Counterparty & the Proof of Burn Mechanism

We are used to thinking about “proof-of-work” and “proof-of-stake” as the optimal method for blockchain consensus mechanisms, but there are other ways that blockchain implementations deal with the confirmation and double spending issues.
Specifically, in this article, we are going to explore how “Proof of Burn” (PoB) is working out for a cryptocurrency called Counterparty (XCP). This altcoin attempts to sublimate the best features into an entirely novel and un