Proof of burn

Proof of burn Allows coin owners to send their coins verifiable unspendable address Which basically takes the coins out of circulation Basically you are sending those coins to nowhere means that there is no return from that wallet because there is no private key to that wallet No one will be able to touch those coins again so basically those coins were purchased And then invested Into this burn address And since the number of burned Coins is entirely random Now that helps to verify the transactions Because all the people who are putting in To that burn address It creates its own entries on Blockchain So therefore they become the point of reference

How it works [pob]

So basically the idea behind this is that you will have to send some coins to a burn address Which is and unaccessible after Once you send the coins In order to get the chance to mine So you can burn the project native currency which river project is running on proof of burn Or you can just born other coins it can be anything like Bitcoin Now the chance of you're getting selected for mining increases with the Amount of coin you have ban Server time you will have to burn more and more coins to we increase the chances of getting selected and with time your stake will go low so you will have to do that again and again That is how it works in real time

why proof of ban

there are many reasons why proof of born is there but the main issue that it we are talking about is environment so as we all know that recently there has been a lot of talk about climate change and because Bitcoin runs on proof of work and proof of work you need to to use high GPU and machines and those unit electricity and their and there and for 24 hours each day each month week it cause is a lot of harm to the environment and to tackle that problem we have proof of burn because here we don't need any physical equipment for mining so that's why it was create it it for the betterment of environment

proof of work vs proof of burn

1

Proof of work required hi machinery and GPU to solve the puzzles and as a reward you will get Bitcoins

Proof of Band required to burn the coins and that is your mining you don't need any machines aur any GPU for mining that is how you mine you want coins

2

the cost of mining with the proof of work is very high because you need a lot of Machines and it goes higher and higher with difficulty level and with time

proof of burn That depends upon how much coin you have ban and on that you will be selected so relatively the cost is lower than the proof of work

3

Proof of work dangerous for environment in the long term it can harm the environment very bad because of the competition for Ore mining and because of the difficulty levels people are buying heavy and heavy machines for mining

proof of burn the danger to the environment is relatively zero because you are not burning any physical things you are burning coins you are not doing any physical mining means no machines no electricity nothing so that is zero danger to environment

Advantages

1

The first advantage of this algorithm is that whenever someone burn the coins it increases the value of that kind because the coin goes out of circulation and the demand was high for that coins so it helps increase the value of that specific coin which was burned

2

it is very easy to use the proof of one because you don't need to set up heavy machineries and you don't need to learn all the coding and everything which is required for physical mining with GPU and heavy machine you can easily do it by just purchasing the coin and then Burn It

3

Proof of an algorithm is very safe for the environment because there is no uses of electricity the environment will be safe and it can go in long term there will be no no objection by anyone on this algorithm in the long-term because of the climate change because this algorithm don't contribute to the climate change in any way

disadvantages

1

The first advantage is that you are burning money in simple words and that money you cannot retrieve back so that is a big disadvantage if suppose you don't want to continue mining and you change your mind you lost all your money you lost all your capital

2

well you will have to burn more and more capital to get the chance of getting selected and with time it will increase more and more you will have to continuously one more and more coins which can lead you to burning your whole capital just for the sake of competition

3

If you are a small minor and if you burn small amount of capital there is a very low chance of you getting selected ever so I think that's a big disadvantage that there is no equality and you will have to to do more and more

Projects currently using proof of burn

SOURCE

this is the project which used is the algorithm of proof of burn you can go to the website and you can read all the information they provided everything on the website as you can see that the use proof of burn

There are other projects going on the same algorithm as well but because this is a very new algorithm there are not much projects going on on this algorithm but in the future maybe there will be more projects on this algorithm

Conclusion

proof of burn is a very good algorithm in my opinion but there are some things that need to be fixed before there are more projects on this algorithm

proof of birth is very good for the environment and that's why I like it more it can help solve the problem of climate change because then people will reduce the usage of GPU for the mining

THANK YOU

@alphafx