Proof of-Burn

« Back to Glossary Index

Proof-of-Burn or PoB is an attempt at creating a system that is capable of preventing fraudulent transactions on a blockchain and it can also simultaneously improve the overall efficiency as well as the functioning of the blockchain. It is also an alternative to PoS and PoW. PoB is a consensus mechanism that aims to resolve the high energy consumption issues plaguing the PoW based blockchains. It permits the crypto miners to burn digital currency in the bid to achieve the right to write blocks.

« Back to Glossary Index

Check Also

etoro-review

eToro Review: A Guide To Trading On The Popular Platform

If you’re looking to invest in the stock market or cryptocurrency, eToro might be the …

AdBlock Detected

Looks like you are using an ad-blocking browser extension. We request you to whitelist our website on the ad-blocking extension and refresh your browser to view the content.