storage miners</strong></a> to prove that they are using their storage space for unique network data. PoSt is commonly used on the Filecoin blockchain.</p>\n<p>Proof-of-Spacetime shares similarities with the <strong>Proof-of-Capacity</strong> mechanism. Under both mechanisms, the <strong>participants require financial incentives to participate in the network</strong>. If they actively harm the network, they yield no benefits.</p>\n<p>Unlike Proof-of-Capacity, storage miners using the PoSt mechanism must prove that they are <strong>physically storing network data within a certain timeframe</strong>. 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href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-staking/">staked to reach consensus. Every node in a PoV system holds the full history of the transactions recorded in the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-block/">blocks that make up the blockchain.</p>\n<p>A user&rsquo;s <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-private-key-secret-key/">public key</strong></a> or the <strong>native token</strong> of the node can be used to identify a copy of all user accounts. This essentially means that your <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-wallet/">crypto wallet</strong></a> is identifiable, and your token balance can be viewed by anyone who holds the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-public-key/">public key</strong></a>.</p>\n<p>A user can then <strong>stake their crypto tokens in the validator nodes</strong>. The number of nodes that belong to a validator depends on how many tokens were stakes within each of the validators.</p>\n<p>A new block is confirmed if at least two-thirds of the network validators send a commit vote for the block. Proof-of-Validation protocols abide by the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-byzantine-fault-tolerance-bft/">Byzantine fault tolerance</strong></a> as they can <strong>continue to function normally</strong> and reach consensus if one-third or fewer nodes within the network are compromised.</p>","level":"easy","meta_title":"What is Proof-of-Validation (PoV)? 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Miners on networks using the PoB mechanism verify and create new <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-block/">blocks by burning cryptocurrency coins.</p>\n<p><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-burning/">Burning is the process of taking cryptocurrency assets out of circulation permanently. This practice is typically used to reduce <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-inflation/">inflation. However, it has been applied for <strong>transaction validations</strong> on blockchain networks that use the Proof-of-Burn consensus mechanism.</p>\n<p>Blockchain systems maintain all data regarding transactions completed on the network in blocks. New blocks are verified and added to the chain once <strong>all network nodes reach a consensus</strong> on valid transactions.</p>\n<p>Since this process is autonomous and decentralized, networks require automated mechanisms to ensure the consensus between all nodes. Consensus algorithms, like Proof-of-Work, Proof-of-Stake, and Proof-of-Burn, take up this role in the network.</p>\n<p>Proof-of-Burn was developed with the intent of creating a system capable of preventing fraudulent transactions on the blockchain network. This mechanism can also improve blockchain efficiency and functionality.</p>\n<p>Proof-of-Burn stands out for using <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-mining-rig/">virtual mining rigs</strong></a> instead of the physical hardware <strong>required for Proof-of-Work processes</strong> on blockchains like <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin. PoB miners prove their network involvement by burning crypto coins which allows them to mine. The power of the virtual mining rig is determined by how many coins they can burn.</p>\n<p>Similar to the PoW mechanism, having higher mining power means that new blocks can be found faster, thus allowing the miner to earn more rewards.</p>\n<p>The coins used on Proof-of-Burn networks are sent to an <strong>eater address</strong> where they cannot be accessed as these addresses do not have <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-private-key-secret-key/">private keys</strong></a>. Eater addresses are publicly verifiable.</p>\n<p>Miners can opt to use the native currency <strong>of the blockchain</strong> or the currency of alternative chains for burning. If they use alternative currencies, they receive a reward in exchange, converted to the <strong>native currency of the blockchain they are connected to</strong>.</p>\n<p>Proof-of-Burn shares some basic similarities with the Proof-of-Stake consensus mechanism as both require coin interactions to maintain the network. However, assets used in PoS networks <strong>remain accessible</strong> after use and are not permanently burned. The process of PoB can lead to coin scarcity.</p>\n<p>Proof-of-Burn is a relatively new consensus mechanism and has not been implemented by any major blockchain networks. Some of its advantages over the more conventional consensus algorithms are <strong>sustainability</strong> and decentralization of the mining process.</p>","level":"medium","meta_title":"What is Proof-of-Burn (PoB)? Definition & Meaning | Crypto Wiki","meta_description":"Proof-of-Burn (PoB) meaning: Proof-of-Burn (PoB) - a consensus mechanism of creating blocks by burning cryptocurrency.","meta_keywords":null,"language":"en","created_at":"2022-03-25T15:03:04.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-proof-of-burn-pob"},"currentChapter":"P","currentSection":"what-is-proof-of-spacetime-post","chapterTitle":"P","readingLevel":"easy"},"url":"/crypto/learn/crypto-terms/what-is-proof-of-spacetime-post","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">
Handbook Cover Page
Crypto Terms: Letter P

What is Proof-of-Spacetime (PoSt)?

Proof-of-Spacetime (PoSt) MEANING:
Proof-of-Spacetime (PoSt) - a mechanism used to prove that someone has dedicated a certain amount of space for storage.
Easy
1 minute

Let's find out Proof-of-Spacetime (PoSt) meaning, definition in crypto, what is Proof-of-Spacetime (PoSt), and all other detailed facts.

Proof-of-Spacetime (PoSt) is a mechanism used by storage miners to prove that they are using their storage space for unique network data. PoSt is commonly used on the Filecoin blockchain.

Proof-of-Spacetime shares similarities with the Proof-of-Capacity mechanism. Under both mechanisms, the participants require financial incentives to participate in the network. If they actively harm the network, they yield no benefits.

Unlike Proof-of-Capacity, storage miners using the PoSt mechanism must prove that they are physically storing network data within a certain timeframe. Miners are chosen randomly and their data is read to verify the network data.

According to Tal Moran and Ilan Orlov, developers of the Proof-of-Spacetime mechanism, the process is considered to be a Rational Proof-of-Spacetime as the storage costs are proportional to the product of storage capacity and the timeframe when it’s in use.
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