A hyperring is like a ring not with an underlying abelian group but an underlying canonical hypergroup.
It is a hypermonoid with additional ring-like structure and properties.
This means that in a hyperring $R$ addition is a multi-valued operation.
A hyperring is a non-empty set $R$ equipped with a hyper-addition $+ : R\times R \to P^*(R)$ (where $P^*(R)$ is the set of non-empty subsets) and a multiplication $\cdot : R \times R \to R$ and with elements $0,1 \in R$ such that
$(R,+)$ is a canonical hypergroup;
$(R,\cdot)$ is a monoid with identity element $1$;
$\forall r,s \in R : r(s+t) = r s + r t and (s + t) r = s r + t r$;
$\forall r \in R : r \cdot 0 = 0 \cdot r = 0$;
$0 \neq 1$.
We can form many examples of hyperrings by quotienting a ring $R$ by a subgroup $G \subset R^{\times}$ of its multiplicative group.
A morphism of hyperrings is a map $f : R_1 \to R_2$ such that
$\forall a,b \in R_1 : f(a + b) \subset f(a) + f(b)$;
$\forall a,b\in R_1 : f(a \cdot b) = f(a) \cdot f(b)$.
A hyperfield is a hyperring for which $(R - \{0\}, \cdot)$ is a group.
The hyperfield extension of the field with one element is
with additive neutral element $0$ and the hyper-addition rule
This is to be thought of as the hyperring of integers modulo the relation “is 0 or not 0”: think of $0 \in \mathbf{K}$ as being the integer 0 and of $1 \in \mathbf{K}$ as being any non-zero integer, then the addition rule says that 0 plus any non-zero integer is non-zero, and that the sum of a non-zero integer with another non-zero integer is either zero or non-zero.
Let $\mathbf{S} = \{0,1,-1\}$ be the hyperfield with multiplication induced from $\mathbb{Z}$ and with addition given by 0 being the additive unit and the laws
$1+1 = \{1\}$;
$-1 + -1 = \{-1\}$
$1 + -1 = \{-1, 0, 1\}$.
This we may think of as being the hyperring of integers modulo the relation “is positive or negative or 0”: think of $1$ as being any positive integer, $0$ as being the integer $0$ and $-1$ as being any negative integer. Then the hyper-addition law above encodes how the signature of integers behaves under addition.
Proposition
To each element, $\phi$, of $Hom(\mathbb{Z}[X], \mathbf{S})$ there corresponds an extended real number, $Re(\phi) \in [-\infty, \infty]$ given as a Dedekind cut. This is a surjective mapping. The inverse image of each real algebraic number contains three elements, while that of a nonalgebraic number is a singleton. For real algebraic $\alpha$, the three homomorphisms from $\mathbb{Z}[X]$ to $\mathbf{S}$ are
The notion of hyperring and hyperfield is due to Marc Krasner:
Another early reference is
Modern applications in connection to the field with one element are discussed in
Alain Connes, Caterina Consani, The hyperring of adèle classes (arXiv:1001.4260)
Alain Connes, Caterina Consani, From monoids to hyperstructures: in search of an absolute arithmetic (arXiv:1006.4810)
An overview is in