How Does A Hashing Algorithm Work?
Hashing algorithms are an important weapon in any cryptographers toolbox. They are everywhere on the internet, mostly used to secure passwords, but also make up an integral part of most crypto currencies such as Bitcoin and Litecoin . The main features of a hashing algorithm are that they are a one way function or in other words you can get the output from the input but you cant get the input from the output just like elliptic curve cryptography where you cant get the private key from the public key. The other property is that the same input creates the same output. Most hashing algorithms, including the SHA and RIPEMD are all descended from the MD4 family. The MD4 hashing algorithm was developed by Ronald Rivest specifically to allow very easy software implementation. The MD4 algorithm and subsequent SHA algorithms use 32 bit variables with bitwise Boolean functions such as the logical AND, OR and XOR operators to work through from the input to the output hash. So how does a hashing algorithm work in this case a look at SHA1: 2- Then choose a word to hash. In this case we will choose the word CRYPTO 3- Convert the word to ASCII American Standard Code for Information Interchange. Each letter has a number assigned to it. CRYPTO 01000011-01010010-01011001-01010000-01010100-01001111 CRYPTO 0100001101010010010110010101000001010100010011111 6- Add zeros to make the message equal to 448 mod 512 (modular arithmetic just like a clock except with 512 hours). So a 48 bit message with the added one will need to have 399 zeros added to the end, and if the message was 64 characters (or 512 bits) long you would need 447 zeros. 01000011010100100101100101010000010101000100111110000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000 Continue reading >>
Comparison Of Cryptocurrencies
The cryptocurrency market is explosive which currently serves hundreds of currencies. Almost all of them are obvious scamsincluding many which purport to have a large market cap. This article aims to list only the most relevant cryptocurrencies in terms of novel technological advancements or strong engineering teams, or due to widespread awareness thereof. Direct, low-level scams should not be listed here. An altcoin based on Bitcoin's blockchain with replay protection and an increased block size limit of 8MB. An unusual emergency difficulty adjustment algorithm causes significant periods of hyperinflation. First cryptocurrency that implemented Satoshi's BitDNS idea. Essentially the first real altcoin. Still under active development. First merged-mined altcoin. Introduced the X11 algorithm, which is just a composite function of multiple hashing algorithms. Had a significant failure mode in the beginning which equated to a majority premine by a small number of Amazon EC2 customers. This means their Master Node algorithm has been in a failure mode from the beginning. Majority premine sale. Source of the ICO bubble. Multiple client implementations which fail against each other in terms of consensus errors regularly. Requires multiple months of time to sync to eth blockchain. Contract-building tools interpret input incompatibly. Continue reading >>
Who Broke The Sha1 Algorithm (and What Does It Mean For Bitcoin)?
Who Broke the SHA1 Algorithm (And What Does It Mean for Bitcoin)? Feb 25, 2017 at 16:00 UTC|UpdatedMay 19, 2017 at 17:04 UTC The cryptography world has been buzzing with the news that researchers at Google and CWI Amsterdam have succeeded in successfully generating a 'hash collision' for two different documents using the SHA1 encryption algorithm, rendering the algorithm 'broken' according to cryptographic standards. Butwhat does this mean in plain language, and what are the implications for the bitcoin network? As laid out in a recentCoinDesk explainer , a hash function (of which SHA1 is an example) is used to take a piece of data of any length, process it, and return another piece of data - the 'hash digest' - with a fixed length. One way that hash functions are used in computing is to check whether the contents of files are identical: as long as a hash function is secure, then two files which hash to the same value will always have the same contents. However, a hash collision occurs when two different files hash to the same value. Given the mathematical laws that govern hash functions, it is inevitable that hash collisions will occur for some values of input data (because the range of data you could put into the hash function is potentially infinite, but the output length is fixed). For a secure hash function, the probability of this should be so small that, in practice, it is not possible to make a sufficient number ofcalculations to find it. The significance of the Google/CWI team's results is in the fact that they were able to create a hash collision by finding a much more efficient method - 100,000 times more efficient in fact - than simply guessing every possible value of data. It's the efficiency of this method that means SHA1 is now officially broken. (These Continue reading >>
