Ore, a protocol on the Solana blockchain, has temporarily paused its mining operations to address network congestion issues. The decision was made by Ore developer Hardhat Chad in order to mitigate the congestion on Solana caused by the rapid adoption of the protocol. Chad announced the mining suspension on social media, stating that it was in the best interests of Solana, Ore holders, and the future development of the protocol. Ore was initially launched two weeks ago during a hackathon as an experimental project and has quickly become the most actively used program on the Solana network based on transaction count.
Hardhat Chad acknowledged that Ore has placed a significant load on Solana’s mainnet, surpassing the traffic generated by any other smart contract in blockchain history. He highlighted the importance of this experiment in identifying bugs in the Solana networking stack and validating the use of proof-of-work as a fair token distribution mechanism. With the success of the initial experiment, Chad believes it is now time to focus on optimizing the system for Version 2 of the protocol. The developers will take this time to analyze data, assemble a team, and work on improving the design of the new contract for Version 2.
In Version 2 of the Ore protocol, the developers aim to address several key issues that have been identified in the current system. These include inefficiencies in the code that give some miners an unfair advantage, a lack of structural incentives for holding the token, and the need for algorithmic or pick-your-own difficulty changes instead of biased voting. Chad assured users that there is no deadline for claiming rewards, and all existing Ore tokens will be eligible for a one-for-one upgrade to the new Version 2 tokens. More details about Version 2 will be shared in the coming weeks as the development process progresses.
The decision to pause mining operations on Solana showcases the commitment of Ore’s developers to addressing network congestion issues and improving the protocol for the future. By taking this temporary break, the team can focus on analyzing data, assembling a team, and refining the design of Version 2 to address the identified challenges in the current system. Users of Ore can look forward to an upgraded protocol that aims to provide a fairer and more efficient mining experience, with additional incentives for holding the token. As Ore continues to evolve and optimize its system, the community can expect further updates and improvements in the coming weeks.
