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Author Topic: Which coins have implemented Proof of Burn?  (Read 721 times)
100KN
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January 27, 2017, 06:36:18 PM
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Which coins have implemented Proof of Burn? And do they use it merely for the IPO or is it perpetual?
If its ongoing,  how is the exchange rate/value calculated dynamically by the protocol b/w the burned vs gained currency?

Also, are there any coins out there that follow a dynamic block reward concept? If so how does this work?
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Slimcoin Community
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June 13, 2017, 08:57:30 AM
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Just spotted this thread - it's already late, but there is a clear answer. Wink

Slimcoin (see here for more info) is currently the only cryptocurrency of my knowledge that is  using Proof of burn in a "perpetual" way, like you say.

All participants can burn coins and if they are online "minting" with their wallet, they compete for block rewards. The more coins they burn, the higher the probability to find a block. The "power" of the burnt coins decreases over time but after a year less then half of it is consumed.

The block rewards are based on difficulty, so it's not easy to calculate an "exchange rate" - the more coins that all participants burn, the more difficult it becomes to get rewards.

For more info, you can read the Whitepaper, visit the thread linked above or the Slimcoin Project homepage.

Operated currently by user d5000.
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June 13, 2017, 12:22:35 PM
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It's XCP if I remember correctly.

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June 14, 2017, 11:07:15 AM
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It's XCP if I remember correctly.

https://counterparty.io/platform:

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XCP was created by “burning” bitcoins, which involved sending coins to an unspendable address in exchange for XCP, ensuring an even and fair distribution of the currency. In January 2014, over 2,100 bitcoins were burned, creating about 2.6 million XCP

Cheers

Graham
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