Users can commit their Piggy Bank (OINK) tokens into a "virtual miner". The tokens are burned and committed for a certain period of time. Longer lock-ups give higher rewards and more voting power inside the network. The long term miners are effectively rewarded with OINK tokens for securing and governing the protocol.


2.) Mining: Lock-up Conditions & Emergency End miner
If you emergency end your miner prematurely, a penalty will be deducted. Penalties decrease linearly from the beginning until maturation and range from 25% to 82%. Once your miner matures, it can be withdrawn in full. It can also be rolled over (extended), for which the governing contract pays you a bonus. If you do not withdraw within the grace period, your miner will continue to earn rewards, but the penalty will be re-introduced. You can always re-commit(reset timer) and avoid the penalty.

Example: Penalties for 1-Month miner


3.) Mining: Hop Active Miner (Extend miner duration)
You can always "hop" your active miner into a longer duration; you will earn higher rewards and receive more voting power. Your rewards earned, as well as the time already served, will be transferred.

Change(extend) Miner Duration Option


4.) Mining: miner-Rollover (Get Bonus For Extending miner)
Once your miner matures, you can roll it over(extend) and receive a bonus for doing so. Bonus is paid from the governing contract. Bonuses are determined through the Piggy Bank protocol governance.


5.) Mining: Create miner To Another Wallet(Gift miner)
You can create a miner for another wallet. This can be used to give a miner to another user, or to create a miner for a cold wallet address. There is an additional option that allows you to set a mandatory time lock (during which the miner can not be prematurely ended).


6.) Mining: Transfer miner To Another Wallet
Miners can be transferred to another wallet.


7.) Mining: miner Division (Partial Transfer, Withdraw,...)
Majority of the features support the partitioning of miners. For example, you can withdraw, transfer, hop, or roll over just a portion of the miner.


8.) Mining: Pulse Ecosystem Mining
You can mine rewards using PulseChain (PLS), PulseX (PLSX), Incentive (INC), HEX, and many other PulseChain ecosystem tokens. The reward allocations are managed by the decentralized governance.


9.) Mining: using NFTs
Piggy Bank system allows mining rewards using NFTs. However there is an in-built decentralized governance process that allows any NFT collection to be given allocation for Piggy Bank(OINK) mining rewards.



Governance Types
Piggy Bank has three types of voting: voting power, the senate and voting credit. Voting power is used for making important updates to the protocol, while voting credit is used for making decisions on already-integrated decision processes, such as regulating basic settings, reward boost events, mining reward allocations, token burns, governor tax, etc…

All miners receive voting power. Long term lock-up gives more voting power. The voting power is used to maintain the security and consensus of the protocol.

The senate is incorporated as additional measure to further decentralize the network and prevent big token holders from gaining control over the protocol. The voting credit will have to be either converted by burning Piggy Bank tokens or by redeeming a portion of your active miner. When casting votes, the credits are destroyed.

This is the idea behind the initial system; however, it can be altered through voting power. For example, you could receive voting credit on a monthly basis. The whole idea behind upgradeability is to allow for improvements of the system over time in a decentralized and permissionless manner. Without admin keys and without central authority. The power is in the sole hands of the community.


1.) Governance: Voting Power
The protocol has no admin keys. Mining with your OINK not only earns rewards, but also gives voting power within the network. Longer duration miners grant more voting power per token , creating a system with aligned incentives, wherein long-term miners govern the protocol. The system has an extremely modular design, allowing for secure modifications and upgrades. Proposals for upgrades are enforced in a decentralized manner, through on-chain voting. There are no admin keys, no intermediaries and no central parties required.


1.1) Governance: The Senate
In Bitcoin network, miners add new blocks to the blockchain. Miners are incentivized to pool their hashing power which centralizes the network. To combat this issue, Bitcoin protocol incorporates validating nodes. Anyone can run a validating node, without the need for expensive and resource intensive mining hardware.

These nodes maintain the copy of an entire blockchain and verify the correctness and consistency of the transactions submitted to the network. Nodes decentralize and make the network resistant to single points of failure or attacks - including the collision of hashing power by the miners.

In Piggy Bank there is an inherit risk that big token holders would accumulate large position in the protocol and effectively take over. To combat this issue, Piggy Bank incorporates the concept of a "senate".

Senate consists of regular users, where one person equals one vote. Senate has the power to veto all governance and treasury proposals. Senators (members of the senate) have the power to add new members to the senate and further decentralize the protocol. They also have the power to expel members from the senate. The incorporation of senate democratizes the network and prevents large token holders(miners) from gaining control over the protocol. In addition to that, each senate member receives 1% of total published tokens in form of voting credit, which is used for regulating the system and its proposals. This can be used to protect the interest of the public. The senators are rewarded for their participation in securing the network and receive the capability of minting themself (0.01%) of total published tokens each. The maximum combined reward for all senators is capped at 1%. The rewards are rather low as the goal of senators is to secure the network and prevent centralization of power. They should not be motivated by financial rewards, but rather by a desire to serve the community.

