Questions tagged [proof-of-destruction]

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1 vote
2 answers

Does the Lightning Network have an equivalent to "Proof of burn"?

Is there a provable way to "burn" a single satoshi for example?
3 votes
3 answers

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?
9 votes
3 answers

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 ...
  • 260
1 vote
1 answer

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 ...
7 votes
2 answers

Is it actually possible to create a "verifiably unspendable" address?

The 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 ...
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1 vote
1 answer

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
1 answer

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 ...