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Describe hash functions with your own words:
Hash Functions are a universal translator for all computers that utilizes alphanumeric - one directional calculations to affirm transactions onto the public ledger known as Blockchain. The translation process compresses any amount of information into a secure (SHA-256) 256-bit, fixed alphanumeric code that is then validated by the collective network of global CPUs. Each input creates a unique output. -
How are hash functions used in cryptocurrencies like bitcoin?
Hash Functions are a component of the âBlock Hashing Algorithmâ in the Bitcoin protocol. The main objective is to encrypt the communication so that only the ledger and intended recipient can decipher the information. The block hashing algorithm is used to write new transactions into the Blockchain through the "Mining Process." -
What does it mean when we say that hash functions need to be collision resistant?
Collision Resistant refers to an aspect of the hash function that makes the output secure in that it cannot be âreverse engineeredâ, through a forced collision - running a calculation in reverse in an effort to discover the inputs. CR means that it is difficult to find two different inputs that produce the same output or calculated encryption result. The Bitcoin protocol and aspect of CR is required to be Cryptographically Secure and usable in the block chain technology / ecosystem.
RJR
2021-03-01T05:00:00Z