Proof of burn is a protocol in which users send cryptocurrency coins to an address which no one has the ability to recover thereby reducing the supply of coins in circulation.
The online peer to peer marketplace OpenBazaar also used proof of burn to enable users to perform Reputation Pledges. These pledges represent a commitment to an identity on the platform as they have expended resources on it. Thus they are incentivized to maintain a positive reputation with that identity or risk wasting the value of the coins burned for that profile.
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Proof of burn
Proof-of-burn and Reputation Pledges
A Peer-to-Peer Crypto-Currency with Proof-of-Burn
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- CryptocurrencyA cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies.
- BlockchainA blockchain is an append-only digital ledger storing a set of time-ordered transactions grouped in blocks that are linked together using cryptographic hashes.
- Counterparty (cryptocurrency)Counterparty is digital currency used for peer-to-peer financial trading based on the bitcoin blockchain.
- OpenBazaarDecentralize marketplace
- SiacoinSiaCoin is a cryptocurrency for distributed file storage.