Proof of burn - Revision history

D5000: /* Slimcoin */ corrections (decayed burnt coins need longer to decay completely)

2018-01-15T12:10:02Z

Slimcoin: corrections (decayed burnt coins need longer to decay completely)

← Older revision		Revision as of 12:10, 15 January 2018
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	Slimcoin<ref>[https://github.com/slimcoin-project/slimcoin-project.github.io/raw/master/whitepaperSLM.pdf Slimcoin Whitepaper]</ref>, an alternative cryptocurrency based on Peercoin, uses Proof of burn as part of its consensus algorithm and alternative mining/minting method.		Slimcoin<ref>[https://github.com/slimcoin-project/slimcoin-project.github.io/raw/master/whitepaperSLM.pdf Slimcoin Whitepaper]</ref>, an alternative cryptocurrency based on Peercoin, uses Proof of burn as part of its consensus algorithm and alternative mining/minting method.

	Participants with full Slimcoin nodes can earn coins finding ''Proof of Burn blocks''. The probability of a participant (identified by its address or public key) to find a block is being determined by a score called ''Effective Burnt Coins'' based on the amount of coins burnt from its address. Burnt coins ''decay'' over time: the ''Effective Burnt Coins'' score is reduced every block, dropping to zero after ~~about a year~~.		Participants with full Slimcoin nodes can earn coins finding ''Proof of Burn blocks''. The probability of a participant (identified by its address or public key) to find a block is being determined by a score called ''Effective Burnt Coins'' based on the amount of coins burnt from its address. Burnt coins ''decay'' over time: the ''Effective Burnt Coins'' score is reduced every Proof-of-work block, dropping to zero after several years.

	=== Other implementations ===		=== Other implementations ===

D5000: /* Slimcoin */ link fixed

2018-01-15T12:08:44Z

Slimcoin: link fixed

← Older revision		Revision as of 12:08, 15 January 2018
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	=== Slimcoin ===		=== Slimcoin ===

	Slimcoin<ref>[~~http~~://~~www~~.slimcoin.~~club~~/~~whitepaper~~.pdf Slimcoin Whitepaper]</ref>, an alternative cryptocurrency based on Peercoin, uses Proof of burn as part of its consensus algorithm and alternative mining/minting method.		Slimcoin<ref>[https://github.com/slimcoin-project/slimcoin-project.github.io/raw/master/whitepaperSLM.pdf Slimcoin Whitepaper]</ref>, an alternative cryptocurrency based on Peercoin, uses Proof of burn as part of its consensus algorithm and alternative mining/minting method.

	Participants with full Slimcoin nodes can earn coins finding ''Proof of Burn blocks''. The probability of a participant (identified by its address or public key) to find a block is being determined by a score called ''Effective Burnt Coins'' based on the amount of coins burnt from its address. Burnt coins ''decay'' over time: the ''Effective Burnt Coins'' score is reduced every block, dropping to zero after about a year.		Participants with full Slimcoin nodes can earn coins finding ''Proof of Burn blocks''. The probability of a participant (identified by its address or public key) to find a block is being determined by a score called ''Effective Burnt Coins'' based on the amount of coins burnt from its address. Burnt coins ''decay'' over time: the ''Effective Burnt Coins'' score is reduced every block, dropping to zero after about a year.

D5000: /* Implementations */

2015-11-13T23:01:31Z

Implementations

← Older revision		Revision as of 23:01, 13 November 2015
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	=== Slimcoin ===		=== Slimcoin ===

	Slimcoin<ref>[http://www.slimcoin.club/whitepaper.pdf Slimcoin Whitepaper]</ref>), an alternative cryptocurrency based on Peercoin, uses Proof of burn as part of its consensus algorithm and alternative mining/minting method.		Slimcoin<ref>[http://www.slimcoin.club/whitepaper.pdf Slimcoin Whitepaper]</ref>, an alternative cryptocurrency based on Peercoin, uses Proof of burn as part of its consensus algorithm and alternative mining/minting method.

