To alleviate congestion on the Solana community, the pseudonymous creator of the Ore venture, Hardhat Chad, introduced a direct halt to all mining.
Ore, a blockchain-based venture launched on Solana, is exploring the suitable distribution methodology through the use of a proof-of-work (PoW) token distribution mechanism. The venture is experimenting with combining PoW’s safety with Solana’s quick transaction capabilities.
Since its introduction, Ore’s exercise has contributed considerably to network congestion, impacting transaction scheduling and resulting in a excessive price of failed transactions, particularly from the meme coin frenzy on the community.
“By pausing now, I’ll acquire a lot wanted time to review the info, arrange a staff, and focus our energies on getting v2 proper,” Chad mentioned in a post.
The suspension comes shortly after Ore’s worth surged from round $93 to over $300, following the announcement of the paused token provide, earlier than settling at roughly $175, as per CoinGecko.
In the meantime, Solana (SOL) has seen its worth decline, with a 3% drop previously 24 hours. It at the moment sits at $133, worsening a bearish development.
Solana operates on a proof-of-history and proof-of-stake consensus, facilitating excessive throughput and low transaction prices. The framework closely differs from Bitcoin’s energy-intensive PoW mechanism, which Ore initially sought to copy on Solana.
Trying forward, the Ore venture plans to introduce a revamped model of its token with structural incentives for holdings as Solana implements updates to boost efficiency and handle congestion.