Proof of Burn [PoB]

The autonomous and decentralized nature of the blockchain network needs an automated mechanism that validates a set of transactions. Proof of Burn is a method of investing in new cryptocurrencies. To get 1 unit of the new currency, you must burn/destroy another currency like Bitcoin. But since there is no physical ‘burning’ of coins, the miners send the coins to a verifiable un-spendable address, where the coin can never be spent. The PoB method is a more sustainable consensus method which creates permanent market scarcity since the ‘burnt’ coins are taken out from circulation in the network.