Ore Network Wins Solana Hackathon, Token Price Skyrockets 100%
Ore Network Wins Solana Hackathon, Token Price Skyrockets 100%
Ore Network emerged victorious in the Solana Renaissance Hackathon on May 6, 2024. The competition aimed to discover projects with high impact on Solana. Ore successfully clinched the prize of US$50,000. Following this win, the ORE token skyrocketed by over 100%.
Despite causing severe congestion on the Solana blockchain in April 2024, Ore managed to win the Solana competition. The project, led by an alias named Hardhat Chad, expressed happiness over the victory but also acknowledged that there's still a long journey ahead for Ore and its team to provide Solana users with a fast, affordable, private, and inflation-resistant digital currency that can be used by everyone.
Getting to Know Ore Network
Ore Network is an experimental project that adopts the proof-of-work (PoW) security mechanism on the Solana blockchain. PoW, in principle, rewards miners with native currency in exchange for the computational power they contribute, making the blockchain difficult to attack. For comparison, Bitcoin is secured using PoW, while Solana combines PoW with proof-of-stake (PoS), a consensus mechanism also used by Ethereum.
Impact of Ore on Solana
Previously, Ore caused congestion on the Solana network in mid-April. This occurred due to a sudden surge in Ore mining transactions combined with enthusiasm in trading small coins, resulting in transaction failure issues, with over 70% of non-vote transaction requests on Solana being rejected. The Ore team even temporarily halted mining operations just 13 days after the launch on April 16 to optimize their system facing the surge by releasing a second version.
Solana executives believe that the second iteration of Ore will not be as detrimental as the first. Jon Wong, serving as the lead ecosystem engineering at Solana Foundation, stated that, "The network should be able to handle things like this, it's not just about Ore specifically, but about ongoing stress testing on the network to make it better."
Meanwhile, Hardhat Chad hopes Ore can make mining enjoyable again by enabling computations to be done using ordinary laptops, thus lowering entry barriers.
Ore Price Soars After Championship
On the other hand, ORE token holders who acquired them before being announced as winners of the Solana hackathon managed to gain significant profits. The token price surged by over 100% on Monday (5/6/2024), from a price level of US$125 to US$300, according to Coinmarketcap. At the time of writing, the ORE token experienced a correction, trading around US$223.
Conclusion
Ore Network's triumph in the Solana Renaissance Hackathon underscores its potential impact on the Solana ecosystem. Despite previous challenges, such as network congestion in April 2024, Ore's victory highlights the resilience and innovation of the project. Led by Hardhat Chad, Ore Network aims to provide Solana users with a fast, affordable, and secure digital currency. While there is still progress to be made, Ore's success signals a promising future for the project and its contribution to the broader blockchain community. Moreover, the significant surge in the price of the ORE token following the championship demonstrates investor confidence and the market's recognition of Ore's achievements. As Ore continues to develop and evolve, it remains a project worth watching in the cryptocurrency space.
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