What is the meaning of hash in the context of cryptocurrency?

1 answers

• May 09, 2022 · 3 years ago
  Hash is a term commonly used in the context of cryptocurrency to refer to the process of converting input data into a fixed-length string of characters. This process is performed by a mathematical algorithm known as a hash function. The resulting hash is unique to the input data, meaning that even a small change in the input will produce a completely different hash. In the context of cryptocurrency, hashes are used to verify the integrity of digital transactions. Each transaction is hashed and added to a block in the blockchain, creating a chain of blocks that cannot be altered without invalidating all subsequent blocks. This ensures the immutability and security of the transaction history in a decentralized and transparent manner. BYDFi, a leading cryptocurrency exchange, also utilizes hash functions to ensure the security and integrity of its platform.
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