Mining project within the Solana ecosystem, Soland (SLD), announced that it has officially launched. Concurrently with the launch, the initial round of miner pre-sales has begun. This pre-sale phase is scheduled to extend for a duration of 20 days, following which the genesis mining will commence.
Soland implements the foundational algorithm of Proof of Succinct Work (PoSW), integrating the strengths of both Proof-of-Work (PoW) and Proof-of-Stake (PoS) mining models while addressing the limitations inherent in these approaches. By balancing block rewards based on computing power and dynamically adjusting mining difficulty, Soland aims to encourage broader participation in mining and node governance, thereby enhancing the value proposition of SLD.
SLD serves as the native token within the Soland ecosystem, with a total supply capped at 2,000,000 tokens. Block rewards are generated collectively from the computational power contributed by the entire network.
Following its launch, the project also announced its plan to host a $100,000 SLD giveaway, encouraging users to subscribe to its accounts on social media platform X and engage in activities such as leaving a comment and filling out the official form to qualify for a share of the rewards. The event will run from 8:00 UTC on May 13th to the 15th.
Soland proudly announces:The first mining algorithm system on Solana to adopt ZKP (zero-knowledge proof), $Soland, has officially launched.Users can now access their Solana wallet and open the Dapp at https://t.co/9Iewq67wFkMore events are coming soon, stay tuned! pic.twitter.com/DBusapcGfn
— Soland (@SolandOfficial) May 13, 2024
Bitcoin-Like Mining Debuts On Solana, Ore Reaches Peak Price Of $3,786 Upon Launch
Bitcoin-like mining has recently made its way onto the Solana network with the introduction of a similar project named Ore, which gained traction following its launch last month.
Ore adopts the fundamental concept of mining, wherein miners solve cryptographic puzzles to safeguard the network while earning cryptocurrency and apply it to the launch of its own token on the Solana blockchain. Miners have the opportunity to receive a portion of 1 ORE per minute, distributed based on the number of puzzles each miner successfully solves.
Ore commenced trading on April 2nd and reached its highest recorded price of $3,786 on April 5th, as reported by DEX Screener. Presently, it is trading at $453.
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