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      Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

      Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

      Bitcoin ETFs could have the same result as CME group futures launch in 2017

      Bitcoin ETFs could have the same result as CME group futures launch in 2017

      featured image

      How Bitcoin can be hacked?

      keep bitcoin safe

      Keep Your Bitcoins Safe: All You Need to Know About Crypto-Cyberthreats

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      Bitcoin IRA – Everything You Need to Know

      A trillion dollar tsunami is about to hit Bitcoin

      A trillion dollar tsunami is about to hit Bitcoin

      featured image

      Why Bitcoin will always be the number one cryptocurrency? Explained

      Crypto markets mirror Wall Street’s fall- Loses 100 billion in 24 hours and Delta Plus Variant creates extreme fear

      Crypto markets mirror Wall Street’s fall- Loses 100 billion in 24 hours and Delta Plus Variant creates extreme fear

      On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

      On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

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      Want coin growth? “Burn” them – The Proof of Burn

      Hitesh Malviya by Hitesh Malviya
      October 15, 2017
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      Proof of Burn
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      “Burning Coins” has emerged as a new tool for growth in recent times. In past few months, few projects used this approach to drive the market value growth to upto 10x. In this article we will cover about proof of burn and what is the economical implications of proof of burn coins.

      Proof of Burn

      According to BitcoinWiki – Proof of burn is a method for distributed consensus and an alternative to Proof of Work and Proof of Stake. It can also be used for bootstrapping one cryptocurrency off of another.

      The idea is that miners should show proof that they burned some coins – that is, send them to a verifiably unspendable address. This is expensive from their individual point of view, just like proof of work; but it consumes no resources other than the burned underlying asset. To date, all proof of burn cryptocurrencies work by burning proof-of-work-mined cryptocurrencies, thereby making the ultimate source of scarcity remains the proof-of-work-mined “fuel”.

      Counterparty protocol was designed for proof of burn

      One of the most striking things about Counterparty is that its native cryptocurrency, XCP, was created and distributed by destroying bitcoins in a process known as “proof-of-burn”. All XCP that will ever exist were given out proportionally to those who recognized Counterparty’s value and were ready to “burn” their bitcoins to participate in Counterparty.

      Counterparty’s developers built a distributed financial system on top of the Bitcoin blockchain. Like Bitcoin, the Counterparty community operates in a decentralized manner where everyone has an equal say in the project.

      Trigger which is based on counterparty protocol, recently burnt 70% of its supply, and witnessed 1000% growth in value in month of august.  Flik and BNB are planning to burn coins in next week.

      Looking for more awesome content? Follow us on Telegram – https://t.me/Itsblockchain 

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      Hitesh Malviya

      Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
      Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.

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