PlexHive
Decentralized Mining for a Smarter Blockchain
Abstract
PlexHive is an innovative blockchain that combines dual-mining algorithms with a hive-inspired agent-based mining system. This project is designed to foster inclusivity, decentralization, and sustainability while delivering an efficient and secure network. By integrating worker-bee concepts, PlexHive creates a decentralized ecosystem where participants can engage with low hardware requirements, ensuring accessibility for all. This white paper outlines the technical, economic, and governance principles of PlexHive.
Introduction
PlexHive is a blockchain designed to redefine how mining and network participation function. Drawing inspiration from nature’s most efficient and collaborative workers—bees—PlexHive introduces a robust and inclusive mining system that eliminates the need for specialized hardware while rewarding participants for their contributions. Dual-mining algorithms ensure enhanced security and fairness, while the hive mechanics promote decentralization.
Core Features
1. Dual-Mining System
PlexHive employs two distinct Proof-of-Work (PoW) algorithms to enhance decentralization and provide a balanced mining ecosystem:
Algorithm A: Optimized for CPU and GPU mining, ensuring accessibility for individuals with standard computing hardware.
Algorithm B: Tailored for ASIC miners to support high-efficiency mining operations.
Each algorithm contributes 50% of the network’s hash rate, promoting fair competition and reducing the risk of centralization.
2. Hive Mining System
The Hive system introduces worker bees and beekeepers into the blockchain ecosystem:
Worker Bees: Created by any PlexHive holder, worker bees are virtual agents that live within the blockchain. They require no physical hardware to operate and help mint blocks during their finite lifespan.
Beekeepers: Holders who create worker bees. Beekeepers earn rewards whenever their bees successfully mine a block.
Hive difficulty adjusts dynamically to maintain a fair and efficient mining rate, generally allowing one bee per block to succeed. Orphan blocks may occur in cases of simultaneous block creation but are handled seamlessly by the network.
3. Accessibility and Hardware Requirements
PlexHive eliminates the need for expensive, specialized hardware. The blockchain can be mined using anything from a Raspberry Pi to a desktop PC, fostering inclusivity and accessibility for miners worldwide.
4. Block Times and Emission Schedule
Block Time: 2.5 minutes.
Halving Schedule: Rewards halve every 840,000 blocks.
Initial Block Reward: 250 coins for two-thirds of the blocks, 750 coins for the remaining third. This ensures an average reward of 550 coins per block.
Total Supply: Capped at 840 million coins.
Economic Model
Reward Distribution
The PlexHive network’s reward system is carefully designed to balance fairness and sustainability:
Dual-Mining Rewards: 50% of blocks allocate rewards to CPU/GPU mining, while the other 50% reward ASIC mining.
Hive Mining Rewards: Beekeepers earn rewards based on the success of their worker bees in mining blocks.
Transaction Fees
Transaction fees are integrated into the reward structure, ensuring continuous incentives for miners even as block rewards decrease over time due to halving.
Sustainability
Dynamic hive difficulty ensures the system’s sustainability by adjusting to the network’s mining power and bee population. This guarantees consistent performance regardless of network size.
Conclusion
PlexHive represents a new era of blockchain mining by integrating dual-mining algorithms with a hive-inspired system that eliminates barriers to entry. By prioritizing decentralization, inclusivity, and sustainability, PlexHive creates an ecosystem where participants at every level can contribute and benefit. Join us and be part of the hive’s future—together, we’ll build a blockchain buzzing with innovation.
Disclaimer
This white paper is for informational purposes only and does not constitute financial or investment advice. Participation in PlexHive is at the user’s own risk.