How does Proof of Burn work?

The burn involves sending DOGE to a provably unspendable address (it might look a bit like DOGEPARTYxxxxxxx) effectively destroying the DOGE.

For every 1000 DOGE you burn, you will receive 1 XDP. To reward earlier burners, the first blocks will award a bonus of 50%, giving you back 1.5 XDP for every 1000 DOGE. This is a bonus that gets a little bit lower with each block that passes, by the end of the burn the rate will be exactly 1000:1. After burning your DOGE, the issuance of your XDP will happen automatically by the protocol.

The burn begins on Tue, August 12th and will last for 30 days. There will only ever be one burning period, so get 'em while they're hot! If you're thinking about creating something on Dogeparty, you'll need to obtain some XDP. It should be possible to get some later, but you'd need to buy it from someone selling on an Bitcoin Lifestyle exchange —likely at a higher price.