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Ore has halted its mining activities on the Solana blockchain to tackle issues related to network congestion.
As stated in a series of social media updates by the Ore developer Hardhat Chad, the suspension of mining is intended to alleviate the recent congestion on Solana that has arisen from the swift adoption of their protocol.
I have made the decision to pause all mining, effective immediately.
I consider this step to be in the best interests of Solana, Ore holders, and the quickest route to v2.
— Hardhat Chad (@HardhatChad) April 16, 2024
“I have made the decision to pause all mining, effective immediately. I consider this step to be in the best interests of Solana, Ore holders, and the quickest route to v2,” the contributor stated.
Ore Generates Unprecedented Traffic on Solana
The protocol was first launched two weeks ago during a hackathon as an experimental project. Since its introduction, it has quickly become the most frequently utilized program on the Solana network based on transaction volume.
Hardhat Chad further mentioned that Ore has created a greater load on Solana’s mainnet than any other smart contract in the history of blockchain, highlighting its substantial effect on network traffic.
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“This experiment helped uncover bugs in the Solana networking stack and confirmed my fundamental belief that proof-of-work can serve as an enjoyable and equitable token distribution method,” remarked Hardhat Chad.
“With this demonstration now concluded, I believe it is fitting to focus on optimizing the system for v2,” he added.
Areas for Improvement in Proposed Version 2
Recent updates regarding difficulty have underscored the necessity for a new contract design. Halting operations at this time will allow developers the essential opportunity to review the data, form a team, and concentrate on enhancing Version 2.
“The v2 contract will seek to resolve three main issues in the current system: 1. Inefficiencies in the code that were being exploited to provide certain miners with an asymmetric advantage,” explained Hardhat Chad.
“2. There is presently no structural incentive to retain the token. Miners who hold Ore should gain a benefit when mining,” he noted. “3. Difficulty adjustments should be either algorithmic or user-selected. This would be significantly less biased than a voting process.”
Hardhat Chad assured that there is no deadline for claiming rewards and all existing Ore tokens will qualify for a one-for-one upgrade to the new Version 2 tokens. Additional information regarding Version 2 will be provided in the upcoming weeks.
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