The Hive: Agent-Based Mining
Hive mining, an innovative approach to block consensus, introduces a unique method where the right to produce a block is secured through specialized “worker bee” agents operating on behalf of users. These agents, residing within the blockchain, form a completely decentralized network that facilitates the block creation process.
To participate in hive mining, users initiate a special agent creation transaction, which generates the worker bees. These worker bees serve as autonomous entities, diligently working within the blockchain to validate and produce blocks. This decentralized and self-contained nature of hive mining adds an extra layer of security and resilience to the network.
By employing hive mining, Crionic embraces a novel paradigm that fosters a collaborative environment where users can actively engage in securing the blockchain. With the combined efforts of worker bees, the network benefits from enhanced security, robust consensus, and improved resistance to external attacks.
Through the utilization of hive mining, Crionic demonstrates its commitment to decentralization and empowers users to actively participate in the maintenance and security of the blockchain. It represents an innovative step towards creating a more inclusive and resilient ecosystem for all participants.
Hive Mining Basics
Hivemining enables every CRNC holder to actively participate in mining blocks and ensuring the security of the blockchain. It offers a unique opportunity to mine blocks without the need for specialized hardware and with minimal energy consumption.
Within the core wallet’s Hive tab, you can invest CRNC to create worker bees. These dedicated mining agents reside within the blockchain, tirelessly extending the chain while earning lucrative block rewards on behalf of you, the beekeeper. This innovative approach democratizes the mining process, allowing individuals to contribute to the network’s security and earn rewards through their participation.
The bee cost is determined based on a percentage of the current block reward and remains constant until a reward halving occurs.
To determine the profitability of creating bees, it is recommended to check if the indicated Global Index (GI) is less than 100. This Global Index serves as a measure of likely profitability for bee creation. It’s important to note that any funds spent on creating bees are irretrievably lost. For more detailed information about the Global Index and its implications, you can refer to the relevant resources provided.
The CRNC spent on creating bees is permanently destroyed and cannot be recovered. The funds used for bee creation are not sent to the development team or any other party. However, there is an optional feature that allows you to choose to donate 10% of the bee creation cost to a community fund, which supports further development efforts. It’s important to note that this optional donation does not affect the total cost you pay or the number of bees you receive.
Once you have created your bees and the creation transaction has been confirmed in a block, you can view your bees in the “Your Hive” section of the Hive tab.
After the creation of bees, they undergo a maturation period that lasts for exactly 2,448 blocks. It’s important to note that during this period, your wallet does not need to be online. The maturation process occurs automatically, regardless of the wallet’s connection status.
Once the bees have matured, they enter a productive phase that lasts for exactly 34,272 blocks, it is recommended to keep your wallet online as much as possible. The bees can only perform their work and generate rewards for you while your wallet remains connected to the network. Therefore, to maximize the benefits from your bees, it’s advised to ensure a stable and continuous online connection for your wallet.
While your bees are active and your wallet remains online, they continuously attempt to produce new hivemined blocks whenever they observe incoming proof-of-work blocks. It’s important to note that hivemined blocks must always follow proof-of-work blocks in the blockchain. The process of mining attempts by your bees is extremely fast, taking only a fraction of a second even for large hives. It should not cause any lag or lock-up of your computer, and the energy usage is negligible.
If your bees successfully mine a block, your wallet will receive the block rewards, including any transaction fees present in the block, just like a proof-of-work miner.
The network’s hive difficulty automatically adjusts based on the current bee population, ensuring that generally only one bee in the entire network succeeds at hivemining a particular block. However, orphan blocks can occur if more than one bee manages to mine a block at the same height. These orphan blocks are expected and pose no cause for concern. In the event that your bees mine a block but another bee also succeeds in doing so, you may see “Generated but not accepted” block rewards displayed in the Transactions tab. It’s important to note that only confirmed block rewards are shown in the Hive tab, and once shown, rewards will never disappear from there.
In the Hive tab, you will find a widget in the bottom-left corner that displays your hive weight. This value represents the proportion of the total bee population that you control. For instance, if there are 10,000 bees alive across the network and you have 1,000 bees, your hive weight will be 0.100, indicating that you control 10% of the network. This hive weight serves as both a measure of your share in the network and the probability that your hive will successfully solve a hivemine-eligible block.
Please note that if your wallet is offline while your bees are active, they will be unable to participate in block mining attempts. However, their lifespan will still decrease as other miners continue to extend the blockchain.
In the bottom-right corner of the wallet, you will find a hexagonal Hive status icon (second from the right). When it appears green, it signifies that your bees are mature and actively working. If the icon displays a different color, you can hover your mouse over it to obtain additional information.
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