250+

+

Countries with

Network Coverage

1 Trilion Transaction

50+ TB

+

Data

Acumulated

Proof Of Burn

With proof of burn, miners show that they have burned (destroyed) some coins to prove their commitment to the network. This can help to secure the network and prevent double-spending. Proof of burn is a type of consensus algorithm that is used by some cryptocurrencies. With proof of burn, miners show that they have burned (destroyed) some coins to prove their commitment to the network.

How does Proof of Burn work?

To participate in a proof of burn system, miners must send some coins to an un-spendable address. This act of burning the coins serves as proof of their commitment to the network. The more cash burned, the more committed the miner is considered to be. Over time, the proof of burn algorithm can help to secure the network as it becomes stringent for attackers. This is because they would need to control most of the mining power and have a large number of coins they are willing to burn.

What Are The Benefits Of
Proof Of Burn?

Proof of burn can help to secure a network and prevent double-spending. However, it can also make it more expensive for attackers to mount a 51% attack.

Volley Chain Construct

Volley chain is EVM chain that use POB(Proof-Of-Burn) consensus algorithm. Volley achieves ~3s average block times with a Proof-of-Burn consensus algorithm. Specifically, it uses something called Proof of Burnt (or POB), where participants burn VOY to become validators. If they propose a valid block, they'll receive transaction fees from X the transactions included in it. The market cap of X and VOY will be the same. Whenever VOY is bought and burned the funds are used to support the price of X.

Follow These Steps to Build an EVM Chain
With a POB (Proof of Burn) System:

Specify the Requirements

Define the chain specifications, such as block time limits and mining rewards.
Decide how to implement the token burning mechanism and distribute the main currency.

Structure Arrangement

Determine the structure of the original currency and the token to be burned for mining.
Consider security aspects and ensure fair distribution of the currencies.