[image source](https://appinventiv.com/blog/blockchain-consensus-algorithms-guide/)
Professor-@alphafx
Week-season2, week 5
Topic -consensus algorithm
Chosen task - proof of burn
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Hello steemians am writing in response to home work task given by the professor alphafx which his lessons was awesome it’s was nice learning from you. Thanks for your time on this post.
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<center>PROOF OF BURN</center>
Proof of burn is one of the consensus algorithms mechanisms just like we have the proof of stake, proof of work, proof of brain etc. but my task today is centered on proof of burn.
Proof of burn is the type of consensus algorithm that is carried out in a blockchain network just to make sure that the nodes that are taking part comes to in agreement about the true and valid state of blockchain network.
This proof of burn is very important because it reduce risk of any cryptocurrency of the same not be spent more than once.(double-spending).double-spending, can devalues the coin or cause inflation. Proof of burn as the name implies stick to the idea of burning coins mined by the miners
Their are so manny ways cryptocurrency uses to check if or proof that data has been stored on their blockchains, one of the methods is proof of burn, POb help blockchain to function effectively as a tool for transaction also setting a system on the block chain that will help and put fear or discourage fraudulent activities
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<center>PROOF OF WORK VS PROOF OF BURN</center>
#### PROFF OF WORK
in simple terms, each time a miner update the block chain they get reward this work is done by solving a mathematical equation using a computer power example of coins that use proof of work is Bitcoin, etherium, Bitcoincash, litcoin etc.. the pow need large amount of data, every expensive due to the mining hardware device it’s requires for mining is costly and need high power supply.
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#### COMPARISON
<center>PROOF OF WORK VS PROOF OF BURN</center>
* In pob, miners begin by burning of coins this shows their involvement in the network so they will allowed to mine. In other words since it deals with burning to get higher mining power you will have to burn more coin vice versa.
While in the pow, the miners need to find new block very fast that is to say the speed in which the miner use in finding new blocks determines the reward he earns.
* the pob does not need powerful mining hardware like asic
* in proof of work miners invest in electricity, labor work, and computation power etc..
* in the pob miners miners does not invest physical resources rather burn cryptocurrencies in the blockchain.
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<center>PROOF OF BURN VS PROOF OF STAKE</center>
These two consensus algorithm have one thing in common which is those who very transaction in the block will invest their coin so they can take part in consensus mechanisms. In other words, pos blockchain will require those faking to stake their coin this is normally done by locking it. But can still sell the coin back in the market if they made up their mind to leave the network, This process only makes the coin to go out of circulation for some time.
Coming to how it happens in pob the validators will demolish Their coin forever this incident will create an eternal insufficiency in the economy.
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<center>ADVANTAGE OF PROOF OF BURN</center>
* due to the burning of coin circulating supply is reduced
* i think it reduce fraudulent activities because of coin burning to prevent double-spending
<center>DISADVANTAGE OF PROOF OF BURN</center
* burning of coin process is not straightforward or easily verifiable by average users
* the verification process of work done by miner is slow or delayed. Unlike the pow were to verify the work done is fast.
* it’s has not be proven yet if it can work on larger scale so, it still need testing to confirm it’s safety
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<center>HOW DOES THE PROOF OF BURN WORK</center>
The pob work in a simple way the burning process requires sending the coins to an address. These address is public verifiably becomes inaccessible and useless they are generated randomly this address is known as eater address it does not deal with private key.
When this coins are sent to this address it will take them out of circulation, them this process will be recorded on the blockchain to make sure that the coin can never be spent again and the person who burnt the coin will them get a reward.
In addition, burning of this coins give rise to scarcity making coins to rise in value in future also burning process is a way to invest in security of the network.
#### IN CONCLUSION
proof of burn blockchains are required to be secured just by investing through coin burns nothing aside that not like the pow that miners need to invest in electricity, labor work and computational power .
Thanks for reading
Cc.@alphafx