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 coins by sending it to an address where it cannot be spent, is what I understood.
- But why would one "burn" the coins? Isn't it a loss for the person burning or getting rid of some coins?
- How is the consensus achieved for the next block in the chain?
- How is it beneficial in comparison to PoW and PoS?
My apologies, I have read a lot about Proof Of Burn but I am still not able to comprehend.
