What is Proof-of-Burn (PoB)?
Let's find out Proof-of-Burn (PoB) meaning, definition in crypto, what is Proof-of-Burn (PoB), and all other detailed facts.
Proof-of-Burn (PoB) is a blockchain consensus mechanism that uses virtual mining devices and consumes less energy than Proof-of-Work (PoW). Miners on networks using the PoB mechanism verify and create new blocks by burning cryptocurrency coins.
Burning is the process of taking cryptocurrency assets out of circulation permanently. This practice is typically used to reduce inflation. However, it has been applied for transaction validations on blockchain networks that use the Proof-of-Burn consensus mechanism.
Blockchain systems maintain all data regarding transactions completed on the network in blocks. New blocks are verified and added to the chain once all network nodes reach a consensus on valid transactions.
Since this process is autonomous and decentralized, networks require automated mechanisms to ensure the consensus between all nodes. Consensus algorithms, like Proof-of-Work, Proof-of-Stake, and Proof-of-Burn, take up this role in the network.
Proof-of-Burn was developed with the intent of creating a system capable of preventing fraudulent transactions on the blockchain network. This mechanism can also improve blockchain efficiency and functionality.
Proof-of-Burn stands out for using virtual mining rigs instead of the physical hardware required for Proof-of-Work processes on blockchains like Bitcoin. PoB miners prove their network involvement by burning crypto coins which allows them to mine. The power of the virtual mining rig is determined by how many coins they can burn.
Similar to the PoW mechanism, having higher mining power means that new blocks can be found faster, thus allowing the miner to earn more rewards.
The coins used on Proof-of-Burn networks are sent to an eater address where they cannot be accessed as these addresses do not have private keys. Eater addresses are publicly verifiable.
Miners can opt to use the native currency of the blockchain or the currency of alternative chains for burning. If they use alternative currencies, they receive a reward in exchange, converted to the native currency of the blockchain they are connected to.
Proof-of-Burn shares some basic similarities with the Proof-of-Stake consensus mechanism as both require coin interactions to maintain the network. However, assets used in PoS networks remain accessible after use and are not permanently burned. The process of PoB can lead to coin scarcity.
Proof-of-Burn is a relatively new consensus mechanism and has not been implemented by any major blockchain networks. Some of its advantages over the more conventional consensus algorithms are sustainability and decentralization of the mining process.
PoA has three main rules that have to be followed:<\/p>\n<ul>\n<li>Complete adherence to stated protocols for creating blocks and validating them on the network is essential.<\/li>\n<li>Formally identification on-chain with validators.<\/li>\n<li>Eligibility is determined by a number of factors, including but not restricted to affiliation with the organization, a good reputation, and so on.<\/li>\n<\/ul>\n<p>Furthermore, these types of networks are able to acquire modes and designs of operation from current public blockchains such as Cardano or Ethereum with remarkable adjustments.<\/p>\n<p><strong>Since a PoA network is permissioned, no mining action is required<\/strong>. Nonetheless, network participants can employ resilience by running many <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-node/">nodes under the same identity.<\/p>\n<p>This type of consensus technique isn't resource-intensive, but it does need validators to ensure the authenticity of nodes. It may be seen as a system that gives an incentive to act honestly and in compliance with the appropriate operation of a network because user identity and reputation are at risk<strong>.<\/strong><\/p>\n<p>Overall, PoA is a consensus mechanism that concentrates on private organizations or corporations that want to create their own chains which are fundamentally sealed in character, and do not require participation from public users.<\/p>","definition":"a consensus mechanism in which identity acts as a stake.","status":"published","meta_title":"What is Proof-of-Authority (PoA)? Definition & Meaning | Crypto Wiki","meta_description":"Proof-of-Authority (PoA) meaning: Proof-of-Authority (PoA) - is a potential consensus process that depends on well-known and trustworthy validators to generate blocks.","meta_keywords":null}" :model="{"id":615,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Consensus_decision-making","level":"medium","author_id":1,"created_at":"2023-06-19T06:59:00.000000Z","updated_at":"2023-11-24T18:37:38.000000Z","slug":"what-is-proof-of-burn-pob","title":"What is Proof-of-Burn (PoB)?","section":"P","keyword":"Proof-of-Burn (PoB)","content":"<p><strong>Proof-of-Burn (PoB)<\/strong> is a blockchain <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-consensus/">consensus mechanism<\/strong><\/a> that uses virtual mining devices and consumes less energy than <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-proof-of-work-pow/">Proof-of-Work (PoW)<\/strong><\/a>. Miners on networks using the PoB mechanism verify and create new <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-block/">blocks by burning cryptocurrency coins.<\/p>\n<p><a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-burning/">Burning is the process of taking cryptocurrency assets out of circulation permanently. This practice is typically used to reduce <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-inflation/">inflation. However, it has been applied for <strong>transaction validations<\/strong> on blockchain networks that use the Proof-of-Burn consensus mechanism.