Solana on-chain Mining project Ore v2 is released, including upgrading v1 token metadata, activating upgrade and three stages of Mining.

Odaily Planet Daily News Solana on-chain mining project Ore’s anonymous creator Hardhat Chad shared more long information about ORE v2 on X, and revealed various feature details to be launched in the coming days and weeks.

1. In ORE v2, there is no governance system designed and no administrator (admin) is chosen. Instead, it relies on Open Source Algorithm to manage all critical program scope variables.
2. ORE will have a fixed total supply of 21 million Tokens, and it is expected to mine all ORE by 2064;
3. With the introduction of v2, a stake mechanism will be implemented, allowing Miners to earn a mining reward multiplier through staking. This multiplier will only be applicable to Miners who actively submit valid hashes and cannot be manipulated through Flash Loans attacks.
4. v2 will migrate to a new CPU-friendly hash function intentionally designed to be non-parallelizable, minimizing the performance gap between consumer devices and hardware-optimized systems.
5. v2 has redesigned the reward algorithm to suppress Sybil Attack. Miners will maximize rewards by submitting the most difficult hash every minute;
6. v2 will launch an Open Source command line interface and web application. After release, the team will port these clients to local desktop and mobile devices, starting from Solana Saga.
7. The ORE Smart Contract will remain upgradeable for a period of time to manage the protocol in case of the need for emergency action during the startup phase. After the launch and when Mining dynamics are considered quite stable, the contract will be permanently frozen. Once frozen, ORE will be immutable;
8. All ORE v1 Tokens will be unilaterally upgraded to the new ORE Token at a 1:1 ratio, and the upgrade window for v1 Tokens will be open for 3 months. After that, the upgrade function will be disabled, and all future integrations will use the new ORE Token. More details about the upgrade process will be announced soon. The v2 release will include three main phases:
9. Upgrade v1 TokenMetadata;
10. Activate v1→v2 upgrade;
11. Activate Mining.