This hash function is designed in such a way that it requires miners to generate numbers quickly. Because of this scrypt is considered to be perfect for distributed systems.ĭue to large amounts of memory requirements performing large scale custom hardware attacks on scrypt gets costly. Also being a memory hard algorithm it improves network security by resisting large scale custom hardware attacks. Scrypt offers high level of security and is one of the safest hash functions out there.
MACMINER SCRYPT N SET FLAG FULL
You can read the full technical specifications here: Why Scrypt? On May 2009 Colin published scrypt paper titled, “Stronger Key Derivation Via Sequential Memory-Hard Functions.”. The algorithm was designed by Colin Percival. Scrypt being both computationally intensive and memory intensive hashing algorithm it was originally used for Tarsnap’s online backup service. Password based KDF are designed to be computationally intensive and they are efficient at preventing brute force attacks. In cryptography, scrypt is a password-based key derivation function (KDF). Unlike CryptoNight and Equihash which are specifically designed for Proof of Work blockchains, scrypt was originally designed for another use case. Likewise here in this post we’ll list scrypt based cryptocurrencies.īefore we take a look at Scrypt coins here is a quick overview of the scrypt mining algorithm. Previously we’ve covered about SHA-256 coins. Apart from Litecoin Scrypt algorithm is also being used on various other PoW blockchains. Litecoin on the other hand uses Scrypt algorithm. In the near future Ethereum will no longer support PoW as it will completely switch over to Proof of Stake. However they all use different hashing algorithms.īitcoin uses SHA-256 hash function and Ethereum currently uses Ethash Proof of Work hashing algorithm.
All three operate within the proof-of-work consensus mechanism. Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC). Out of the top 5 cryptocurrencies by market cap 3 are mineable coins.
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