This requires a user to burn a mined proof of work cryptocurrency such as Bitcoin in exchange for mining privileges or the coins or tokens of an alternative currency. So how does proof of burn work? The way proof of burn works is that miners send coins to an unspendable address (also known as an eater address), effectively burning them. Proof of Burn. In the current state of Bitcoin there is a unique input known as the coinbase which serves to promote the continuation of the transaction record as well as issue currency. With Proof of Burn, a portion of that coinbase is sent to an address where they cannot be spent (meaning there is no known private key) and thus the coins are burned off. Proof-Of-Burn In Cryptocurrencies. Proof-of-burn is a method for distributed consensus and an alternative to proof-of-work and proof-of-stake. It can also be used to bootstrap one cryptocurrency off of another. The idea is that miners/participants should show proof that they burnt some coins i.e., sent them to a verifiably unspendable address. Proof Of Burn For Bitcoin & Cryptocurrency Coins. Proof of burn is a mechanism for distributed consensus as an alternative to both proof of work and proof of stake. Proof of burn can also bootstrap one currency off another. The principle of proof of burn is so that miners and participants can show proof of work that they have burnt some coins ... What is Proof of Burn? We have seen the creation of a number of different consensus algorithms, with proof of work (PoW) being the most popular. Each type of protocol represents a different approach as to how blockchain consensus, in a distributed and trustless environment, can be achieved.
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