Proof of Burn (PoB)

Proof of Burn (PoB) is a consensus mechanism implemented by various blockchains where miners intentionally destroy or “burn” tokens/coins to earn the right to mine new blocks and validate transactions. The amount of crypto burned increases a miner’s chances of being selected as the next block validator. By demonstrating commitment to the network through token/coin destruction instead of energy-intensive mining hardware, PoB significantly reduces energy consumption compared to traditional Proof-of-Work (PoW) systems. Counterparty, Slimcoin, Factom, and other blockchains utilize the PoB consensus mechanism.