List Of Cryptocurrencies
This is a list of cryptocurrencies . The number of cryptocurrencies available over the internet as of 27 November 2017 [update] is over 1324 and growing.  A new cryptocurrency can be created at any time. By market capitalization, Bitcoin is currently (2017-08-19) the largest blockchain network, followed by Ethereum , Bitcoin Cash , Ripple and Litecoin .  This list is incomplete ; you can help by expanding it . The first decentralized ledger currency. Cryptocurrency with the most famous, popular, notable and highest market capitalization. The first cryptocurrency to use Scrypt as a hashing algorithm. Also acts as an alternative, decentralized DNS . First digital coin with theoretical value based on the work required to produce electricity. First block chain to support currency creation by interest paid on debt. Solidus Bond proto smart-contract. One of the first digital coins patented in the US. First block chain to support encrypted mail with attachments. The first cryptocurrency to use POW and POS functions. Omni is both digital currency and communications protocol built on top of the existing bitcoin block chain . Uses the finding of prime chains composed of Cunningham chains and bi-twin chains for proof-of-work, which can lead to useful byproducts. Designed for peer to peer debt transfer. Not based on bitcoin. Created as an alternative to fiat currency in Iceland. Secures its network through a process called minting. First Proof of Capacity coin, First Smart Contract, First Atomic Cross Chain Transfer. Used American hip hop artist Kanye West as its mascot, abandoned after trademark lawsuit. A bitcoin -based currency featuring instant transactions, decentralized governance and budgeting, and private transactions. A private cryptocurrency with an instant untrace Continue reading >>
Bitcoin & Cryptocurrency Mining Contracts | Genesis Mining
Its hard to review anything when not possible to use it yet due to purchasing with a credit card, but once I am able to use it I will update my review Been sold out of contracts for a while now and Im exited to have finally copped one before theyre gone. So happy for the wonderful opportunity to buy another Ether Contract. I love it - Thank You While we think that Ethereum may turn to POS in the coming future, we have a fantastic future to mine it at a profit with Genesis Mining. If it DOES go to POS instead of mining, then we can move to a variety of alt coins that are nearly as profitable and every bit as much fun. Give Genesis Mining a go and see why it is better than buying coins directly. I think that my purchase was a good thing. And this thing will bring me a lot of benefit. I expect to have a good return for this investiment. Finally the mining contracts are back. It's harder and harder to find mining contract and the Genesis Mining ones are the last decent ones around. Most of them will never payback. I'm using Genesis for 1 year right now and satisfied. Zcash cash priceis riseing, so this pachage is quite profitable, better than buing your own mining sistem at home. Even if PoS starts, there are alternatives.Because I heard that the reputation is good, I have decided mining for the first time as GenesisMining.I am looking forward to April when mining starts. I have bought the etherium and bit coin for the last two years.I am very excited and am very pleased to see the benefits.I have been informing others a lot and invested a lot of people.If I have a chance, I would like to invest and recommend more. I have ETH contract with Genesis for 2 years and one with same Hash rate with a competitor but 1 year contract. Genesis has consistently paid out more than the Continue reading >>
The Difference Between Bitcoin, Ethereum, Ripple & Litecoin
The Difference Between Bitcoin, Ethereum, Ripple & Litecoin Okay, you may have noticed recently a lot of hype and press coverage around Bitcoin. It has been pretty phenomenal, last weekend even my Mum asked me what is this Bitcoin malarkey? Also, last week that Deutsche Bank released a paper titled: Cryptocurrencies and blockchains their importance in the future . Its a good read, and for my own understanding i started to read around and make notes of the main cryptocurrencies and the key differences between them. Following is a summary of my analysis: Summary: Bitcoin, Etheruem, Ripple & Litecoin: Bitcoin A decentralised cryptocurrency: Description: Decentralised cryptocurrency used in a peer to peer network Transactions made via: Blockchain / mining Continue reading >>
Is Ethereum Sha-256? : Ethereum
