After causing significant congestion issues across the Solana network in April, the ORE mining protocol returns to “revive the long lost dream of crypto as p2p electronic cash.”
Love it or hate it, Proof-of-Work crypto mining is returning to Solana. ORE, the wildly popular mining protocol that besieged the Solana blockchain in April is returning, promising a revised and more egalitarian approach to distribution.
With ORE price climbing over 100% in anticipation of the relaunch, the question needs to be asked: What will be different this time around?
ORE v2: WHAT'S DIFFERENT?
Pseudonymous founder HardHatChad launched ORE as an experimental Solana hackathon project in April 2024. Leveraging a Proof-of-Work mining concept on a high throughput Proof-of-Stake blockchain, HardHatChad aimed to create a truly fair token launch.
In a matter of days, the Ore protocol objectively became the most used program in the Solana ecosystem at the time, generating over 12M transactions between 124k+ users.
However, due to flaws within the project’s model and network congestion issues caused by the ORE mining, HardHatChad opted to pause mining to focus on redevelopment. Despite the chaos, OreSupply took home the grand prize at the Solana Renaissance Hackathon.
After months of development work behind the scenes, HardHatChad has teased the relaunch of ORE v2. Courtesy of several key changes, the passionate founder renews his mission to “revive the long lost dream of crypto as p2p electronic cash.”
HERE'S WHAT TO EXPECT:
• No Admin Variables - The revised protocol will rely on open-source algorithms to manage all program variables, such as mining difficulty.
• Mining Multipliers - Staking ORE tokens gives miners a rewards multiplier of up to 100%, based on their proportional stake. This only applies to miners submitting valid hashes and cannot be abused through flash-loans.
• Fixed supply - Like Bitcoin, ORE has a fixed maximum supply of 21M. One ORE will be issued per minute, projecting a fully emitted supply by 2064.
• Sybil Protection - In the relaunched protocol, miners will maximize rewards by submitting the most difficult hash possible. This is expected to discourage sybil miners and mitigate network congestion.
• Accessible Hash Function - A new hash function closes the performance gap between high-end hardware and consumer devices, lowering ORE mining’s barrier to entry.
• Client Software - OreSupply has revamped its software to improve performance and reliability. HardHatChad also promised to launch client software that will be compatible with the Solana Saga mobile device.
• Immutable Contract - Once mining dynamics have stabilized, the OreSupply contract will be permanently frozen, meaning that no further changes can be implemented to its code.
The OreSupply team hopes that by implementing these changes, the protocol will be better suited to wider adoption within the Solana ecosystem.
Love it or hate it, Proof-of-Work crypto mining is returning to Solana. ORE, the wildly popular mining protocol that besieged the Solana blockchain in April is returning, promising a revised and more egalitarian approach to distribution.
With ORE price climbing over 100% in anticipation of the relaunch, the question needs to be asked: What will be different this time around?
ORE v2: WHAT'S DIFFERENT?
Pseudonymous founder HardHatChad launched ORE as an experimental Solana hackathon project in April 2024. Leveraging a Proof-of-Work mining concept on a high throughput Proof-of-Stake blockchain, HardHatChad aimed to create a truly fair token launch.
In a matter of days, the Ore protocol objectively became the most used program in the Solana ecosystem at the time, generating over 12M transactions between 124k+ users.
However, due to flaws within the project’s model and network congestion issues caused by the ORE mining, HardHatChad opted to pause mining to focus on redevelopment. Despite the chaos, OreSupply took home the grand prize at the Solana Renaissance Hackathon.
After months of development work behind the scenes, HardHatChad has teased the relaunch of ORE v2. Courtesy of several key changes, the passionate founder renews his mission to “revive the long lost dream of crypto as p2p electronic cash.”
HERE'S WHAT TO EXPECT:
• No Admin Variables - The revised protocol will rely on open-source algorithms to manage all program variables, such as mining difficulty.
• Mining Multipliers - Staking ORE tokens gives miners a rewards multiplier of up to 100%, based on their proportional stake. This only applies to miners submitting valid hashes and cannot be abused through flash-loans.
• Fixed supply - Like Bitcoin, ORE has a fixed maximum supply of 21M. One ORE will be issued per minute, projecting a fully emitted supply by 2064.
• Sybil Protection - In the relaunched protocol, miners will maximize rewards by submitting the most difficult hash possible. This is expected to discourage sybil miners and mitigate network congestion.
• Accessible Hash Function - A new hash function closes the performance gap between high-end hardware and consumer devices, lowering ORE mining’s barrier to entry.
• Client Software - OreSupply has revamped its software to improve performance and reliability. HardHatChad also promised to launch client software that will be compatible with the Solana Saga mobile device.
• Immutable Contract - Once mining dynamics have stabilized, the OreSupply contract will be permanently frozen, meaning that no further changes can be implemented to its code.
The OreSupply team hopes that by implementing these changes, the protocol will be better suited to wider adoption within the Solana ecosystem.
2 months ago
