CryptoURANUS Economics: Proof of Burn [PoB]: Defined in CryptoCurrency

CryptoCurrencies


Thursday, August 9, 2018

Proof of Burn [PoB]: Defined in CryptoCurrency

Proof of Burn [PoB]: Defined in CryptoCurrency

Proof of Burn is a method of investing in brand new cryptocurrencies where, in order to get 1 of the new currency, you must burn/destroy another currency like bitcoin. 


That would in theory make, make each new cryptocurrency worth the value of the destroyed coin. Because you can’t actually destroy digital coins, the systems requires you to send it to a location where it can never be spent reducing the total supply of that coin.

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