What Is the Concept of “Proof-of-Burn” as an Alternative Consensus Mechanism?

Proof-of-Burn (PoB) is a consensus mechanism where participants "burn" (permanently destroy) a certain amount of the native cryptocurrency to gain the right to mine a block. By sacrificing a scarce resource, participants show a long-term commitment to the network.

The more coins burned, the higher the chance of being selected to mine the next block. It is a creative way to simulate the resource expenditure of PoW without the massive energy consumption.