Altcoins Talks - Cryptocurrency Forum
Learning & News => Further Education => For Beginners => Terminology => Topic started by: Mounty on July 01, 2018, 03:19:31 PM
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Proof Of Burn (PoB) unlike the other popularly used consensus in crypto mining and staking (PoW and PoS), it involves sending a coin/token to an unspendable address on the Blockchain to render it unspendable forever which is referred to as Coin Burn and the sender is then rewarded with another coin/token.
The addresses used are randomly generated without private keys which makes the wallets hodling the coin/token inaccessible for anyone to spend again.