<\/p>\n<p>Blockchain systems maintain all data regarding transactions completed on the network in blocks. New blocks are verified and added to the chain once <strong>all network nodes reach a consensus<\/strong> on valid transactions.<\/p>\n<p>Since this process is autonomous and decentralized, networks require automated mechanisms to ensure the consensus between all nodes. Consensus algorithms, like Proof-of-Work, Proof-of-Stake, and Proof-of-Burn, take up this role in the network.<\/p>\n<p>Proof-of-Burn was developed with the intent of creating a system capable of preventing fraudulent transactions on the blockchain network. This mechanism can also improve blockchain efficiency and functionality.<\/p>\n<p>Proof-of-Burn stands out for using <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-mining-rig/">virtual mining rigs<\/strong><\/a> instead of the physical hardware <strong>required for Proof-of-Work processes<\/strong> on blockchains like <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-bitcoin-btc/">Bitcoin. PoB miners prove their network involvement by burning crypto coins which allows them to mine. The power of the virtual mining rig is determined by how many coins they can burn.<\/p>\n<p>Similar to the PoW mechanism, having higher mining power means that new blocks can be found faster, thus allowing the miner to earn more rewards.<\/p>\n<p>The coins used on Proof-of-Burn networks are sent to an <strong>eater address<\/strong> where they cannot be accessed as these addresses do not have <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-private-key-secret-key/">private keys<\/strong><\/a>. Eater addresses are publicly verifiable.<\/p>\n<p>Miners can opt to use the native currency <strong>of the blockchain<\/strong> or the currency of alternative chains for burning. If they use alternative currencies, they receive a reward in exchange, converted to the <strong>native currency of the blockchain they are connected to<\/strong>.<\/p>\n<p>Proof-of-Burn shares some basic similarities with the Proof-of-Stake consensus mechanism as both require coin interactions to maintain the network. However, assets used in PoS networks <strong>remain accessible<\/strong> after use and are not permanently burned. The process of PoB can lead to coin scarcity.<\/p>\n<p>Proof-of-Burn is a relatively new consensus mechanism and has not been implemented by any major blockchain networks. Some of its advantages over the more conventional consensus algorithms are <strong>sustainability<\/strong> and decentralization of the mining process.<\/p>","definition":"a consensus mechanism of creating blocks by burning cryptocurrency.","status":"published","meta_title":"What is Proof-of-Burn (PoB)? Definition & Meaning | Crypto Wiki","meta_description":"Proof-of-Burn (PoB) meaning: Proof-of-Burn (PoB) - a consensus mechanism of creating blocks by burning cryptocurrency.","meta_keywords":null,"author":{"id":1,"user_id":1,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2023-05-11T07:18:20.000000Z","title":"Editor-In-Chief","slug":"aaron-s-editor-in-chief","description":"<p>Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.<\/p>\n<p>With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.<\/p>\n<p>Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.<\/p>\n<p>Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.<\/p>","user":{"id":1,"first_name":"Aaron","last_name":"S.","email":"aaron@bitdegree.org","email_sanitized":"aaron@bitdegree.org","email_verified_at":"2023-12-01T09:40:20.000000Z","must_verify_email":false,"is_registered_with_wallet":false,"status":"active","country":"LT","last_connected_ip":"88.119.132.125","image_id":2641,"referral_token":"05TMu2NysXOCn525","referred_by":null,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2024-01-09T15:22:21.000000Z","full_name":"Aaron S."}}}" :chapter-list="[{"id":1,"title":"Blockchain","slug":"blockchain","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-blockchain.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/blockchain-101.jpg","rating":100,"sections":[{"chapter_id":1,"order":1,"slug":"what-is-blockchain","title":"What is the Blockchain?","status":"published","modified_content":null},{"chapter_id":1,"order":2,"slug":"decentralized-blockchain","title":"Anonymous & Decentralized Blockchains: The Cornerstone of Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":3,"slug":"blockchain-transaction","title":"What is a Blockchain Transaction in Crypto?","status":"published","modified_content":null},{"chapter_id":1,"order":4,"slug":"crypto-fees","title":"The Different Types of Crypto Fees Explained","status":"published","modified_content":null},{"chapter_id":1,"order":5,"slug":"what-is-bridging-in-crypto","title":"The Key Notion Behind the Concept of Bridging in Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":6,"slug":"types-of-blockchains","title":"Different Types of Blockchains: What to Look Out For?","status":"published","modified_content":null}]},{"id":2,"title":"Cryptocurrencies","slug":"cryptocurrencies","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-cryptocurrencies.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/cryptocurrencies-101.jpg","rating":100,"sections":[{"chapter_id":2,"order":1,"slug":"what-is-a-cryptocurrency","title":"What is a Cryptocurrency?","status":"published","modified_content":null},{"chapter_id":2,"order":2,"slug":"how-does-cryptocurrency-work","title":"How Does Cryptocurrency Work?","status":"published","modified_content":null},{"chapter_id":2,"order":3,"slug":"is-cryptocurrency-a-good-investment","title":"Is Cryptocurrency a Good Investment? 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