Proof of Burn (PoB)

Miners use the Proof-of-Burn (PoB) consensus mechanism to destroy or “burn” tokens/coins in order to obtain a proportional right to mine new blocks and verify transactions. The more crypto a miner burns, the more likely it is that miner will be chosen as the next block validator. Miners in a PoB setup can use far less energy than traditional Proof-of-Work (PoW) systems by demonstrating their dedication to the network through intentional token/coin destruction rather than expending computational resources via powerful mining hardware. Counterparty, Slimcoin, Factom, and several other blockchains use the PoB consensus mechanism.