{"id":78176,"date":"2024-05-07T05:11:46","date_gmt":"2024-05-07T09:11:46","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=78176"},"modified":"2024-05-07T05:11:50","modified_gmt":"2024-05-07T09:11:50","slug":"ore-wins-solana-hackathon-despite-april-network-disruption","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/ore-wins-solana-hackathon-despite-april-network-disruption\/","title":{"rendered":"Ore Wins Solana Hackathon Despite April Network Disruption"},"content":{"rendered":"\n

A Surge in Ore Mining Transactions led to Solana's April Congestion, <\/a>Causing the Rejection of Up to 70% of Non-Vote Transactions.<\/p>\n\n\n\n

\"Ore
Ore Wins Solana Hackathon Despite April Network Disruption<\/figcaption><\/figure>\n\n\n\n

Although the proof-of-work-powered Solana-native cryptocurrency Ore significantly disrupted the blockchain last month, the team responsible for developing it was awarded the “Grand Prize” at a hackathon supported by the Solana Foundation. <\/p>\n\n\n\n

Ore won $50,000 in USD Coin For its participation in the \u201cSolana Renaissance Hackathon\u201d\u00a0 on May 6, which sought to identify the\u201cnext wave of high-impact projects.\u201d for Solana.\u00a0<\/p>\n\n\n\n

Nonetheless, the recent memecoin craze and the abrupt increase in Ore mining transactions were two of the primary causes of Solana's transaction failure issue in mid-April, which resulted in the initial rejection of over 70% of non-vote transaction requests. <\/p>\n\n\n\n

According to the Solana Foundation, recent network congestion issues were caused by an untimely implementation of patches about its networking infrastructure and a high demand for Solana block space. <\/p>\n\n\n\n

On April 15, Solana developers had intended to implement a patch to alleviate the congestion issue. Despite this, the failure rate of non-vote transactions remains at approximately 62%, per a Dune Analytics dashboard authored by scarn_eth. <\/p>\n\n\n\n

Additionally, the Ore team temporarily ceased its mining operations thirteen days after the project's April 16 launch to optimize the system with a second iteration. Mining activities have seemingly resumed, as per the information provided on Ore's website. <\/p>\n\n\n\n

Hardhat Chad,\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> the fictitious creator of the project, expressed his elation at receiving the honor but acknowledged that “significant progress remains” before he and the Ore team can provide Solana users with a “private, inflation-resistant, instantaneous digital currency that anyone can mine.”\u00a0<\/p>\n\n\n\n
\"\"

Source: Hardhat Chat<\/figcaption><\/figure>\n\n\n\n

CoinMarketCap<\/use><\/svg><\/span><\/a> reports that the Ore (ORE) token has increased 115% to\u00a0$270.8<\/strong>\u00a0since\u00a0its victory was declared\u00a0twelve hours ago.\u00a0<\/p>\n\n\n\n

Hardhat Chat explained in a presentation that while Ore's codebase is based on Bitcoin, it was written as a Solana smart contract to enable multiple miners to win a portion of the network's block rewards rather than paying them out to a single miner. <\/p>\n\n\n\n

He anticipates that Ore will “revitalize the appeal of mining” by enabling computation to be executed on standard laptops, thereby reducing the entry barrier.  <\/p>\n","protected":false},"excerpt":{"rendered":"

A Surge in Ore Mining Transactions led to Solana’s April Congestion, Causing the Rejection of Up to 70% of Non-Vote Transactions. Although the proof-of-work-powered Solana-native cryptocurrency Ore significantly disrupted the blockchain last month, the team responsible for developing it was awarded the “Grand Prize” at a hackathon supported by the Solana Foundation.  Ore won $50,000 […]<\/p>\n","protected":false},"author":53,"featured_media":54150,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[81],"tags":[5443,19452,9479],"class_list":["post-78176","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoin-news","tag-altcoin-2","tag-ore","tag-solana-sol"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/07\/Solana-1260x787-2.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/78176","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/53"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=78176"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/78176\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/54150"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=78176"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=78176"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=78176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}