Proof-of-burn (PoB) is a blockchain consensus mechanism with minimal energy consumption, compared to proof-of-work (PoW). Decentralized platforms employing the PoB method ensure miners reach a consensus by burning coins. Burning is the process of permanently eliminating cryptos from circulation.
GIBX Proof of Burn model is GIBX's first burning black hole mining mechanism, a brand new mechanism developed based on capacity storage proof and using a super-deflationary destruction coin burning mechanism as an economic model.