	Participants with full Slimcoin nodes can earn coins finding ''Proof of Burn blocks''. The probability of a participant (identified by its address or public key) to find a block is being determined by a score called ''Effective Burnt Coins'' based on the amount of coins burnt from its address. Burnt coins ''decay'' over time: the ''Effective Burnt Coins'' score is reduced every block, dropping to zero after about a year.		Participants with full Slimcoin nodes can earn coins finding ''Proof of Burn blocks''. The probability of a participant (identified by its address or public key) to find a block is being determined by a score called ''Effective Burnt Coins'' based on the amount of coins burnt from its address. Burnt coins ''decay'' over time: the ''Effective Burnt Coins'' score is reduced every block, dropping to zero after about a year.

D5000: deleted irrelevant section (never launched), whitepaper

2015-11-13T23:01:03Z

deleted irrelevant section (never launched), whitepaper

← Older revision		Revision as of 23:01, 13 November 2015
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	=== Slimcoin ===		=== Slimcoin ===

	Slimcoin ([~~https~~://~~bitcointalk~~.~~org~~/~~index~~.~~php?topic=1141676.0 Presentation on Bitcointalk~~]), an alternative cryptocurrency based on Peercoin, uses Proof of burn as part of its consensus algorithm and alternative mining/minting method.		Slimcoin<ref>[http://www.slimcoin.club/whitepaper.pdf Slimcoin Whitepaper]</ref>), an alternative cryptocurrency based on Peercoin, uses Proof of burn as part of its consensus algorithm and alternative mining/minting method.

	Participants with full Slimcoin nodes can earn coins finding ''Proof of Burn blocks''. The probability of a participant (identified by its address or public key) to find a block is being determined by a score called ''Effective Burnt Coins'' based on the amount of coins burnt from its address. Burnt coins ''decay'' over time: the ''Effective Burnt Coins'' score is reduced every block, dropping to zero after about a year.		Participants with full Slimcoin nodes can earn coins finding ''Proof of Burn blocks''. The probability of a participant (identified by its address or public key) to find a block is being determined by a score called ''Effective Burnt Coins'' based on the amount of coins burnt from its address. Burnt coins ''decay'' over time: the ''Effective Burnt Coins'' score is reduced every block, dropping to zero after about a year.
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	=== Use for bootstrapping ===		=== Use for bootstrapping ===

	*The auxiliary currency for Counterparty was distributed via a proof of burn process. Participants had to send Bitcoins to an unspendable Bitcoin address and received ''Counterparty'' tokens in exchange.		The auxiliary currency for Counterparty, a Bitcoin software extension with colored coins functionality, was distributed via a proof of burn process. Participants had to send Bitcoins to an unspendable Bitcoin address and received ''Counterparty'' tokens in exchange.
	*Levelcoin ([https://bitcointalk.org/index.php?topic=422309.0 Bitcointalk source]) is another cryptocurrency that used Proof of burn for bootstrapping.

	== See also ==		== See also ==
	*[[Proof_of_work\|Proof of work]]		*[[Proof_of_work\|Proof of work]]
	*[[Proof_of_Stake\|Proof of stake]]		*[[Proof_of_Stake\|Proof of stake]]

			== References ==

			<references />

	[[category:mining]]		[[category:mining]]
	[[category:proof-of-x]]		[[category:proof-of-x]]

D5000 at 17:04, 8 November 2015

2015-11-08T17:04:04Z

← Older revision		Revision as of 17:04, 8 November 2015
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	=== Slimcoin ===		=== Slimcoin ===

	[[Slimcoin]] ([https://bitcointalk.org/index.php?topic=1141676.0 Presentation on Bitcointalk]), an alternative cryptocurrency based on [[Peercoin]], uses Proof of burn as part of its consensus algorithm and alternative mining/minting method.		Slimcoin ([https://bitcointalk.org/index.php?topic=1141676.0 Presentation on Bitcointalk]), an alternative cryptocurrency based on Peercoin, uses Proof of burn as part of its consensus algorithm and alternative mining/minting method.