Senators(members of the senate) have the power to add new members to the senate and further decentralize the protocol. They also have the power to expell members from the senate.

The incorporation of senate democratizes the network and prevents large token holders(miners) from gaining control over the protocol.

In addition to that, each senate member receives 1% of total published tokens in form of voting credit, which is used for regulating the system and it's proposals.


2.) Governance: Voting Credit
To create proposals, one must commit a and burn a minimum threshold of Piggy Bank credit. After the proposal is initiated, there is a period of time during which other participants commit their voting credit to vote for or against the proposal. If the votes in favor exceed those against, the proposal can then be enforced. However, if at any time the votes against exceed the votes in favor, the proposal is rejected. Therefore, the proposer can add a delay period to first accumulate votes in favor of the proposal. This is akin to a bidding mechanism for accepting proposals.


3.) Governance: Basic Settings
Basic settings can be configured to set:
1.) Cost to vote - this is the minimum amount of voting credit required to initiate the proposal. Unless rejected, all proposals become valid. Minimum cost helps to filter out low-quality proposal and prevents spam
2.) Delay Before Enforce - This is the time period from the initiation of the proposal until it can be enforced into the system.
3.) Rollover Bonuses - This determines the bonus amount for each miner duration option
4.) Deposit and Funding Fee on PulseChain ecosystem mining


4.) Governance: Delegate Voting Power
You can delegate your voting power to another wallet. The delegatee only receives the ability to cast votes using your voting power.


5.) Governance: Reward Boost Events
Reward boost events can be scheduled through the Piggy Bank portal. Frequency of the reward boost events is determined by the token threshold(a required threshold of tokens must be collected, before reward boost event can be triggered).


6.) Governance: Mining Reward Allocation
Mining reward allocations can be managed through the governance. Piggy Bank determines the amount of rewards allocated to the Pulsechain ecosystem.


7.) Governance: Governor Tax
The governing contract collects penalties from prematurely-ended miners, as well as a portion of inflation. This is the mechanism to set the percentage of inflation (the "tax") that the governing contract should receive. The maximum governor tax is set at 10%. Tokens received by the governing contract can only be burned through governance or deposited into the treasury wallet. The tokens must also be sacrificed (burned) by the governing contract in order to initiate a reward boost event.


8.) Governance: Token Burns
Token burns can be scheduled through the Piggy Bank. Tokens are burned from the governing contract.


9.) Governance: Protocol Treasury
The treasury is a decentralized fund(a “piggy bank”) that is controlled by the community in a decentralized manner through the Piggy Bank protocol. Treasury is funded through the governor tax built into the contract through inflation(OINK tokens), as well as through mining fees contributed by miners.

The treasury can be used to support a variety of projects and initiatives, such as:

• Grants to contributors: The treasury can be used to provide grants to individuals and organizations that contribute to the development of public goods. This could include developers, researchers, marketers, and other contributors.

• Support for other protocols: The treasury can be used to support other protocols that are aligned with the goals of the Piggy Bank community. This could include protocols that are working on public goods for PulseChain, longevity research or philantrophy.

• OINK Buybacks: The treasury could be used to execute buybacks to create OINK treasury reserves or during a liquidity crisis, to safeguard the long-term stability and sustainability of the Piggy Bank ecosystem.

• Philantrophy: Longevity Research or any other charitable cause

• Other purposes: The treasury can be used for any other purpose that is approved by the Piggy Bank community.


The treasury is governed by a set of rules that are defined in the Piggy Bank smart contract, ensuring that the treasury is used in a fair, decentralized and transparent manner.


10.) Governance: Rewards for Contributors & Influencers
Piggy Bank protocol allows users to request rewards for their positive contributions to the community. Do you believe you are worthy of rewards? Simply request tokens through the governance. Other users then get to vote FOR or AGAINST. If your proposal achieves necessary support, the grant will be paid out. You can request a payment to your wallet OR as a locked miner inside the network.

This is meant to serve as a reward mechanism to encourage contributors and influencers towards participation in the network. This creates a FULLY transparent process of rewarding influencers. No more undisclosed promotions. All actions are broadcasted and publicly visible on the blockchain.


11.) Governance: The Buy-Back
The Buy-Back contract plays a vital role in supporting the long-term sustainability of the Piggy Bank ecosystem. This contract swaps PLS tokens into Piggy Bank tokens and sends the tokens to the treasury, creating OINK treasury reserves.


12.) Governance: Live Telegram Feedback
As users interact with the governance contracts, the actions are instantly broadcasted to the Telegram live chat. This has no effect on the decisions, but it notifies the users and gives the option to discuss the proposals off-chain via chat on Telegram.