Homework on Hash Functions - Questions
Q1: Describe hash functions with your own words.
A1: Hash functions are algorithms that take any data inputted and outputs it as a pre-image resistant number that is immutable and collision-resistant.
Q2: How are hash functions used in cryptocurrencies like bitcoin?
A2: Hash functions are immutable and a new hash is created anytime a change is made. This creates the security and real-time auditing of all transactions which is the core of cryptocurrency.
Q3: What does it mean when we say that hash functions need to be collision resistant?
A3: With the development of SHA-256 the occurrence of a collision would take so long to happen that itâs not a factor. This collision resistance allows for the unique hashes in the blockchain so that the immutable record of transactions can be sustained.