Mining ORE on Solana with proof-of-work tokens (feat. HardhatChad)

A conversation with HardhatChad, creator of ORE, a proof-of-work mining token on Solana (proof-of-work blockchain).

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Summary

In this conversation, the hosts and HardhatChad discuss the innovative ORE project, which aims to create a proof-of-work token on the Solana blockchain. They explore the mechanics of mining ORE, the challenges faced during its initial launch, and the transition from V1 to V2. The discussion highlights the importance of accessibility in mining and the project's vision to bring new users into the crypto space.

We discuss the evolution of the ORE project from its first version to the second, highlighting key changes such as the introduction of a supply cap and adjustments to the reward system. They explore the dynamics within the community, categorizing participants into nerds, speculators, and utility seekers, and emphasize the importance of liquidity as a central goal. The conversation also touches on the introduction of staking and mining pools, the concept of horizontal integration within the ecosystem, and the philosophical stance on competing with traditional finance through decentralized alternatives.

Takeaways

• 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.

Find HardhatChad online

• Follow @HardhatChad on twitter - @HardhatChad
• Follow @OREsupply on twitter - @OREsupply