Proof-of-Burn (PoB)

Door CoinGecko | Bijgewerkt op 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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Gerelateerde termen

Market Maker
Participant of the market who creates buy and orders
Hyperledger (Hyperledger Foundation)
Hyperledger is an open source collaborative effort to create blockchain technologies hosted by The Linux Foundation since 2016.
Block Confirmation
Refers to the number of confirmation a particular block has. Each block ahead of the referenced block adds one block confirmation to it.
Block
In the context of blockchain, block refers to the collection of transactional data or information that are bundled together in a predetermined size.
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