Proof-of-Burn (PoB)

Von CoinGecko | Aktualisiert am Mar 03, 2020
On a technical layer, Proof of Burn performs block validation in the same way as Proof of Work, whereby the chances of a miner to mine a block depends on the resource they have commit to increase its mining speed. However, whereas Proof of Work gives better chances to miners with more mining power, Proof of Burn consensus allows miners to burn a coin/token to obtain the rights to better chances. Ergo, burning coins lets miners buy "virtual mining rigs" to improve their odds of mining block. The Idea behind proof of burn is to address the intensive energy usage in Proof of Work consensus algoritm by allowing miners to also spend intensive resources to prove a miner's commitment

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Verwandte Begriffe

Sharding
A form of database partitioning which breaks up data into smaller segments.
Blockchain
In Bitcoin's case, blockchain describes its decentralized, public ledger which contains transactional information.
Immutable
A property characterized by inability to be change and stays unchanged over time.
Transaction Fee
A payment to the network for performing a transaction to be recorded on the blockchain.
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