What are Blockchain Hashing Algorithms?

What are Blockchain Hashing Algorithms

Content provided by various contributors. DYOR.

Blockchain hashing algorithms are mathematical functions that generate a fixed-size output, called a hash, from a variable-size input, called the message or data. These algorithms are used in the process of creating new blocks in a blockchain, which is a decentralized and distributed digital ledger.

Bitcoin live price
Btc
Bitcoin
$23.212
price
1.26959%
price change
TRADE NOW

Some common blockchain hashing algorithms include SHA-256, Scrypt, and Ethash. They are used to secure the data and protect it from tampering by providing a digital fingerprint of the data.

Blockchain Hashing Algorithms Examples

  1. SHA-256: This is a cryptographic hashing algorithm used in Bitcoin and other cryptocurrencies based on its blockchain. It is a 256-bit hash function that takes an input (or ‘message’) and returns a fixed-size 256-bit output (or ‘hash’). It is considered a secure algorithm as it is difficult to reverse engineer the input from the output. It is also resistant to collisions (where two different inputs produce the same output).
  2. Scrypt: This is a password-based key derivation function that is computationally expensive to perform, making it more resistant to brute-force attacks. It is used in some cryptocurrencies, such as Litecoin, to secure the blockchain.
  3. Ethash: This is the hashing algorithm used in Ethereum and Ethereum-based blockchain networks. It is designed to be memory-hard, meaning that it requires a significant amount of memory to perform the calculations required for mining. This is intended to prevent specialized hardware (ASICs) from gaining an unfair advantage in mining.
  4. Equihash: This is a hashing algorithm that is based on the generalized birthday problem and is used in Zcash and another privacy-focused cryptocurrency. It is designed to be resistant to the use of specialized mining hardware (ASICs) and is designed to be memory-hard.
  5. X11: This is a hybrid hashing algorithm that uses a sequence of 11 different algorithms, including Blake, BMW, Groestl, JH, Keccak, Skein, Luffa, Cubehash, Shavite, Simd, and Echo. It is used in Dash and some other cryptocurrencies. The idea behind using multiple algorithms is to increase security and make it more difficult for specialized mining hardware to be developed.
  6. ProgPoW: This was a proposed hashing algorithm for Ethereum that aimed to address the issues of ASIC resistance and centralization of mining. It uses a combination of memory-hard and compute-hard operations to make it more difficult for specialized ASICs to be developed while also ensuring that general-purpose GPUs can still mine effectively.
  7. Cuckoo Cycle: This is a memory-bound algorithm designed to be ASIC-resistant. It is based on a graph-theoretic problem called the Cuckoo Graph and is used in some cryptocurrencies such as Aeternity.
  8. Cryptonight: This is a memory-bound algorithm that is designed to be ASIC-resistant. It is used in Monero and some other cryptocurrencies. It uses a combination of mathematical operations, such as AES encryption and integer operations, to make it more difficult for specialized mining hardware to be developed.
  9. Dagger-Hashimoto: This is a memory-hard algorithm used in Ethereum Classic and other blockchain networks. It is a combination of two other algorithms: Dagger and Hashimoto. Dagger is a memory-hard algorithm designed to be ASIC-resistant, and Hashimoto is a general-purpose algorithm used to secure the blockchain.
  10. Lyra2RE: This hashing algorithm is based on the Lyra2 algorithm and is used in Vertcoin and other cryptocurrencies. It is designed to be ASIC-resistant and uses a combination of memory-hard and compute-hard operations to make it more difficult for specialized mining hardware to be developed.
  11. BLAKE2: This cryptographic hash function is designed to be fast, secure, and efficient. It is based on the BLAKE algorithm and is used in some cryptocurrencies, such as Sia Coin. It is designed to resist hash collision attacks and can produce hash outputs of various sizes.
  12. Keccak: This is a cryptographic hashing algorithm based on sponge construction. It is used in some cryptocurrencies, such as Maxcoin, and is resistant to collisions and preimage attacks.
  13. Grøstl: This is a cryptographic hash function based on the fixed-permutation construction. It is used in some cryptocurrencies, such as Myriadcoin. It is designed to be resistant to collisions and preimage attacks, and it can produce hash outputs of various sizes.
  14. NIST5: This hashing algorithm is based on the five finalist functions in the NIST hash function competition. It is used in some cryptocurrencies. It is designed to be resistant to collisions and preimage attacks, and it can produce hash outputs of various sizes.
  15. Quark: This is a hashing algorithm that is based on six different cryptographic algorithms. It is used in some cryptocurrencies and is designed to be resistant to collisions and preimage attacks, and it can produce hash outputs of various sizes.
  16. Cryptonight-R is a variation of the Cryptonight algorithm designed to be more resistant to ASIC mining. It is used in some cryptocurrencies, such as Monero. The R in the name stands for “Randomized,” and it uses a random value in the hash function calculation, making it more difficult for ASICs to predict the final output.
  17. X16R: This is a hashing algorithm in some cryptocurrencies, such as Ravencoin. It combines 16 different algorithms in a specific order, X11, X13, X15, X17, X16S, X16R, Blake, BMW, Groestl, JH, Keccak, Skein, Luffa, Cubehash, Shavite, Simd, and Echo. Unfortunately, the order of the algorithms used is determined by the last 16 bits of the previous block’s hash. This makes it difficult for ASICs to optimize for this algorithm.
  18. yescrypt: This is a password-based key derivation function that is designed to be computationally expensive to perform, making it more resistant to brute-force attacks. It is used in some cryptocurrencies, such as Zcash.
  19. Neoscrypt: This is a hashing algorithm based on the script algorithm. It is used in some cryptocurrencies, such as Feathercoin. It is designed to be resistant to ASIC mining. It uses a combination of memory-hard and compute-hard operations to make it more difficult for specialized mining hardware to develop.
  20. Argon2: This is a key derivation function designed to be computationally expensive to perform, making it more resistant to brute-force attacks. It is used in some cryptocurrencies and blockchain platforms.
Read more from author

