Proof-of-burn (PoB) is a unique consensus mechanism used in cryptocurrency systems to confirm transactions and ensure network security. Unlike traditional methods like proof-of-work, PoB requires participants to "burn" a portion of their tokens by sending them to an inaccessible address. This process serves as proof of their commitment to supporting the network.
PoB helps reduce inflation and encourages long-term holding of coins, as burning assets decreases their total supply, increasing the value of the remaining ones. As a result, the system gains additional security and motivation for participants, improving the overall cryptocurrency economy.
