Proof of-Burn

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.