What is Ore?

What is Ore on Solana?

Ore is a digital currency launched on Solana that employs a novel proof-of-work (PoW) protocol to ensure fair and accessible token distribution. Users can mine Ore from home or mobile devices. An algorithmic supply model releases one new token every minute to maintain steady growth. 

The project launched without pre-mined tokens or insider allocations, using open-source, immutable code to ensure transparency and trust. Founder HardHatChad designed Ore with fairness at the forefront, aiming to be Solana's equivalent of Bitcoin in terms of its equitable distribution.

Ore's short history includes becoming the most active program on Solana shortly after its launch, which led to significant network congestion issues. In response, the development team paused mining to address these issues and announced Ore v2, which introduces a capped supply of 21 million tokens to enhance scarcity and value, similar to Bitcoin.

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Ore V2 Explained

Ore V2 introduces critical enhancements to the original Ore digital currency, focusing on scalability and fairness. The key updates include:

• Fixed Supply Cap: A maximum of 21 million tokens, mirroring Bitcoin's scarcity model to provide stronger inflation protection and enhance token value.
• Steady Mining Rate: One Ore token per minute, with the total supply expected to be fully mined by 2064.
• Technical Optimizations: Improvements to address network congestion issues faced during the initial launch.

The development team temporarily halted mining to implement these changes, reflecting a commitment to sustainability and efficiency. These updates ensure Ore remains a fair and accessible digital currency on Solana, with robust performance and equitable distribution.

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Ore V2 Release Date

The release date for Ore V2 has not been officially announced yet. The development team is currently in the final stages of auditing and preparing the client software for release.

An official launch announcement, detailing all major changes, will be made with sufficient lead time before the V2 contract goes live. Stay tuned to Ore's official channels for updates on the release date.

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Ore Founder

The founder of Ore is HardHatChad, a pseudonymous developer dedicated to creating a fair and accessible digital currency.

Under his guidance, Ore won $50,000 in a Solana Foundation-supported hackathon, known as the "Solana Renaissance." This event, judged by key figures in Solana's ecosystem, recognized Ore's potential for high impact, particularly its innovative approach to mining and equitable token distribution. 

The hackathon victory underscores the project's significance and the community's support for its ongoing development.

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Bottom Line

Ore (@oresupply) quickly became the fastest-growing app on the network due to its fair and accessible proof-of-work mining protocol. This rapid growth led to significant network congestion, prompting a pause in mining activities. 

Ore V2 aims to address these issues with a capped supply of 21 million tokens and technical improvements, reinforcing its commitment to equitable distribution and robust performance within the Solana ecosystem.