In an effort to ease congestion on the Solana network, the pseudonymous creator of the Ore project, known as Hardhat Chad, has made the decision to temporarily halt all mining activities.
Ore, a blockchain project launched on Solana, is currently exploring different distribution methods by utilizing a proof-of-work (PoW) token distribution mechanism. The project aims to combine the security of PoW with the fast transaction speeds offered by Solana.
Since its inception, Ore’s operations have significantly impacted network congestion, causing transaction delays and a high rate of failed transactions, especially during the recent meme coin frenzy on the network.
“In taking this pause, I hope to gather valuable data, assemble a team, and concentrate our efforts on perfecting version 2,” Chad stated in a recent announcement.
Following Ore’s decision to pause mining activities, the project’s token price experienced a surge from $93 to over $300, before stabilizing at around $175, according to CoinGecko data. Meanwhile, Solana’s native token, SOL, has seen a 3% decrease in value over the past 24 hours, currently trading at $133.
Solana operates on a proof-of-history and proof-of-stake consensus mechanism, enabling high throughput and low transaction costs. This differs significantly from Bitcoin’s energy-intensive PoW model, which Ore initially aimed to replicate on the Solana network.
Looking forward, the Ore project plans to introduce an updated version of its token with new incentives for holders, as Solana continues to implement enhancements to improve performance and alleviate congestion issues.
For more information, you can check out the latest updates on Solana’s congestion issues and follow us on Google News for the latest news and updates.