- Describe hash functions with your own words
You have an input and run it thru a ‘hash generator’ (e.g. sha-256) and it will create a unique fingerprint wich cannot be reversed.
- How are hash functions used in cryptocurrencies like bitcoin? (Try to research this on your own, we will cover this later in the course but challenge yourself and see if you can find information on this already now).
Every transaction (ledger) will be hashed together with the hash of the previous block to create a new block. And so on. This way, when a previous block has been altered, the chain will be invalid.
- What does it mean when we say that hash functions need to be collision resistant? (We didn’t use the term “collision resistant” in the lecture, but you will easily find this on Google, we add this question intentionally to make you research information on your own, that’s how you learn best).
You need to be sure there is no chance to have 2 different inputs generating the same output hash. When this happens it is called a collision.