Solana

USDC

Champion

Memecoin

The Ore team, creators of a cryptocurrency for Solana called Ore, scored big at the recent Solana Renaissance Hackathon, winning the “Grand Prize” of $50,000 in USDC. Despite recent hiccups where Ore’s mining caused trouble for the Solana blockchain, the project stood out among others competing to find the next big thing for Solana. 
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 2/ 🏆 The Renaissance Hackathon Grand Champion and recipient of the $50,000 USDC prize is <a href="https://twitter.com/OreSupply?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@OreSupply</a>, a new digital currency that enables anyone to mine using a novel proof-of-work algorithm on Solana. See you in Singapore at <a href="https://twitter.com/SolanaConf?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@SolanaConf</a> Sept. 20-21!<a href="https://t.co/vvrv493JAi" target="_blank">https://t.co/vvrv493JAi</a> <a href="https://t.co/yvnE6BBkQP" target="_blank">pic.twitter.com/yvnE6BBkQP</a>— Solana (@solana) <a href="https://twitter.com/solana/status/1787476412670328999?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 6, 2024</a>
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Ore’s sudden surge in mining, coupled with the craze around memecoins, contributed to Solana’s congestion issues in mid-April. Over <a href="https://www.cryptotimes.io/2024/04/05/solanas-user-transactions-hit-record-high-failure-rate/" target="_blank" rel="noreferrer noopener">70% of transactions were initially rejected</a> due to the overload. This was partly because of the high demand for Solana block space and a failure to implement patches related to its networking stack. 
On April 15, Solana developers <a href="https://www.cryptotimes.io/2024/04/09/solana-targets-april-15th-to-address-transaction-failure-surge/" target="_blank" rel="noreferrer noopener">aimed to solve congestion problems</a>, but as of now, about 62% of the non-vote transactions are still failing, as per a Dune Analytics <a href="https://dune.com/scarn_eth/solana-tx-fail-rate" target="_blank" rel="noreferrer noopener">dashboard</a> by scarn_eth. 
Additionally, the Ore team paused mining just 13 days after starting on April 16 to improve their system with a second version. They’ve now resumed mining, as seen on Ore’s website. 
The project’s creator, Hardhat Chad, is excited about the win but recognizes work still to be done. He aims to provide Solana users with a currency that’s fast, cheap, private, and immune to inflation—something everyone can mine. 
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 Ore exists for one reason: to provide the world with a fast, cheap, private, inflation-proof digital currency everyone can mine. There's a long way to go to make this vision a reality, but wins like these are important and we get one step closer everyday <a href="https://t.co/NOenDUvHH4" target="_blank">https://t.co/NOenDUvHH4</a>— Hardhat Chad (@HardhatChad) <a href="https://twitter.com/HardhatChad/status/1787487182317367514?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 6, 2024</a>
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Hardhat hopes that Ore aims to “make mining fun again” by enabling computation on ordinary laptops, thereby reducing the barrier to entry. 
In short, Ore’s win at the hackathon marks a significant step towards a better future for cryptocurrency on Solana, despite some bumps along the way. 
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 Also Read: <a href="https://www.cryptotimes.io/2024/05/05/new-solana-memecoin-skinny-doge-aims-for-viral-success/" target="_blank" rel="noreferrer noopener">New Solana Memecoin “Skinny Doge” Aims for Viral Success</a> 
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Ore Team Wins $50,000 in Solana Renaissance Hackathon

The Crypto Times

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