1. Describe hash functions with your own words
Hash functions are one-way unique input(s) that give a unique output(s).
2. 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).
In cryptocurrencies like Bitcoin, hash functions are used to record new transactions into the blockchain through the mining process. Bitcoin hashing uses SHA-256 to convert any input to a 256-bit output.
3. What does it mean when we say that hash functions need to be collision resistant? (We didnât use the term âcollision resistantâ in the lecture, but you will easily find this on Google, we add this question intentionally to make you research information on your own, thatâs how you learn best).
Hash functions need to be collision resistant to provide security in order to deter attacks against the blockchain. To accomplish collision resistance no two inputs that hash to the same outputs.