Posted: 30.06.2021 | 04:04
What is Hashing?
One of the most reliable foundations of blockchain technology is that it is based on the hashing method. Before the hashing method, the Hash Rate must be explained. Hash rate is defined as the number of attempts per second to verify a transaction on the Bitcoin Blockchain. Hash Rate is expressed in units of Exahash (EH/s). It is not possible to calculate the hash rate precisely, and there are graphs that estimate its historical development.
It is possible to follow the historical graph of the hash rate from the link below.
Hashing, on the other hand, is the name given to a series of mathematical output conversion operations by taking inputs of different lengths from them. It is easy to create an output from any input, but it is quite difficult to make a move in the opposite direction. The harder it is to get from the output to the input, the more reliable the hashing algorithm.
What is the SHA-256 algorithm used in Bitcoin?
Bitcoin uses the SHA-256 hash algorithm. The slightest change in any part of the input will completely change the output; This is one of the most important assurances of Blockchain technology.
Example hash function
Also, for a hash function to be secure and effective, it must be conflict-proof. Even if the probability of conflict is very low, while the inputs to be entered are infinite, this possibility will always be in question because there will be a limit to the outputs.
The hashing method proves that the data cannot be changed. Since the slightest change to the data will cause a change in the hash code, it has an important place in the trust mechanism of the Blockchain.
How is the SHA-256 algorithm used in Blockchain?
In the Bitcoin network; The block number containing the transactions between the users and the nonce value and the hash code of the previous block are brought together and converted into a hash code in accordance with the SHA-256 algorithm standard. As it turns out, more than 2,600 process information is converted into a summary output of only 64 characters. Thus, instead of examining all the data for any change in the block, it is possible to control only with this summary data. The slightest change in any part of the input on the blockchain system leads to a very drastic change in the output. This is the most important assurance of blockchain technology as described.
Known as the first block of the blockchain, the Genesis block created an unprecedented hash value when it was created and confirmed. This hash value and all other new transactions processed afterwards are used as input for a brand new hash value that is then used in the next step in the chain. Thus, other transactions can be added safely as long as the nodes in the network agree on the required hash value.