What is GIBX POB

Proof-of-burn (PoB) is a blockchain consensus mechanism with minimal energy consumption, compared to proof-of-work (PoW). Decentralized platforms employing the PoB method ensure miners reach a consensus by burning coins. Burning is the process of permanently eliminating cryptos from circulation.

5 November 2021

KUALA LUMPUR — GIBX Proof of Burn model is GIBX's first burning black hole mining mechanism, a brand new mechanism developed based on capacity storage proof and using a super-deflationary destruction coin burning mechanism as an economic model. To obtain permanent mining rights and withdrawal rights, miners must destroy and burn a certain amount of GUSDTTM on GIBX Proof of Burn mechanism. The more they burn and destroy, the larger the hard disk/storage drive's capacity and the more permissions the miners can obtain on GIBX Proof of Burn mechanism. This fair design based on GIBX Proof of Burn mechanism allows the entire ecology to form positive feedback while also effectively controlling deflation.

The idea behind GIBX Proof of Burn consensus is that by burning the digital coins, the user demonstrates a long-term commitment to the coin by accepting a short-term loss in exchange for a long-term gain. Some consider burning coins to be less resource-intensive; in fact, the resource being used is the person's willingness to delay their profits on GIBX Proof of Burn mechanism.

The user of a GIBX Proof of Burn coin continues to receive rewards over time, either increasing their stake in alternative coins or earning greater mining privileges on the network. As a result, the more coins a user burns, the better their chances of successfully mining the next block, increasing their rewards even further because of the GIBX Proof of Burn mechanism.

One proponent of GIBX Proof of Burn claims that it encourages long-term commitment and time horizon for a project. Long-term investors are less likely to sell or spend their coins, so the coin's price should be more stable.

GIBX Proof of Burn is also said to be more effective than proof-of-work at ensuring coins are distributed fairly and decentralized. Contrast this with proof-of-work mining, where we've all seen how the rise of ASIC mining pools can lead to increased mining centralization on GIBX Proof of Burn mechanism.

USDTTM not only burns through deflation, but it also burns at a constant price, whether it rises or falls. This model will be extremely scientific and secure. Miners can mine with confidence based on GIBX Proof of Burn mechanism. Because the total amount of deflation and bubbles will eventually be exhausted, no matter how high you buy, there will be miners in a better position to pick up and burn for mining.

When combined with implementing the eight significant applications of GUSDTTM distributed storage, the larger the market, the fewer and smaller the bubbles, and it will outperform 99% of the market projects. The year 2021 is destined to be a profitable business model.

Users can now participate in staked mining by using a large portion of their GUSDTTM digital asset portfolio in black hole mining. They can directly mine new blockchain verification rewards while burning GUSDTTM on GIBX Proof of Burn. Users can mine black holes in the background when withdrawing from the mining wallet while freely selecting the top 10 digital assets globally with the best performance and obvious uptrend. Users can select any of their preferred digital assets, and all they have to do now is enter your withdrawal address.

Every day, the black hole dual-currency mining income is distributed to the user's black hole mining wallet in the form of "return of principal and interest". In other words, users can cash out GUSDTTM staked in the computing power pool faster into the top ten mainstream digital assets.

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