CryptoURANUS Economics: Hash Function: Defined in CryptoCurrency

CryptoCurrencies


Tuesday, August 7, 2018

Hash Function: Defined in CryptoCurrency

Hash Function: Defined in CryptoCurrency


A hash function is defined as a computer program that takes information and turns it into letters and numbers of a certain length.



For example, “I like bitcoin” can be hashed and will equal: ad3e58f21b94f32dcadca6b71df4c31a18179f38011551a17a80d0ff065d22c5

 

If I were to capitalize the “b” in bitcoin, so it says, “I like Bitcoin” the hash will be completely different: d988ca30eaa88c0410ad6e48a5297c0d505dcee572f9884f1a6fa2cbc8dedc86

Hashing is used to make storing and finding information quicker because hashes are usually shorter and easier to find. Hashes also make information unreadable and so the original data becomes a secret.

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