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# Tag Info

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Attention: Ambiguity! Note that the term (or abbreviation) "PoB" can be used differently. For example, some cryptocurrencies allow users to get some of their coins for provably burning money in Bitcoin, essentially deriving their values from Bitcoin's value by deriving their scarcities from Bitcoin's scarcity. Yeah, but what about my question? The idea ...

6

One approach to proof of burn is that you burn coins by sending them to a particular address specified by the altcoin. For instance, with Counterparty, you could collect XCP by sending bitcoins to the "burn address" 1CounterpartyXXXXXXXXXXXXXXXUWLpVr, thus making the bitcoins unspendable. Presumably no other altcoin is going to choose that particular ...

4

Every valid ECDSA public key corresponds to some valid ECDSA private key. Bitcoin addresses are not actually public keys though, they are a 160-bit hash of a particular binary representation of the public key. You asked: Are there valid Bitcoin addresses for which it's possible to mathematically prove that there is no private key? As far as I know, the ...

3

Yes - the easiest way is to provide an algorithm for making bitcoin public address without knowing private key. That seems impossible but think about what makes valid bitcoin address - for example 1BitcoinEaterAddressDontSendf59kuE is valid. Last 6 digits are made just to make this valid address. With vanitygen which allows you to make some vanity prefixed: ...

3

With proof of burn, instead of pouring money into expensive computer equipment, you 'burn' coins by sending them to an address where they are irretrievable. By committing your coins to never-never land, you earn a lifetime privilege to mine on the system based on a random selection process. the more coin you burn more chance to mine the block.this is being ...

3

Think of the burning Bitcoin to create XCP in such a way: You take \$1,000 of 20 dollar bill to the US Treasury Department, and US Treasury Department burns it, and mints 250 notes of 4 dollar bills for you.

2

At the time Bitcoin was invented PoS, PoD, PoE, did not yet exist. Having said that PoW is arguably still the most secure today. The most popular PoW alternative today. PoS will always arguably be vulnerable due to the "Nothing at Stake" problem: https://download.wpsoftware.net/bitcoin/pos.pdf "The point is this: even if stakeholders are bonding coins ...

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This is simply a matter of requiring a specific address to be used in the proof of burn, and to wait for confirmation of the transaction.

1

Presumably such altcoins will wait for the transaction to have several confirmations before declaring that the coins were provably burned.

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If you just want to make it clear that you no longer own them you can just send yourself 1 santoshi and put the rest up as a fee. If you want to destroy them there are a couple decent address to send them to in What is the Bitcoin equivalent of /dev/null? EDIT: there are better answers here: How to generate a valid bitcoin address for destroying bitcoins?

1

There can be no solution. Even if you managed to solve the "allowing only nodes with %<X problem" (and I doubt it is feasible), you wouldn't solve anything, since one single person can create two small nodes, but he is actually owner of both (i.e. controls a combined hashpower).

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