Question

What is proof-of-burn (PoB)?

Answer 1

Proof-of-burn (PoB) is a consensus mechanism in which cryptocurrency tokens are intentionally destroyed or "burned" by sending them to a provably unspendable address. The act of burning tokens serves as a way to secure a blockchain network by demonstrating that the burner has destroyed a certain amount of value, which in turn can be used to verify transactions and participate in reaching consensus in a decentralized manner.

Answer 2

Proof-of-burn (PoB) is a consensus mechanism where cryptocurrency tokens are intentionally and irreversibly destroyed, or "burned," in order to participate in block creation or validation. This process demonstrates a commitment to the network by sacrificing tokens, thus increasing the scarcity and value of the remaining tokens. It is a unique way of achieving distributed consensus in blockchain networks.