Solana's Ore v2: Three-Stage Rollout for Major Upgrades

Bittime - In the latest announcement, Hardhat Chad, founder of Solana's on-chain mining project known as Ore, has revealed a major update to the latest version of the system, namely ORE v2. This update aims to increase decentralization and participation in the Solana mining ecosystem. Here is an in-depth breakdown of the changes that will be implemented:

Elimination of ORE v2 Administrator Variables and Use of Open Source Algorithms 

One of the significant changes in ORE v2 is the removal of administrator variables that previously existed in the system. Instead, this latest version will adopt open source based algorithm management. This step was taken to increase transparency and reduce the potential risk of manipulation by certain parties. By using open source algorithms, the community can examine and contribute to system development, ensuring better security.

Coin Supply Limits and ORE v2 Mining Projections

ORE v2 will have a total supply cap of 21 million coins, which is a fixed amount and will prevent inflation. The project estimates that the entire supply will be mined by 2064. This cap is designed to preserve the value of the coin and provide certainty to miners and investors regarding the maximum amount that will be available on the market.

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Introduction to Ore Staking Mechanism

The latest version of Ore will introduce a staking mechanism that will allow users to earn mining rewards up to double those earned without staking. This will hopefully encourage more participation from the community and increase network security through greater coin bonding by holders.

CPU Friendly ORE v2 Hash Function

In an effort to make mining more inclusive, ORE v2 will use a hash function specifically designed to be CPU friendly. This means that users with less powerful hardware can still participate in the mining process without requiring expensive hardware investments.

Anti-Sybil Strategy Optimization on ORE v2

This update also includes anti-sybil strategy optimizations to protect the system from attacks that try to infiltrate by creating multiple fake identities. With a more advanced strategy, ORE v2 aims to improve overall network integrity and security.

Improved ORE v2 Client Support

The ORE v2 client will see significant improvements that will support more devices in the future. These improvements will make access to the system more flexible and allow users from various types of devices to engage in mining and participation in the ecosystem.

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Smart Contract Updates and Freezes in ORE v2

Smart contracts in ORE v2 will be updatable during the initial implementation phase, but after this phase, contracts will be frozen permanently. This approach ensures long-term system stability and security, reducing the risk of deep changes that could impact network performance or integrity.

Pertukaran Token v1 ke ORE v2

To facilitate the transition to the new version, v1 token holders can exchange their tokens for ORE v2 in a 1:1 ratio. This process will take place for three months after the launch of ORE v2. This gives existing token holders the opportunity to switch to the new system without experiencing a loss in value.

ORE v2 Launch Stages

The rollout of ORE v2 will take place in three gradual phases:

1. Improved Metadata v1: Updated metadata from previous versions to adapt to the new system.

2. Token Upgrade Activation: Enables token upgrade from v1 to ORE v2.

3. Restarting Mining: Reactivate the mining process with an updated system.

This update is expected to strengthen the decentralization of the Ore project and increase participation from the entire Solana community.

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