Altcoins Talks - Cryptocurrency Forum

Learning & News => Further Education => For Beginners => Terminology => Topic started by: Mounty on July 01, 2018, 03:19:31 PM

Title: PoB - Proof Of Burn Meaning - Definition
Post by: Mounty on July 01, 2018, 03:19:31 PM

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.

Title: Re: PoB - Proof Of Burn Meaning - Definition
Post by: Chilwell on November 28, 2024, 04:56:04 PM

Proof of Burn (poB) is a transaction verification protocol that requires user to permanently and irreversibly remove or destroy a certain amount of cryptocurrency in order to maintain network integrity or to validate transactions and create new blocks.