Welcome to r/Ethereum , the front page of the Web 3. No inappropriate behavior. This includes, but is not limited to: personal attacks, threats of violence, gossip, slurs of any kind, posting people's private information. Keep price discussion and market talk, memes & exchanges to subreddits such as /r/ethtrader Keep plain ICO advertisements to subreddits such as r/ethinvestor . Keep mining discussion to subreddits such as /r/EtherMining . No creating multiple accounts to get around Reddit rules. English language only. Please provide accurate translations where appropriate. Posts and comments must be made from an account at least 10 days old with a minimum of 20 comment karma. Exceptions may be made on a discretionary basis. Continue reading >>
First Ethereum Asic Miners Released By Hminers
First Ethereum ASIC Miners Released by Hminers Miami, FL, September 01, 2017 --( PR.com )-- HMiners ( ) is now making a strong impact in the global cryptocurrency market with their three powerful mining rigs that have already proven their efficiency in Bitcoin, Litecoin, Dash, and Ethereum mining. The company claims that these are the first ever mining rigs that can run on SHA-256, Scrypt, Etehash, and X11 mining algorithms. Using the H2U Miner, H4U Miner, and Rack Equipped with 5 x H4U from the company, many users have already been able to receive a 100% return on their investment within just one month. In the language of technology, an algorithm is defined as a self-contained sequence of actions capable of carrying out data processing, calculation and automated reasoning tasks. SHA-256 stands for Secure Hash Algorithm, and is the most commonly used algorithm for Bitcoin mining. Scrypt is a multi-layered algorithm that is faster compared to SHA-256 because of its capability to set the hash size to a smaller number, and is used extensively for Litecoin mining. X11 is a relatively new algorithm known for its extraordinary energy-efficiency while mining with a CPU or GPU. The most advanced of all, Ethash is the Proof of Work hashing algorithm for Ethereum mining. Though the field of cryptocurrency has experienced significant developments over the years, not much has been done so far in terms developing mining rigs capable of mining Ethereum. The team at HMiners has spent months in evaluating, prototyping, and extreme-condition pressure testing their three miners before starting their mass production. The most noteworthy feature of these products is their ability to mine Ethereum with extremely high hash rates, while maintaining low power consumption. Many Ethereum miners Continue reading >>
How To Calculate Estimated Profit Using Hashrate?
How to calculate estimated profit using hashrate? Profit is calculated via the deduction of expenses from income. The income consists of daily payouts which size depends on the hashrate. In order to calculate an estimated income using the hashrate you will need to include it in one of the calculators below (set all Power values to zero): 3. Ethereum - for ETHASH (set all Power values to zero) 4. DASH - for X11(set all Power values to zero) 5. Zcash - for EQUIHASH(set all Power values to zero) Next, deduct the maintenance + electricity fee of 0.0035 USD per 10 GH/s of SHA-256and0.005 USD per 1 MH/s of Scrypt from the income. ETHASH,X11and EQUIHASH contracts are not subject to any fees. The sum you end up with is your estimated profit. Continue reading >>
Sha-256 Cloud Mining - Crypto Mining Blog
All About BTC, LTC, ETH mining as well as other alternative crypto currencies Hashflare Now Offering Ethereum Cloud Mining as Well Hashflare is the second cloud mining service provider to start offering Ethereum. After a long period of pre-orders being accepted this Monday (March 21st) the first batch of Ethereum cloud mining hashrate went online and now the company is now taking pre-orders for the second batch that is expected to start mining sometime between April 4th and 11th, so if you purchase now you will have to wait some time before you start earning anything. Unlike the SHA-256 and SCrypt cloud mining hashrate that the service offers where it pays in Bitcoin only, with Ethereum cloud mining you are getting payments in Ethereum coins The minimum you can purchase is 100 KHS with a regular price of $4.25 USD per 100 KHS or $42.50 USD for 1 MHS hashrate. The mining contracts are with 1 year duration and everything is included in the price of the hashrate, so there are no extra fees that you need to pay. It is not very clear however what will happen if Ethereum switches to POS phase before the end of your 1 year contract. There is a promotional code available that can help you get 25% discount from the regular price for purchases of 10 MHS or more, just enter the following discount code when checking out HF16ETHASH25M. If you dont want to pre-order cloud mining hashrate and wait for the mining to start, then you can always go to Genesis Mining that has been offering users ETH hashrate for quite some time and after you purchase it will start mining for you right now. Hashflare To Start Offering Ethereum Cloud Mining The cloud mining service provider Hashflare has officially announced their plans to start offering Ethereum cloud mining hashrate with pre-orders alread Continue reading >>
