1. Describe hash functions with your own words
Hash functions create a unique output from a specific input. It is not possible to discover the original input based on the output.
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).
They are used to secure the blockchain by making it impossible to alter the ledger. I still don’t understand this too clearly, hopefully it will come with time.
3. 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 there must not be two different inputs that provide the same output.