Because I didn't do that much research and the consensus algorithm for Koinos is fully beyond the scope of what I'm talking about here. To be fair I did know that Koinos CLAIMS to be "proof-of-burn". You can see how this is an easy mistake to make:

First of all, what do you need to burn tokens? Correct, you need STAKE to burn tokens. It is not a stretch to be like actually this is just a slightly different flavor of proof-of-stake or DPOS. As we can see they are already quite liberal with the claims they make in the whitepaper.

I'm searching the whitepaper more for information on proof-of-burn, and you know what I find? Well, actually, it's what I'm not finding. Why would anyone burn stake to mint a block? What's the financial incentive to do that? Can't find it... do you know what it is? I'd love to know before I can continue this assessment further.

So there is a block reward

This counts as financial incentive... but again I see very little in terms of how to stop bad actors or Sybil attack. Why wouldn't block producers be burning the exact amount of Koin they get in return from the block reward? How is this any different from letting just anyone mint a block?

You see even after reading the whitepaper and focusing on consensus it still makes very little sense. The key components are missing:

• What is the financial incentive?
• How does this system bring in trustworthy block producers?
• How do you prevent Sybil attack?

If anyone knows the answers let me know.

Until then I have to assume that I'm missing something.