Explaining How Proof Of Stake, Proof Of Work, Hashing And Blockchain Worktogether
ConsenSys BSIC CTO, @Goldman Alum, @Cisco Alum, @TFA Alum, Activist, Intense Autodidact Explaining How Proof of Stake, Proof of Work, Hashing and Blockchain WorkTogether Many of you may have heard about Proof of Stake, specifically that Ethereum is moving toward a hybrid model using Proof of Stake and Proof of Work. But of course, the same lot of you probably asked, What the heck is Proof of Stake really? Lets dive into that. There are, currently, two main Blockchain systems that the larger crypto-networks utilize: Both of these Blockchain systems govern how transactions are verified on the decentralized network. So before we explain what Proof of Stake is, we need to explain how Blockchains are formed. Take a look at this video to better explain the fundamental parts of a Blockchain. You can play around with making (conceptual) hashes, blocks, and blockchains here . What is a Hash? A hash is the result of a hash function or a function that simply takes data and converts it to an almost-unique, fixed size 256-bit (32-byte) string of numbers and letters. Heres an example: SHA256 + Hello World = a591a6d40bf420404a011733cfb7b190d62c65bf0bcda32b57b277d9ad9f146e Try this here. As you can see, even a small change in the initial data will completely change the hash! SHA256 + Hello Worl = 12fec4c65dd4455c48aff8977a7cd8ccb97539ad4cd7c37f13cf71ba8bee9a98 What is a Block? A block is a group of transactions in chronological order (or the best chronological order that the miner nodes can agree and organize the transactions in). Every block has, as its data, the hash of the previous block. Each block is made of a Block Header and a Block Body. The main way of identifying a block in the blockchain is via its block header hash. The block header hash is calculated by running the block Continue reading >>
What Is Ether?
Ether is a necessary element a fuel for operating the distributed application platform Ethereum. It is a form of payment made by the clients of the platform to the machines executing the requested operations. To put it another way, ether is the incentive ensuring that developers write quality applications (wasteful code costs more), and that the network remains healthy (people are compensated for their contributed resources). If you just want to test the technology, you probably don't need real ether. Download the latest Wallet app and switch to the Test Network Check your ether presale balance safely here: The total supply of ether and its rate of issuance was decided by the donations gathered on the 2014 presale. The results were roughly: 60 million ether created to contributors of the presale 12 Million (20% of the above) were created to the development fund, most of it going to early contributors and developers and the remaining to the Ethereum Foundation 5 ethers are created every block (roughly 15 seconds) to the miner of the block 2-3 ethers are sometimes sent to another miner if they were also able to find a solution but his block wasn't included (called uncle/aunt reward) Note that after the Byzantium update is implemented, the mining and uncle reward is reduced to 3 ethers and 0.625-2.625 ethers, respectively. No. According to the terms agreed by all parties on the 2014 presale, issuance of ether is capped at 18 million ether per year (this number equals 25% of the initial supply). This means that while the absolute issuance is fixed, the relative inflation is decreased every year. In theory if this issuance was kept indefinitely then at some point the rate of new tokens created every year would reach the average amount lost yearly (by misuse, accidental key Continue reading >>
The Hitchhikers Guide To Smart Contracts Inethereum
