The founder of the mining project Ore announced the suspension of the project in a long article. Is Solana too congested?

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jk
1 months ago
This article is approximately 492 words,and reading the entire article takes about 1 minutes
“This decision is in the best interest of Solana, Ore holders, and is the fastest path to moving the project toward v2.”

The original text comes from Hardhat Chad’s X platform tweet , compiled by Odaily Planet Daily jk.

The founder of the mining project Ore announced the suspension of the project in a long article. Is Solana too congested?

Recap

The mining project Ore has recently attracted attention for causing congestion on the Solana network. Ore is a project that uses a mining mechanism similar to Bitcoin. It was launched as an experimental hackathon project about two weeks ago and quickly gained widespread attention and participation in the Solana community. Due to the surge in participants in Ore mining, the number of transactions on the Solana network has risen sharply, leading to increased network congestion. At the same time, Solana is also facing additional congestion caused by increased transactions from robots and newly released Meme coins.

At the same time, in order to solve these problems, Solana launched a patch update to ease network congestion. In this context, Ore founder @HardhatChad decided to suspend all mining activities of the Ore project, saying that this decision is in the best interests of Solana and Ore holders, and is the fastest way to achieve the projects move towards version v2.

Founders Article Content

Hardhat Chad:

I have decided to suspend all mining activities immediately.

I believe this action is in the best interest of Solana, Ore holders, and the best way to achieve rapid progress toward v2.

The Ore project started two weeks ago as an experimental hackathon project.

Since then, it has become the most used application by transaction volume on Solana and generates more peak mainnet network traffic than any smart contract in blockchain history.

This experiment helped identify vulnerabilities in the Solana network stack and validated my core thesis: Proof of Work can be an interesting and fair token distribution mechanism.

Now that this demo is over, I think its time to start optimizing the system for v2.

The recent difficulty update made it clear that a new contract design was needed.

By taking a break now, I will have valuable time to study the data, organize the team, and focus on v2.

There will be more information to share about v2 in the coming weeks. For now, I want to make two things clear:

1. There is no deadline for claiming rewards. Rewards will be available permanently.

2. All existing Ore tokens will be able to be upgraded to new v2 tokens on a one-to-one basis.

v2 contracts will aim to solve three major problems in the current system:

1. Inefficiencies in the code are squeezed, giving some miners an asymmetric advantage.

2. There is currently no structural incentive to hold tokens. Miners holding Ore should gain an advantage when mining.

3. Difficulty adjustments should be algorithmic or self-selected. This will be less biased than voting.

Mining will resume once these issues are resolved and we rebuild the open source client software for users.

I expect this process to take several weeks to implement, test, and review the changes.

Ore will come back. Until then, we will miss our mines.

This article is translated from https://twitter.com/HardhatChad/status/1780249836958228947Original linkIf reprinted, please indicate the source.

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