Blockstack releases full details for token distribution | Hacker News Reader

Blockstack releases full details for token distribution

blockstack.org

20 pointslycurgan4 comments

I'm reading the token whitepaper, and I came across the section mentioning "proof-of-burn" as a way to gain Stacks:

     With proof-of-burn mining, miners destroy a proof-of-work-based cryptocurrency (currently Bitcoin) to get tokens

This seems strange to me - in a blockchain such as Bitcoin where the total number of coins are limited, wouldn't this make the bitcoin community want Blockstack off their chain?

Maybe I am missing something, or the amount of bitcoin destroyed will be negligible?

Bitcoin has a limited supply, so the less available the more valuable each remaining piece becomes.

But I'd guess you will only burns Bitcoins if you get something of more value.

The Future Is Near!

NEAT! looks promising.

What are your thoughts?

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