ASCB 🎩🔵 on Warpcast

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I will tell you about a new consensus that has not been heard of much until now but has attracted great interest from the core audience. PoB: Proof of Burn You may have heard of two consensus mechanisms in cryptocurrencies. The first one is PoW and the other one is PoS. Now there is a consensus called Proof Burn, which allows another token to be burned to create the token. The logic of the system is based on creating decentralized tokens in a simple way and this PoB consensus is written with a simple smart contract. We do not have a complex system like PoW and PoS.

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This system is built on any network, any token. For example, let's take the Ethereum network and $eth. A new token that wants to work with PoB consensus allows you to create a new token in exchange for burning $eth. Burn $eth and get "x" token. The purpose of the new token you create is to try to create a decentralized value. In other words, you can create a new token by just burning a gas token without being tied to anything. While other coins/tokens require a generating resource like a validator or miner, you can only mint it through a smart contract.

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You may ask what the created tokens do or what value they have. Since these tokens are decentralized, they are likely to receive the value of the token they are burned on average. Therefore, the more gas tokens are burned, the more value they are likely to receive. At the same time, their communities and missions are other factors that affect the value of these tokens. In addition, the tokens created have the feature of being burnable. For example, you burn $eth and create any "x" token. Then you can burn that "x" and mint new tokens like "y", "z".

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This is usually made by people in the community. For example, if the community is strong, they build #meme tokens on the created token. If the token is called "x", you can burn it and create tokens like "dogeX". The more projects come, the more "x" tokens are burned and the probability of gaining value per unit increases. In addition, these projects have their own monetary policies. For example, at first, minting is cheap and produces high numbers. However, over time, the minting quantity decreases and becomes more expensive. In this case, it creates a deflationary effect in the long run.

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Since PoB is still in its early stages and not very well known, I wanted to give you some preliminary information in case it becomes popular in the future. As you know, most of the #meme tokens have had a huge hype despite having no features. PoB tokens may attract the same attention since they have burn mechanisms.

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