Crypto:
30188
Bitcoin:
$69.793
% 4.10
BTC Dominance:
%54.4
% 0.13
Market Cap:
$2.44 T
% 3.67
Fear & Greed:
74 / 100
Bitcoin:
$ 69.793
BTC Dominance:
% 54.4
Market Cap:
$2.44 T

Solana Hackathon: Ore Wins Despite Bottlenecks

Solana Ore

Solana & Colosseum’s Solana Renaissance Hackathon declared Ore Grand Champion on May 6, giving him $50,000. The project is committed to developing a new proof-of-work algorithm for the Solana blockchain that would coincide with the goal of the hackathon to introduce fresh initiatives.

Ore’s victory was remarkable due to its mining technology, which created bottlenecks in the Solana ecosystem network in April 2024.

Unlike Bitcoin’s competitive reward structure, Hardhat Chad’s Ore provides a more democratic mining approach. A system of this sort rewards several miners.

The idea of “Bitcoin on Solana” was a thrilling but ephemeral one. Ore mining led to congestion; in April, 75% of the transactions in the Solana network did not succeed. Ore’s novel principle creates many mining transactions accordingly, which slows down and cancels transaction processing. This is suspended ore mining for the time being. In order to reduce congestion, the Solana developers updated the network.

April taught Solana and Ore a lot. The rush of Solana’s team to the network upgrade was to prevent disturbances.  They planned the main mainnet beta v1 upgrade.  This update solves the issue of traffic jams and improves the network infrastructure.

Chad admitted the need for development and testing prior to the resumption of mining.  Mining will go on after we resolve these issues and redevelop the open-source client software. The implementation, testing, and audit of the improvements should take a few weeks.

“When these issues have been addressed and we have rebuilt the open-source client software for users, mining will resume. I expect this process to take a few weeks as we implement, test, and audit the changes. Ore will return. Until then, we’ll yearn for the mines,” Chad promised.

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Apart from Ore, the hackathon awarded track winners. Consumer Apps, Crypto Infrastructure, Gaming, DeFi & Payments, DePIN, DAOs, and Communities got the University Award, Public Goods Award, and Climate Award.

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