Proof of burn

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Proof of Burn is a consensus mechanism employed in blockchain networks, including Web3 applications. It involves participants demonstrating their commitment to the network by 'burning' or destroying cryptocurrency tokens. This process serves as a proof of investment and scarcity, allowing participants to mine or validate new blocks in proportion to the tokens they have burned. Proof of Burn aims to create a fair and secure network while contributing to the overall economic sustainability of the blockchain ecosystem.