	Participants with full Slimcoin nodes can earn coins finding ''Proof of Burn blocks''. The probability of a participant (identified by its address or public key) to find a block is being determined by a score called ''Effective Burnt Coins'' based on the amount of coins burnt from its address. Burnt coins ''decay'' over time: the ''Effective Burnt Coins'' score is reduced every block, dropping to zero after about a year.		Participants with full Slimcoin nodes can earn coins finding ''Proof of Burn blocks''. The probability of a participant (identified by its address or public key) to find a block is being determined by a score called ''Effective Burnt Coins'' based on the amount of coins burnt from its address. Burnt coins ''decay'' over time: the ''Effective Burnt Coins'' score is reduced every block, dropping to zero after about a year.
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	=== Use for bootstrapping ===		=== Use for bootstrapping ===

	*The auxiliary currency for [[Counterparty]] was distributed via a proof of burn process. Participants had to send Bitcoins to an unspendable Bitcoin address and received ''Counterparty'' tokens in exchange.		*The auxiliary currency for Counterparty was distributed via a proof of burn process. Participants had to send Bitcoins to an unspendable Bitcoin address and received ''Counterparty'' tokens in exchange.
	*[[Levelcoin]] ([https://bitcointalk.org/index.php?topic=422309.0 Bitcointalk source]) is another cryptocurrency that used Proof of burn for bootstrapping.		*Levelcoin ([https://bitcointalk.org/index.php?topic=422309.0 Bitcointalk source]) is another cryptocurrency that used Proof of burn for bootstrapping.

	== See also ==		== See also ==

D5000: more precise introduction, implementations (Slimcoin, Counterparty etc.)

2015-11-08T17:01:32Z

more precise introduction, implementations (Slimcoin, Counterparty etc.)

@@ Line 1: / Line 1: @@
-'''Proof of burn''' is method for bootstrapping one cryptocurrency off of another.  The idea is that miners should show proof that they ''burned'' some coins - that is, sent them to a verifiably unspendable address. This is expensive from their individual point of view, just like proof of work; but it consumes no resources other than the burned underlying asset.  To date, all proof of burn cryptocurrencies work by burning proof-of-work-mined cryptocurrencies, so the ultimate source of scarcity remains the proof-of-work-mined "fuel".
+'''Proof of burn''' is a method for distributed consensus and an alternative to [[Proof of Work]] and [[Proof of Stake]]. It can also be used for bootstrapping one cryptocurrency off of another.
 There are likely many possible variants of proof of burn. This page currently describes [[User:Ids|Iain Stewart]]'s version. Other people can add variant versions that still belong to the broad proof of burn idea.
@@ Line 100: / Line 102: @@
 [https://bitcointalk.org/index.php?topic=131139.msg1404195#msg1404195 Forum member ripper234 points out] an earlier work by forum member [https://bitcointalk.org/index.php?action=profile;u=3313 dacoinminster] suggesting coins could be burnt as one component of a broader protocol. [https://bitcointalk.org/index.php?topic=56901.0 The earlier work] is [http://bitcoin.stackexchange.com/questions/2458/is-dacoinminsters-second-bitcoin-whitepaper-logically-economically-consistent discussed on StackExchange]. It revolves around a centralised "trusted entity" system, and so is not directly comparable to decentralised proof-of-burn mining; but it may be of interest to some readers.
 == See also ==

Ids: /* Introduction and motivation */ added preamble distinguishing the usage case of this version of proof of burn from situations where much simpler algorithms will suffice

2014-10-19T10:24:37Z

Introduction and motivation: added preamble distinguishing the usage case of this version of proof of burn from situations where much simpler algorithms will suffice

← Older revision		Revision as of 10:24, 19 October 2014
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	== Iain Stewart's version of proof of burn ==		== Iain Stewart's version of proof of burn ==

			''('''Note:''' Iain Stewart's version of proof of burn is an attempt at a protocol which could be used '''within one cryptocurrency''' for ongoing generation of its blockchain (i.e. mining). For the much simpler task of burning one currency to create another, any reasonable algorithm for creating units of the second currency upon detection of fresh burns of the first will suffice. The subtleties of this version - in particular, the simulation of mining rigs, and the reliance on low-bit-rate external randomness - will not be necessary.)''

