Proof-of-Burn (PoB)

CoinGecko | 更新日: 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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Related Terms

Buy the F***in Dip (BTFD)
An encouraging rally by asset/cryptocurrency supporters to buy during a price decline
Circulating supply
An approximation of the number of coins or tokens that are currently not locked and available for public transactions.
Bullish
A term used to indicate positive sentiment towards the market or an asset, where investors believe that there will be upward price movement.
Proof-of-Burn (PoB)
A consensus algorthm that assigns block validation queue based on the coins/token burned by the validator.
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