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What is proof of burn as it is used in altcoin?

Updated on May 20, 2017

Proof of burn is just another method by which coin(cryptocurrency) can be created by burning existing one.What we actually means by burning here is that you need to exchange existing coin you have to the new coin that adpot it.

The ideology is this,you need to show a proof that a new coin has been burn by sending some coin to a specific address which is unspendable and you receive the amount of new coin equivalent to what has been burnt.

The primary use of proof of burn is to bootstrap one cryptocurrency to another i.e distribution of new coin by people burning one coin in exchange for another coin.

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