Editor's picks

What Is Crypto Historical Data and How to Use It in Trading

Crypto historical data refers to past information related to cryptocurrencies such as Bitcoin, Ethereum, and others. This data includes various metrics such as price, trading volume, and market capitalization. Crypto historical data is useful for several purposes in crypto trading. First, it helps traders and investors make informed decisions by comprehensively understanding the crypto market's past performance. Crypto Historical Data Use Cases Here are some of the ways crypto historical data is used in crypto trading: Technical Analysis: Traders use…

How to Effectively Predict Crypto Prices

Predicting crypto prices is a complex task and requires a combination of technical analysis, fundamental analysis, and market sentiment. Here's a guide to help you effectively predict crypto prices: Technical Analysis: This involves studying past market data, including price and volume trends, to identify patterns and predict future price movements. Use charting tools, such as candlestick charts, to visually represent this data. Fundamental Analysis: This involves analyzing the underlying factors that may impact the value of a cryptocurrency, such as…

Guide to Value a Cryptocurrency

Valuing a cryptocurrency can be difficult and subjective, as many factors contribute to its worth. However, here are some steps and considerations for valuing a cryptocurrency: Market capitalization: This is the total value of the cryptocurrency in circulation. It is calculated by multiplying the total number of coins by the current market price. Adoption and usage: The more people use cryptocurrency, the more valuable it is likely to become. This includes individuals and businesses using it for transactions or as…

The Best Crypto Portfolio Trackers (Coin Trackers)

Crypto portfolio trackers are apps or websites that allow users to monitor their cryptocurrency holdings across multiple exchanges and wallets in one place. They connect to users' exchange and wallet accounts through APIs (Application Programming Interfaces) and automatically track the user's cryptocurrency holdings and transactions. The tracker updates in real-time and provides an overview of the user's total portfolio value, asset allocation, and returns. This allows users to track their investment performance and make informed decisions easily. What Should The…

An Overview of Different Cryptocurrency Scams

Cryptocurrency scams are fraudulent schemes that are becoming increasingly common as the popularity of cryptocurrencies continues to grow. They can take many forms and are often designed to appear legitimate investment opportunities or exchanges. Unfortunately, these scams can cause significant financial losses for individuals and harm the reputation of the cryptocurrency industry as a whole. It is crucial for anyone considering investing in cryptocurrencies to be aware of the various types of scams and to take steps to protect themselves.…

What Are Crypto Data Aggregators?

Crypto data aggregators gather data from multiple sources to provide comprehensive and real-time information about the cryptocurrency market. They pull data from various exchanges, trading platforms, and other sources to centralize the information and present it in a user-friendly format. The data includes cryptocurrency prices, trading volume, market capitalization, news, and other relevant information. Crypto data aggregators use algorithms to clean, process, and normalize the data to ensure accuracy and consistency across multiple sources. The information is then presented in…

What Is CoinGecko?

CoinGecko is a cryptocurrency data aggregator and tracking platform. It provides information and insights on the cryptocurrency market, including price, volume, trading activity, developer activity, and community growth. How CoinGecko Works Data Aggregation: CoinGecko collects crypto data from various cryptocurrency exchanges, wallets, and blockchains to create a comprehensive database of cryptocurrency information. Calculation of Metrics: CoinGecko calculates several metrics, such as market capitalization, trading volume, liquidity, and community growth, to provide a comprehensive overview of the cryptocurrency market. Display of…

What Is CoinMarketCap (CMC)?

CoinMarketCap (CMC) is a website that provides information about the cryptocurrency market and tracks the capitalization of various cryptocurrencies. It was founded in 2013 and has become one of the most popular cryptocurrency data providers. CMC aggregates information about the prices, volume, and market capitalization of cryptocurrencies from various exchanges and calculates the average value. Furthermore, the website displays this information in real-time, giving users a comprehensive overview of the cryptocurrency market. CMC tracks over 22,000 cryptocurrencies, including Bitcoin, Ethereum,…

What Are Crypto Pyramid Schemes?

A crypto pyramid scheme is a fraudulent investment scheme where returns are paid to existing investors from funds contributed by new investors. It's called a "pyramid" because it typically has many new entrants at the bottom, with each layer representing fewer investors. Example: John starts a pyramid scheme and invites five friends to invest 1 Bitcoin each. John promises to return 2 Bitcoins to each participant in a month. John needs 10 Bitcoins to fulfill his promise, so he invites…