The Hitchhikers Guide to Smart Contracts inEthereum Updated Oct 6th 2017, for Truffle v3.4.11 and Solidity v0.4.15. Ive been working with smart contracts for 4 years , mainly in the Bitcoin blockchain. Some projects I participated in are Proof of Existence , bitcore , and Streamium . In the past months, Ive been exploring and working with the Ethereum platform. Ive decided to compile a short guide to ease the way of future programmers learning Ethereum smart contract development. Ive divided the guide in two sections: how to get started building smart contracts in Ethereum, and a quick note on smart contract security. Getting started with Smart Contracts onEthereum This guide assumes you have a basic level of technical understanding on how cryptocurrencies and blockchains work. If you dont, I recommend skimming over Andreas Antonopoulos Mastering Bitcoin book , Consensys Just Enough Bitcoin for Ethereum guide , or at least watching this short video by Scott Driscoll . To continue ahead you should know what a public and private key are, why a blockchain needs miners, how decentralized consensus is reached, what a transaction is, and the concepts of transaction scripting and smart contracts. Two other important and related concepts youll need to understand before working with Ethereum are the Ethereum Virtual Machine and gas. Ethereum was designed as a smart contract platform. Its origin is actually linked to a critique made by Vitalik Buterin on bitcoin as a very limited smart contract platform. The Ethereum Virtual Machine (EVM) is where smart contracts run in Ethereum. It provides a more expressive and complete language than bitcoin for scripting. In fact, it is a Turing Complete programming language. A good metaphor is that the EVM is a distributed global computer wh Continue reading >>
Bitcoin Vs Ethereum: Cryptocurrency Comparison
Bitcoin VS Ethereum: Cryptocurrency Comparison Last updated on June 14th, 2017 at 08:11 pm Since its release in early 2009, Bitcoin has been the trailblazing leader of the cryptocurrency revolution. Countless imitators have come and gone but Bitcoin remains dominant, despite nearing the current limits of its transactional capacity. Ethereum, created mid-2015, is Bitcoins strongest rival But can Ethereum deliver on the hype surrounding its complicated technology, as well as recover from the recent spectacular failure of the DAO , to usurp Bitcoins primacy? Complimentary or Competing Cryptocurrencies? How valid is the frequent claim that Bitcoin and Ethereum arent direct competitors but rather complimentary aspects of the new, blockchain-based economy? The peaceful coexistence theory holds that the web is vast and deep enough for Bitcoin and Ethereum to carve out their respective niches: Bitcoin specialising in its role as digital gold; offering a dependable monetary system free from unbounded inflation and political intervention. Ethereum evolving into the world computer; a blockchain-based programming language enabling code-based contracts and decentralised applications. In practice, matters are more complex. Given the extensibility of cryptocurrency, neither coin has a clearly defined sphere of operation. There is considerable overlap between their functions and markets, with nothing to prevent user migration. For example, additional layers built upon Bitcoin, such as the Rootstock.io smart contact platform, threaten to trespass on Ethereums playground. Rootstock promises to do everything Ethereum can, with the added security of a two-way peg to the more secure Bitcoin network. Likewise, Ethereum has become a popular trading and investment instrument , infringing upon Continue reading >>
Bitcoin - Is Ethereum's Mining Algorithm Vulnerable To Asicboost? - Ethereum Stack Exchange
Is Ethereum's mining algorithm vulnerable to ASICBOOST? Bitcoin's hashing algorithm uses a multi-step hashing function. Some miners have used a technique referred to as ASICBOOST to exploit this. I'm unclear on the specifics, but it has something to do with the way headers are broken into chunks and those chunks can be re-used to speed up hashing. Does Ethereum and its hashing algorithm have similar (obviously not exactly the same) issue? Some more context about ASICBOOST would improve this question. eth Apr 10 '17 at 4:59 "...speeding up Bitcoin mining in general (for ASICs and CPUs alike) by reducing the frequency of computing one part of the SHA-256 calculation." So AsicBoost is keyed specifically for SHA-256 calculations, with SHA-256 itself being a member of the SHA-2 family of crytographic hash functions. Ethereum doesn't use SHA-256: it uses KECCAK-256, which doesn't actually follow the SHA-3 standards as its name suggests it should, but is presumably sufficiently different to render AsicBoost ineffective: it's a completely different hashing algorithm. This is definitely true, but its not clear to me that keccak256/ethash doesn't have the same problem as sha256. I meant a more general question, as in does the vulnerability*in sha256 as used in the bitcoin PoW algorithm apply to Etheruem Aakil Fernandes Apr 10 '17 at 15:32 There's this paper which has a more detailed explanation mit.edu/~jlrubin//public/pdfs/Asicboost.pdf . The technique uses a quirk of sha-256 plus block header alignment plus transactions merkles-tree. Since Ethereum uses a differente hash this will not work as is, but you can try to apply the idea behind it. Although the switch to POS will likely render such research useless. Ismael Apr 10 '17 at 17:01 Continue reading >>