What is SHA-256 and how does it relate to cryptocurrency?

3 answers

• Nov 28, 2021 · 3 years ago
  SHA-256 stands for Secure Hash Algorithm 256-bit and it is a cryptographic hash function used in the creation and verification of digital signatures. In the world of cryptocurrency, SHA-256 is the algorithm used in the mining process. Miners use their computational power to solve complex mathematical problems, and SHA-256 is the algorithm that ensures the integrity and security of the blockchain. It plays a crucial role in preventing fraud and tampering with transaction data. Without SHA-256, cryptocurrencies like Bitcoin would not be secure or reliable.
  560280
• Nov 28, 2021 · 3 years ago
  SHA-256 is like the secret sauce of cryptocurrencies. It's a fancy algorithm that ensures the security and integrity of digital transactions. Think of it as a digital fingerprint that uniquely identifies each transaction and makes sure that nothing fishy is going on. It's the reason why you can trust that your Bitcoin or other cryptocurrencies are safe and can't be tampered with. So, next time someone mentions SHA-256, you can impress them with your knowledge of this cryptographic wonder!
  493165
• Nov 28, 2021 · 3 years ago
  SHA-256 is a cryptographic hash function that is used in the creation and verification of digital signatures. It's like a digital lock that ensures the security and authenticity of transactions in the world of cryptocurrencies. When you make a transaction using a cryptocurrency like Bitcoin, the transaction data is run through the SHA-256 algorithm, which produces a unique hash value. This hash value is then added to the blockchain, creating a permanent and unchangeable record of the transaction. So, in simple terms, SHA-256 is the technology that keeps your digital money safe and secure.
  595149