A Review of Hashing Algorithms in Cryptocurrency

Abstract

In this study, it is aimed to make a detailed examination of the hashing algorithms utilized in cryptocurrencies. In this direction, basic information about hashing which forms the basis of hashing algorithms used in cryptocurrencies and plays an important role in many fields such as cryptology and blockchain, its purpose, structure, working style and usage areas are given. Additionally, to present hashing more clearly, the example of modulo operation, which is one of the easy to understand hashing functions, is visualized with the table and the resulting collision situation is schematized. By mentioning the hash table used with hashing to store and retrieve data items or records, the first step of the study is completed. Since the hashing algorithms used in cryptocurrencies are cryptographic, in the continuation of our study, after examining the features that should have by understanding the purpose and structure of cryptographic hashing algorithms more clearly, it is determined how an ideal cryptographic hashing algorithm should be. Subsequently, as the most important part of the study, cryptographic hashing algorithms SHA256, Ethash, Scrypt, Equihash, RandomX, X11, Lyra2Z and Lyra2REv2, which are designed to be utilized only by a certain cryptocurrency or play a fundamental role in the formation of several cryptocurrencies, are discussed one by one. The study was concluded by examining the creators of these algorithms, for what purposes they were created, their features, structures, working methods and areas of use. The specified aim was achieved by sharing the results obtained at the end of the study.