Glossary - ChicksX

Proof of Burn (PoB) is a consensus mechanism where users "burn" coins, proving commitment by destroying value for mining rights.

Proof of Burn (PoB) is a blockchain consensus mechanism where users gain mining rights by sending coins to an irretrievable address, effectively "burning" them. This process demonstrates their commitment to the network by sacrificing value. The more a user burns, the higher their chance of being selected to mine the next block. PoB aims to reduce energy consumption compared to Proof of Work, while still ensuring network security. It incentivizes long-term participation and investment in the network by aligning the interests of users and the blockchain.