HIVE is a public blockchain that has been purpose-built to power the next generation of decentralized applications and enterprise workflows. The HIVE blockchain is powered by a native cryptocurrency called HIVEtoken.
HIVEtoken is used to fuel transactions on the HIVE blockchain and to reward users for their contributions to the network.
HIVE does not have its own mining operation. However, the HIVE blockchain is secured by a Delegated Proof of Stake (DPoS) consensus mechanism.
Under the DPoS consensus mechanism, block producers are elected by the HIVE community through a voting process. Block producers are then responsible for validating transactions and generating new blocks on the HIVE blockchain.
The HIVE blockchain does not use Ethereum’s mining algorithm, but it is compatible with Ethereum’s decentralized applications (dApps). This means that developers can build dApps on top of the HIVE blockchain that can interact with dApps on Ethereum’s blockchain.