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Questions tagged [proof-of-destruction]

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4
votes
3answers
131 views

how is Proof of Burn policed to prevent simultaneous buying into multiple alt currencies?

Proof of Burn lets someone buy into an Alt Coin. How is it policed so that someone doesn't "double-spend" by using the same Proof of Burn to simultaneously buy into Alt Coin 1 and Alt Coin 2?
10
votes
3answers
6k views

How does Proof of Burn work?

I have been trying to make a comparison between PoW, PoS and Proof of Burn. While I understood the other two, I want to know how exactly Proof of Burn helps in attaining the consensus. One burns ...
1
vote
1answer
189 views

Why was the chain with the largest work chosen as the metric of consensus?

There seems to be a myriad of ways to find consensus (PoW, PoS, PoD, PoE and various other methods and hybrid approaches). What was the reasoning behind bitcoin being PoW and treating the chain with ...
6
votes
2answers
622 views

Is it actually possible to create a “verifiably unspendable” address?

The Bitcoin.it wiki article about proof of burn mentions "verifiably unspendable addres" and this method has been used by Counterparty to create XCP. Is it actually possible to create an address ...
1
vote
1answer
387 views

How can I prove that I destroyed some bit coins? [duplicate]

If I wanted to destroy bitcoins, and prove that it was done (with relative certainty), what would I need to do?
3
votes
1answer
325 views

Publicly destroying bitcoins by setting high transaction fees

I’ve been thinking about a system that allows you to publicly destroy bitcoins to let people build networks with some protection against Sybil attacks other than the difficulty of getting IPv4 ...