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
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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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