dido:public:ra:xapend:xapend.k_consensus:02_mechanism:pob
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dido:public:ra:xapend:xapend.k_consensus:02_mechanism:pob [2021/07/30 13:01] murphy |
dido:public:ra:xapend:xapend.k_consensus:02_mechanism:pob [2021/08/18 10:15] (current) murphy |
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| - | //**Proof of Burn (PoB)** is one of the several consensus mechanism algorithms implemented by a [[dido:public:ra:xapend:xapend.a_glossary:b:blockchain_network|blockchain network]] to ensure that all participating nodes come to an agreement about the true and valid state of the blockchain network. POB is often called a POW system without energy waste. It operates on the principle of allowing miners to “burn” virtual currency tokens. They are then granted the right to write blocks in proportion to the coins burnt.// | + | //**Proof of Burn (PoB)** is one of the several consensus mechanism algorithms implemented by a [[dido:public:ra:xapend:xapend.a_glossary:b:blockchain_network|blockchain network]] to ensure that all participating nodes come to an agreement about the true and valid state of the blockchain network. POB is often called a POW system without energy waste. It operates on the [[dido:public:ra:xapend:xapend.a_glossary:p:principle|principle]] of allowing miners to “burn” virtual currency [[dido:public:ra:xapend:xapend.a_glossary:t:tokens|tokens]]. They are then granted the right to write blocks in proportion to the coins burnt.// |
| - | //Iain Stewart, the inventor of the POB algorithm, uses an analogy to describe the algorithm: burnt [[dido:public:ra:xapend:xapend.a_glossary:c:coins|coins]] are like mining rigs. In this analogy, a miner burns their coins to buy a virtual mining rig that gives them the power to mine blocks. The more coins burned by the miner, the bigger their virtual mining "rig" will be.// | + | //Iain Stewart, the inventor of the POB algorithm, uses an analogy to describe the algorithm: burnt [[dido:public:ra:xapend:xapend.a_glossary:c:coins|coins]] are like mining rigs. In this analogy, a miner burns their coins to buy a virtual [[dido:public:ra:xapend:xapend.a_glossary:m:mining|mining]] rig that gives them the power to mine blocks. The more coins burned by the miner, the bigger their virtual mining "rig" will be.// |
| //To burn the coins, miners send them to a verifiably un-spendable address. This process does not consume many resources (other than the burned coins) and ensures that the network remains active and agile. Depending upon the implementation, miners are allowed to burn the native currency or the currency of an alternate chain, such as [[dido:public:ra:xapend:xapend.a_glossary:b:bitcoin|Bitcoin]]. In exchange, they receive a reward in the native currency token of the [[dido:public:ra:xapend:xapend.a_glossary:b:blockchain|blockchain]].// | //To burn the coins, miners send them to a verifiably un-spendable address. This process does not consume many resources (other than the burned coins) and ensures that the network remains active and agile. Depending upon the implementation, miners are allowed to burn the native currency or the currency of an alternate chain, such as [[dido:public:ra:xapend:xapend.a_glossary:b:bitcoin|Bitcoin]]. In exchange, they receive a reward in the native currency token of the [[dido:public:ra:xapend:xapend.a_glossary:b:blockchain|blockchain]].// | ||
dido/public/ra/xapend/xapend.k_consensus/02_mechanism/pob.1627664500.txt.gz · Last modified: 2021/07/30 13:01 by murphy
