SHA256 is a popular hashing algorithm used in bitcoin encryption. False True
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The correct answer is true.
SHA256 is a popular hashing algorithm used in bitcoin encryption.
It is the underlying hash function utilized in bitcoin, which results in a 64 character or 256-bit output.
In other words, any data that is inserted into this hash function results in an output that consists of 64 hexadecimal strings of characters( letters and numbers).
True. SHA256 is a popular hashing algorithm used in bitcoin encryption. True.
SHA256 is a cryptographic hash function that takes input of random size and produces an output of fixed size. The SHA256 hashing algorithm is used in Bitcoin in two ways:
1. Mining: Mining is a process of introducing new coins in the existing circulating supply of bitcoin procedure.
2. For Creating bitcoin addresses: To produce bitcoind addresses a random private key is multiplied using an elliptic curve to produce a public key. The generated public key is then put through SHA256 and RIPEMD160 hashing algorithms.