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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