Ore, a PoW-based project in Solana, halts mining and announces Version 2 Assad Jafri It is now 44 minutes. * Read 2 minutes
The mining was suspended in order to fix critical issues and to prepare a new, more efficient Ore Contract Version 2 (v2).
Read 2 minutes
Updated: Apr. 16, 2024 At 10:46 PM UTC
CryptoSlate provided the cover art/illustration. Images may contain AI-generated or combined content.
SolanaOre-based Proof-of-Work Project (PoW). Mining operations suspended Citing immediately Network congestion There are also issues of instability.
This halt comes after a spectacular surge in Ore’s value on the market, which has more than tripled since its suspension was announced.
Hardhat Chad (a pseudonymous Ore founder) announced the suspension of mining on social media. He explained that the reason for the suspension was to fix critical bugs and to prepare for Version 2 (v2), an improved version of Ore.
This new version will improve on the original design and correct any inefficiencies. It also introduces incentives for the miners to keep the token.
Ore is a PoW-based program similar to Bitcoin that quickly gained popularity on the Solana network. It was also a major factor behind recent congestion problems. This popularity led to Unprecedented network traffic The network infrastructure was exposed to several weaknesses.
Ore has seen its price rise dramatically since it was introduced. It went from $93 at the beginning to over $300, before stabilizing around $215.
Ore mining has been paused as part of an overall strategy for the project to improve its token distribution. PoW is considered secure, but it’s also known to be energy-intensive and slow transaction times. This contrasts with Solana’s model of low cost, high throughput.
Ore wanted to develop a distribution system that was fair, engaging and efficient by integrating PoW into Solana’s existing Proof-of History and Proof-of Stake mechanisms.
Ore’s v2 will upgrade all tokens on a 1:1 basis. This ensures fairness to current investors. Ore’s team is dedicated to implementing improvements that will address inefficiencies and optimize the system. They also want it to better align itself with Solana’s network upgrades.
Investors and the Solana community closely follow these changes, in the hope that they will improve the performance of the network. The pause of mining activity is a moment for reflection and recalibration of one of the most closely watched crypto projects.