Ore Developer Proposes Rewards To Manage Solana Congestion

Here are some of the major developments from the world of crypto over the past few days.
some of the major developments in the world of cryptocurrencies.
some of the major developments in the world of cryptocurrencies.

Hardhat Chad, the pseudonymous creator of the Ore project, has recommended that the Solana Foundation offer a reward to incentivize testnet participation. This suggestion follows Solana's network experiencing congestion issues for about a week, with a transaction failure rate as high as 75%.

Chad suggests that the Solana Foundation should incentivize users with SOL tokens to participate in testnet activities, improving platform performance. He clarifies that he is not seeking funds but aims to establish a currency. Chad is reassessing incentives to combat spam and questions the need for testnet spam bots. This strategic adjustment also aligns with the project’s roadmap for developing Ore’s second version (v2), emphasizing a commitment to long-term sustainability.

Ore, a blockchain-based project launched on Solana, is exploring the appropriate distribution strategy by utilizing a proof-of-work (PoW) token distribution mechanism. The project is experimenting with combining PoW’s security with Solana’s fast transaction capabilities. Since its introduction, Ore’s activity has significantly contributed to Solana’s network congestion, affecting transaction processing and leading to a high rate of failed transactions, particularly due to the memecoin frenzy on the network.

Iraq's Drive to Capture Flare Gas for Crypto Mining Sparks Speculation

Iraq's Deputy Prime Minister, Muhammad Ali Tamim, recently co-chaired a U.S.-Iraq Higher Planning Committee meeting with U.S. Secretary of State Antony Blinken to discuss the future partnership between the two countries. During the meeting, Deputy Prime Minister Tamim stated clearly that Iraq's goal is to reduce its reliance on fossil fuels, decrease pollution, and engage in new ventures to develop and utilize technology to capture flare gas, a byproduct of the oil field industry considered a noxious pollutant.

When crude oil is extracted and refined, gas accumulates and pressurizes the processing equipment. This waste gas is typically either directed to a facility where it can be converted into something useful such as electricity or burned off into the atmosphere. Due to the remote location of many of Iraq’s oil fields, it has long been considered economically infeasible to convert the flare gas, and as such, much of it ends up polluting the air.

Bitcoin mining firm Giga, a Texas startup, uses the flare gas from nearby oil fields to power truckloads of portable mining rigs. According to a report from CNBC, the company was making millions in profits as far back as 2021. In Iraq, the challenge comes at a much larger scale. As the world’s largest emitter of flare gas pollutants, it would take a significant effort to convert 100% of its pollutants into usable electricity. Theoretically, Iraq could not only reduce its carbon footprint by capturing flare gas but also benefit economically from the practice.

Railgun Denies North Korea Use as It Approaches $1B Total Volume

Cryptocurrency privacy protocol Railgun has refuted claims of being utilized by North Korea and other U.S.-sanctioned entities for cryptocurrency laundering, asserting its zero-knowledge-based technology prevents such activities, and the allegations lack evidence. This denial coincides with Railgun's nearing the $1 billion total volume milestone, buoyed by Ethereum co-founder Vitalik Buterin's recent endorsement and defence of the security protocol.

Established in January 2021, Railgun employs zero-knowledge (ZK) cryptography to safeguard wallet balances, transaction history, and details, enabling users to engage with decentralized apps (DApps) on Ethereum or other supported chains while maintaining privacy. It utilizes Private Proofs of Innocence, also known as Private POI, which employs cryptographic proof to ensure that deposits entering the Railgun smart contract are not from a predefined list of undesirable transactions or actors, requiring users to provide a ZK proof that their deposits are not associated with such transactions or wallets.

Railgun's total volume has reached $962.8 million, with its total value locked on Ethereum, where the majority of the protocol's activity occurs, also surpassing $25 million, according to Rise Analytics data. The protocol's token, Railgun (RAIL), experienced a surge on April 15 following reports of Buterin sending 100 ETH worth $325,000 to Railgun earlier that day. Currently trading at $1.18, the token has seen an 86.3% increase in value over the past seven days.

Related Stories

No stories found.
Outlook Business & Money