Mining ORE on Solana with proof-of-work tokens (feat. HardhatChad)
Get insights into ORE’s proof-of-work journey, including new features in V2, staking pools, and the project’s unique approach to building a broader ecosystem. Full notes for this episode at: https://solfate.com/podcast/65 Follow @SolfatePod on Twitter for updates: https://twitter.com/SolfatePod PS: We are happy to announce the launch of our Solfate Drip channel where you can collect Solfate Podcast episodes as digital collectibles! Subscribe to our Drip channel today: drip.haus/solfate (we have some fun experiments planned) Notes from the show
ORE is a proof-of-work token that anyone can mine. The project aims to bridge Bitcoin to Solana. Mining is designed to be accessible to all users. The hash function used in ORE is non-parallelizable. Mining happens off-chain, with validation on-chain. The initial launch faced significant network congestion. The V1 system had issues with spam and transaction volume. A hard fork was necessary to transition to V2. The V2 redesign improved the mining experience. The project gained attention through its marketing strategy. The transition from V1 to V2 involved significant changes in reward structure and supply cap. Community feedback is crucial in shaping the monetary policy of the token. Participants in crypto can be categorized into three main groups: nerds, speculators, and utility seekers. Liquidity is essential for the success of ORE and its integration with real-world assets. Staking and mining pools are being introduced to enhance user participation and rewards. Horizontal integration can create a broader ecosystem for the ORE token. Liquidity is viewed as a key component of store value in the crypto space. The project aims to compete with traditional finance by offering decentralized alternatives. The ORE experiment is seen as a significant step in exploring new monetary policies. Community engagement and feedback are vital for the ongoing development of the ORE project.
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Mining ORE on Solana with proof-of-work tokens (feat. HardhatChad)
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