Topic: Burnt - Proof of Burn Coin Concept (Read 530 times)

{CONCEPT}

Burnt - Proof of Burn based Alt Coin

BurntCoin is a new proof of burn alt coin that plans to convert the current altcoin space.

Unlike other proof of burn coins that the initial amount of coins are created via proof of burn of one Cryptocurrency similar to an IPO, BurntCoin will have a continuous burn period via many alt coins, voted by the community.

More and more coins are created every day with a need for those coins to be mined or staked. Most of these coins lose market cap over time due to badly inflated coin count or terribly planned inflationary models, that end up being dumped on exchanges for Bitcoin.

Burnt plans to challenge the crypto ecosystem with a proof of burn method of coin distribution in combination with a trade based mining multi pool meaning the only way to get Burnt is by mining on the multi pool from the get go.

The multi pool will mine the Altcoins chosen by the community for the voting period via script, X, and sha ports and then send those coins to an unusable address, check the current rate of the alt coin upon burning, check the rate of Burnt and then paying out an equivalent in Burnt, thus creating a shortage in the alt coins circulation, increasing its value and at the same time transferring value to Burnt without any market slippage.

The multi pool will mine the alt coin chosen by the community and then burn those coins. IT will be recorded on a public ledger on the Burnt blockchain and the new Burntcoin will be sent to the miner.  These coins will hold the proof of burn and act "like a mining rig"

Burnt will be in limited supply and initially only available through the Proof of Burn multi pool.

Burnt will include a one of a kind mixing protocol off chain whereby users will be able to send Burnt to an address held by the multi pool, these coins will then be sent to miners and new minted coins that miners will be mining for will be sent to the user.

This pool will be set up and maintained by the multi pool and miners wishing to donate hash to the pool for the mixing service will be rewarded in transaction fee's from the mixer.

By helping other Alt coins burn coins in circulation Burnt plans to become allies with many alt coin communities and rely on services created by the community.