1.Describe hash functions with your own words
- in a simple words a hash function takes any given size of input data then perform a mathematical based operation on it and provides a same size output.
2.How are hash functions used in cryptocurrencies like bitcoin?
- in bitcoin hash function is used to generate new blocks in mining , the miner has to use hash function to creat a new block and to get incentives with bitcoin.
3.What does it mean when we say that hash functions need to be collision resistant?
- hash functions provide unique output of any unique input now if hash function are not collision resistant it would provide the given input from any given output which could fail proof of work mechanism , so in order fot bitcoin or any proof of work consensus to perform the hash function which is used needs to be collision resistant.