Ore Wins Solana Hackathon Despite April Disruption

The Solana Foundation sponsored hackathon recently awarded Ore the “Grand Prize” despite causing disruptions to the blockchain.

The Solana Foundation-supported hackathon awarded the “Grand Prize” to the team that developed the proof-of-work-powered Solana native cryptocurrency Ore, despite the project causing a significant disruption to the blockchain in April.

Ore Wins $50k In Solana Hackathon Program

Ore received a sum of $50,000 in USD Coin (USDC) for its participation in the “Solana Renaissance Hackathon” on May 6, which focused on finding Solana’s “next wave of high-impact projects.

“On the other hand, the sudden increase in it’s mining transactions, in conjunction with the current memecoin fever, were two of the primary drivers behind the transaction failure issue that Solana experienced in the middle of April.

This issue led to the initial rejection of over 70% of requests for non-vote transactions. The Solana Foundation attributes the current network congestion concerns to the high demand for Solana block space and the slow installation of networking stack updates.

In order to alleviate the congestion problem, the developers of Solana intended to apply a solution on April 15th. On the other hand, scarn_eth’s Dune Analytics dashboard consistently shows a failure percentage of transactions without votes hovering around 62%.

In addition, the team temporarily suspended its own mining operations just thirteen days after the game’s debut on April 16 in order to optimize its system for a second edition. According to the contents on it’s website, it would appear that mining operations had resumed.

Hardhat Chad, the pseudonymous founder of the project expressed his happiness at receiving the prize, but he also noted that “there is still a long way to go” before he and the team are able to provide users of Solana with a “fast, cheap, private, inflation-proof digital currency everyone can mine.

“The ORE coin has increased by 115% since its declaration twelve hours ago, reaching a price of $270.8. This information comes from CoinMarketCap.

Hardhat Chat said in a presentation that the coding of Ore is built on Bitcoin’s, but that it was developed as a Solana smart contract in such a way that it enables numerous miners to win a part of the network’s block rewards, rather than the rewards being given out to a single miner.

Ore hopes to “make mining fun again” by lowering the barrier to entry through the use of regular laptops for computing.