What is Proof Of Burn in Blockchain ?
Proof-of-Burn (PoB) is a blockchain consensus mechanism that requires minimal energy consumption compared to proof-ofwork (PoW). In this mechanism, miners burn coins by sending them to addresses from which coins cannot be retrieved instead of investing in expensive computers to mine.
This burning provides miners a privilege to mine based on random selection process. Slimcoin and Third Generation Coin (TGCoin) use Proof of Burn consensus mechanism.