	=== Introduction and motivation ===		=== Introduction and motivation ===

Ripper234 at 20:36, 2 June 2014

2014-06-02T20:36:27Z

← Older revision		Revision as of 20:36, 2 June 2014
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	[[category:mining]]		[[category:mining]]
			[[category:proof-of-x]]

Eldentyrell: Undo revision 45350 by Eldentyrell (talk)

2014-03-25T13:32:04Z

Undo revision 45350 by Eldentyrell (talk)

← Older revision		Revision as of 13:32, 25 March 2014
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	'''Proof of burn''' is ~~a potential alternative to [[Proof_of_work\|proof of work]] and [[Proof_of_Stake\|proof of stake]] as a "scarce resource" to be exhibited by miners competing~~ for ~~the stream~~ of ~~rewards (minted coins and transaction fees) which a cryptocurrency's design makes available~~. The idea is that miners should show proof that they ''burned'' some coins - that is, sent them to a verifiably unspendable address. This is expensive from their individual point of view, just like proof of work; but ~~unlike proof of work,~~ it consumes no ~~real~~ resources ~~from a whole economy perspective~~. ~~This has interesting implications~~, ~~discussed below~~.		'''Proof of burn''' is method for bootstrapping one cryptocurrency off of another. The idea is that miners should show proof that they ''burned'' some coins - that is, sent them to a verifiably unspendable address. This is expensive from their individual point of view, just like proof of work; but it consumes no resources other than the burned underlying asset. To date, all proof of burn cryptocurrencies work by burning proof-of-work-mined cryptocurrencies, so the ultimate source of scarcity remains the proof-of-work-mined "fuel".

	There are likely many possible variants of proof of burn. This page currently describes [[User:Ids\|Iain Stewart]]'s version. Other people can add variant versions that still belong to the broad proof of burn idea.		There are likely many possible variants of proof of burn. This page currently describes [[User:Ids\|Iain Stewart]]'s version. Other people can add variant versions that still belong to the broad proof of burn idea.

Eldentyrell at 06:26, 25 March 2014

2014-03-25T06:26:26Z

← Older revision		Revision as of 06:26, 25 March 2014
Line 1:		Line 1:
	'''Proof of burn''' is ~~method~~ for ~~bootstrapping one~~ cryptocurrency ~~off of another~~. The idea is that miners should show proof that they ''burned'' some coins - that is, sent them to a verifiably unspendable address. This is expensive from their individual point of view, just like proof of work; but it consumes no resources ~~other than the burned underlying asset~~. ~~To date~~, ~~all proof of burn cryptocurrencies work by burning proof-of-work-mined cryptocurrencies, so the ultimate source of scarcity remains the proof-of-work-mined "fuel"~~.		'''Proof of burn''' is a potential alternative to [[Proof_of_work\|proof of work]] and [[Proof_of_Stake\|proof of stake]] as a "scarce resource" to be exhibited by miners competing for the stream of rewards (minted coins and transaction fees) which a cryptocurrency's design makes available. The idea is that miners should show proof that they ''burned'' some coins - that is, sent them to a verifiably unspendable address. This is expensive from their individual point of view, just like proof of work; but unlike proof of work, it consumes no real resources from a whole economy perspective. This has interesting implications, discussed below.

	There are likely many possible variants of proof of burn. This page currently describes [[User:Ids\|Iain Stewart]]'s version. Other people can add variant versions that still belong to the broad proof of burn idea.		There are likely many possible variants of proof of burn. This page currently describes [[User:Ids\|Iain Stewart]]'s version. Other people can add variant versions that still belong to the broad proof of burn idea.