hackathon despite the Solana-native crypto Ore project facing a ban in April.
Ore won $50,000 in USD Coin (USDC) at the May 6 “Solana Renaissance Hackathon” in an effort to find Solana's “next high-impact projects.”
However, the sudden increase in Ore mining transactions coupled with the recent memecoin mania were two of the main contributors behind Solana's transaction failure problem in mid-April, where more than 70% of voiceless transaction requests were initially returned. example
According to the Solana Foundation, recent network congestion issues are due to the high demand for Solana block space and the inability to quickly implement maintenance related to the network stack.
Solana developers planned to implement a solution to improve congestion on April 15. However, the failure rate of voiceless marketing is still hovering around 62%, according to the Dune Analytics Dashboard by scarn_eth.
The Ore Group temporarily halted its own mining operations 13 days after it started on April 16 to upgrade the system to a second version. According to the Ore website, mining appears to have resumed.
Hardhat Chad, the project's co-creator, was delighted to receive the award, but said he and the Ore team “still have a long way to go” before everyone can offer Solana users a fast, cheap, private and inflation-proof digital currency. mine”
The ORE (ORE) token has rallied 115% to $270.8 since the win was announced 12 hours ago, according to CoinMarketCap.
Related: Solana reveals the dark side of monolithic blockchains
The Ore codebase is based on Bitcoin, but Solana's smart contract is written in a way that allows multiple miners to win a share of the network's block rewards, instead of being paid to a single miner, Hardhat Chat in preparation.
Ore hopes to “make mining fun again” as it runs on standard laptops, thereby lowering the barrier to entry.
Magazine: 5 risks to be aware of when entering Solana memecoins
