What is Proof of Burn (PoB)?

Through the Proof-of-Burn (PoB) consensus mechanism, miners intentionally destroy or "burn" tokens/coins to obtain a proportional right to mine new blocks and verify transactions. The more crypto a miner burns, the higher the chance that miner will be selected as the next block validator. By demonstrating their dedication to the network via intentional token/coin destruction rather than expending computational resources via powerful mining hardware, miners within a PoB setup are able to operate using far less energy than classic Proof-of-Work (PoW) systems. The PoB consensus mechanism is utilized by Counterparty, Slimcoin, Factom and several other blockchains.