Proof of burning is an algorithm similar to the POW and POS. In POB we burn the coin by sending them to an unspendable address such as null address or zero address 0x0000000000000000000000000000000000000000 By burning the coins, you will have more chances of mining a coin. It is nothing but, similar to the POS staking. The more coins you stake, the more probability of mining the coin. I don't prefer both POS and POB as the mining would be favoured to the miners who burn more or the miners who have a higher stake in currency. This solely destroys the decentralization purpose.
I am not sure of the EREC20 tokens which follows POB algorithm, but coins such as slim coin and others follow POB. Some currencies which follow POB algorithm are
Counterparty (XCP) - If you burn 0.0002 Bitcoin you will be receiving XCP coins
Slimcoin, Ellipticoin
Tgcoin or Third Generation Coin also uses POB algorithm. Here is the ANN Thread for TgCoin -
https://bitcointalk.org/index.php?topic=643300.0
