[vc_row][vc_column][vc_paragraph text=”Bitcoin protocol is rapidly using so-called ‘hash function’ for adding new blocks to the block chains in the process of mining.“][/vc_column][/vc_row][vc_row][vc_column][vc_heading title=”Hash-function and mining complexity” size=”medium”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”In terms of technical characteristics, hash function represents an algorithm which constitutes a fixed-length hash on the basis of data of a fixed-length. This hash represents a hexadecimal code of the initial data package that was used for its generation but, as a rule, it is much shorter.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”The main purpose of this function is creating a synthetic, relatively short code that constitutes a much larger package of data. Considering that this process may lead to information leakage in case there has been some errors, it is also irreversible: a hash cannot be tracked back to the data package used for its generation. The algorithm that is being used by crypto for hash-function is “][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”SHA-256 which creates a 256 bit hash and requires a certain processing power of a computer. In order to add a new block to BTC blockchain the system uses a transaction package in line for mempool confirmation. “][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Miner’s job is not only to create an input hash but to calculate a hash that starts from a series of additional zeroes and corresponds to the package of input data.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”The amount of additional zeroes changes every two weeks or so and depends on so-called complexity: the more zeroes are required, the more difficult it would be to get a hash, and the longer the process will take.”][/vc_column][/vc_row]
Forecast
Central Bank digital currencies may soon become a reality
The launch of Facebook's Libra has pushed many Central banks to speed up the development and introduction of CBDC. From ...
Opinion
Max Keyser doubled his bet on Bitcoin up to $ 28,000
[vc_row][vc_column][vc_paragraph text="Last weekend, BTC caught traders by surprise when it broke the $ 10,000 mark, starting with an ongoing rally. ...
Media
YouTube says no to cryptocurrencies
[vc_row][vc_column][vc_paragraph text="So far, YouTube has had a strange relationship with the crypto industry. The platform continues to ban videos related ...