Decentralized Exchanges : What It Entails #008

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Hello great minds

It is a wonderful day and I feel honored to come before you all to discuss on a great issue in the cryptospace..

We shall be discussing on our normal topic which is decentralized exchange. However, we shall be continuing from the advantages of resistance collision, please stay tuned.

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ADVANTAGES OF RESISTANCE COLLISION

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There are several advantages of collision resistance which makes them suitable for use and some of them are

• BLOCKCHAIN SECURITY:

Resistance collision plays a very crucial role in increasing the security of the blockchain technology.

It is a critical property of the blockchain that prevents unauthorized access and manipulation of data.

The blockchain as we know is dependent on cryptographic hash functions for it's security and integrity of data.

These functions accepts a given input to produce an output (hash) which comes in form of a random string of characters.

And the hash functions is created to be a one-way function, and this implies that it is impossible for transactions to be reversed and the input function gotten.

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Another way in which the resistance collision improves the blockchain technology is by guaranteeing integrity of data.

Collision resistance ensures data integrity by ensuring that no two different input can produce the same hash value in the blockchain network.

This means that it is impossible for two distinct but similar input to produce the same hash.

This property of collision resistance ensures the integrity of the data stored on the blockchain.

Without the presence of resistance collision in the blockchain, hackers would easily create an input to give a specific hash value, which could lead to corruption of data, thus breaching security of the blockchain.

• IMMUTABLE BLOCKS

In a blockchain, each block are linked to the other in a chain, and each block contains a unique hash referencing to the previous blocks.

And here, if a collision can be created by the attacker and a legitimate block is replaced with a fraudulent block, it could lead to the compromise of the integrity of the entire chain.

With the help of collision resistance, it becomes impossible for a created false block to match the hash of an original block.

• PASSWORD HASHING:

Another method in which collision resistance Improves the security of the blockchain is through password hashing.

There are some blockchain systems where a users access and control of his account is very important, and collision resistance helps in the security of user's password.

With the help of collision resistance, the password to a user's account in the blockchain is usually hashed before being stored, and this hash is unique to each password.

And without the presence of collision resistance, an attacker can easily generate a password with the same hash value to a user's account, thus compromising the account of a user.

• LONG TERM SECURITY:

In the blockchain, resistance collision is designed for a long term security of the blockchain.

Here as computational power increases, the older hash functions becomes vulnerable but the blockchain adopts an up to date hash functions which keeps the blockchain secured for a long time.

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CONCLUSION

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We have examined how collision resistance is important to the blockchain technology.

And in our next discussion, we shall learn more about collision resistance.