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Describe hash functions with your own words
– a function that encrypts any type of input data and outputs a set of alphanumerical characters with a predetermined length -
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).
– Hash function is used to encrypt the transaction data (timestamp/nonce/transaction details/previous hash) which then goes into the mempool of a block.
- 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).
—it means that the chance of two different input messages having the same resulting hash is minimal