Decentralized Exchanges : What It Entails #003

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Hello great minds,

It is a wonderful opportunity to come before you all today again to discuss on a issue of great importance in the cryptospace.

It is with a happy mind that I humbly come before you all with the believe that you are all enjoying your activities in the community, and we are jointly promoting steemit across various social media platform.

If you can recall appropriately, we have started a discussion on decentralized exchanges immediately after we concluded our discussion our discussion on centralized exchanges.

One of our sub-topic for this discussion is the gaining of a proper understanding of the underlying technologies of a decentralized exchange.

Today, we shall be exaimine in full details one underlying technology of decentralized exchange, please tag along as we explain what cryptographic hash functions means.

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CRYPTOGRAPHIC HASH FUNCTIONS

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Cryptographic hash functions can be explained to be mathematical algorithm, created to transform input data into a fixed size output, which is known as hash code or hash value.

These hash functions helps to play an important function in cyber security and computer science, serving various Importance such as digital signature, data identity verification, password storage etc.

One of the primary feature of cryptographic hash functions is their nature of one-way.

Here, once the data hashed, it becomes computationally infeasible for the process to be reversed and the original output retrieved.

Also, it is good to note that the same output must be produced by the hash function for the same input consistently.

And a very slight change in the input data should result in a whole new hash value, and this helps to make the cryptographic hash function a corner stone of modern information security.

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PROPERTIES OF CRYPTOGRAPHIC HASH FUNCTIONS

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There are some specific unique properties that must be possesed by cryptographic hash functions for it to function properly and some of them will be explained below.

• PREIMAGE RESISTANCE:

Preimage resistance can be explained to be a property of cryptographic hash functions that makes it difficult for the hash function to be reversed, thus making it impossible for the original input to be determined from the hash value.

In a more comprehensible terms, when the hash output is given, it should be difficult to determine the input that produced it.

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CONCLUSION

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We have examined what the hashfunction is in a decentralized exchange but there is more to the explanation of hashfunction that I will love to share.

Please hold on tight as they will be discussed in our next meeting.