Proof-of-Burn (PoB)

Proof of Burn serves as an alternative algorithm that tries to solve the high energy consumption setback of a Proof of Work system. It is often referred to as Proof of Work system without energy waste. 

Being an energy-conserving algorithm, Proof of Burn’s block validation process does not utilize the power of computational resources and does not rely on powerful mining hardware. Instead, cryptocurrencies are intentionally burned as a way to “invest” resources in the blockchain, so the candidate miners are not required to invest physical resources.

Iain Stewart is the brain behind Proof of Burn.