PoB - Proof Of Burn Meaning - Definition

[Mounty]

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.

[Chilwell]

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.