Article Rewrite:
Original Article Source:
Hardhat Chad’s tweet on the X platform, translated by Odaily Planet Daily jk.
Summary:
Mining project Ore has recently gained attention due to congestion on the Solana network. Ore is a project that uses a mining mechanism similar to Bitcoin and was launched as an experimental hackathon project about two weeks ago. It quickly gained widespread attention and participation in the Solana community. Due to the increase in participants in Ore mining, the number of transactions on the Solana network has sharply increased, leading to exacerbated network congestion. At the same time, Solana is also facing additional congestion caused by bots and the newly released Meme coin.
In order to address these issues, Solana has introduced a patch update to alleviate network congestion. Against this backdrop, Ore founder @HardhatChad has decided to temporarily suspend all mining activities for the Ore project, stating that this decision is in the best interest of Solana and Ore holders, and is the fastest way to move the project towards version 2.
Founder’s Article Content:
Hardhat Chad:
I have decided to immediately suspend all mining activities.
I believe this action is in the best interest of Solana and Ore holders, and is the best way to quickly move towards version 2.
The Ore project was launched as an experimental hackathon project two weeks ago.
Since then, it has become the most heavily used program on Solana in terms of transaction volume and has generated higher peak network traffic on the mainnet than any smart contract in blockchain history.
This experiment helped identify vulnerabilities in the Solana network stack and validated my core argument: Proof of Work can be an interesting and fair token distribution mechanism.
Now that this demonstration is over, I believe we are ready to start optimizing the system for version 2.
Recent difficulty updates have clearly shown the need for a new contract design.
Through this suspension, I will have valuable time to study the data, organize the team, and focus on preparing for version 2.
In the coming weeks, there will be more information shared about version 2. For now, I want to make two things clear:
1. There is no deadline for claiming rewards. Reward claiming will be permanently open.
2. All existing Ore tokens will be able to upgrade to the new version 2 tokens on a one-to-one basis.
The version 2 contract will address three main issues in the current system:
1. Inefficiencies in the code will be compressed to prevent certain miners from gaining asymmetric advantages.
2. Currently, there is no structural incentive to hold tokens. Miners holding Ore should have an advantage in mining.
3. Difficulty adjustments should be algorithmic or self-selective. This will have less bias than voting.
Once these issues are addressed and we have rebuilt the user’s open-source client software, mining will resume.
I expect this process to take a few weeks to implement, test, and review the changes.
Ore will be back. Until then, we will miss our mining farm.
