Solana

April

Foundation

Coin

The team behind the proof-of-work powered Solana-native crypto Ore has won the “Grand Prize” at a Solana Foundation-backed hackathon despite the project majorly disrupting the blockchain in April.
Ore won $50,000 in USD Coin (<a href="https://cointelegraph.com/usdc-price-index">USDC</a>) for its efforts in the May 6 “Solana Renaissance Hackathon” focused on finding Solana’s “next wave of high-impact projects.”
However, the sudden rise in Ore mining transactions, combined with the recent memecoin mania, were two of the main contributors behind Solana’s transaction failure issue in mid-April, which saw more than <a href="https://cointelegraph.com/news/solana-struggling-record-seventy-five-percent-trasnactions-fail-memecoin-mania">70% of non-vote transaction requests</a> being knocked back at first instance.
The Solana Foundation said the recent network congestion issues were due to the high demand for Solana block space and a <a href="https://cointelegraph.com/news/solana-developers-tackling-network-congestion"></a><a href="https://cointelegraph.com/news/solana-developers-tackling-network-congestion">failure to promptly implement patches</a> related to its networking stack.
Solana developers <a href="https://cointelegraph.com/news/solana-devs-target-mid-april-to-fix-failed-transaction-dilemma">planned to implement a fix</a> to improve the congestion issue on April 15. However, the non-vote transaction failure rate is still hovering around 62%, <a href="https://dune.com/scarn_eth/solana-tx-fail-rate" target="_blank" rel="noopener nofollow">according</a> to a Dune Analytics dashboard by scarn_eth.
The Ore team also temporarily <a href="https://x.com/OreSupply/status/1780249942293889244" target="_blank" rel="noopener nofollow">halted</a> its own mining operations just 13 days after it launched on April 16 to optimize its system with a second version. It appears that mining has recommenced, <a href="https://ore.supply/home" target="_blank" rel="noopener nofollow">according</a> to Ore’s website.
The project’s pseudonymous creator, Hardhat Chad, was pleased to win the award but acknowledged “there’s still a long way to go” before he and the Ore team can offer Solana users a “fast, cheap, private, inflation-proof digital currency everyone can mine.”
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/21bf1553-5fab-43ba-b89a-cbf14157e13a.jpg" alt="" title="">
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 Source: <a href="https://x.com/HardhatChad/status/1787487182317367514" target="_blank" rel="noopener nofollow">Hardhat Chad</a>
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</figure>
The Ore (ORE) token is up 115% to $270.8 since its victory was announced 12 hours ago, <a href="https://coinmarketcap.com/currencies/ore/" target="_blank" rel="noopener nofollow">according</a> to CoinMarketCap.
Related: <a href="https://cointelegraph.com/news/solana-illustrates-dark-side-monolithic-blockchains">Solana illustrates the dark side of monolithic blockchains</a>
Ore’s codebase is based on Bitcoin’s, but was written as a Solana smart contract in a way that allows multiple miners to win a share of the network’s block rewards, instead of it being paid out to a single miner, Hardhat Chat <a href="https://blog.colosseum.org/announcing-the-winners-of-the-solana-renaissance-hackathon/" target="_blank" rel="noopener nofollow">explained</a> in a presentation. 
He hopes Ore will “make mining fun again” as computation can be performed with ordinary laptops, thus lowering the barrier to entry.
Magazine: <a href="https://cointelegraph.com/magazine/5-risks-apeing-new-solana-memecoins/">5 dangers to beware when apeing into Solana memecoins</a>

Ore wins Solana hackathon despite disrupting Solana’s network in April

Cointelegraph

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