- Describe hash functions with your own words
It is a function that converts data to a digital fingerprint. Using hush function we cannot go from the output to the input.
- 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 the bitcoin hash functions are part of the block hashing algorithm which is used to write new transactions into the blockchain through the mining process. ⦠Itās the need for this large amount of processing power that means new bitcoins get mined over a long period of time, not all at once.
- What does it mean when we say that hash functions need to be collision resistant? (We didnāt use the term ācollision resistantā in the lecture, but you will easily find this on Google, we add this question intentionally to make you research information on your own, thatās how you learn best).
It is impossible to find two inputs leading to the same output