what is proof of burn?

Proof of Burn (PoB) is an innovative consensus algorithm developed to address the limitations of the traditional Proof of Work (PoW) mechanism. In the PoB system, miners earn the right to mine new blocks by "burning" a portion of their tokens, effectively removing them from circulation. This method enhances the network's security and stability while reducing the need for energy-intensive computations associated with PoW.

Nodewaves harnesses the power of PoB to create a more efficient and eco-friendly blockchain environment. By sacrificing a fraction of their tokens, miners secure the opportunity to validate transactions and earn rewards. This approach not only incentivizes active participation but also contributes to the overall health of the Nodewaves ecosystem. Experience the benefits of a sustainable, innovative consensus protocol with Nodewaves' Proof of Burn.