Question about cryptocurrencies algorithms

[N1CKH0LAS]

Hey,
I've always wondered, but didn't even know what to google for, so I decided to ask here:
- Why are there only 2 Algos right now ?
- If someone decide to launch a new cryptocurrency, is it possible to use another algo ( something different from SHA-256 and scrypt )

From what I've read on forums, another algo+currency can be created, it's just at this very moment nobody had an innovative idea and the money to put it in practice or had both of them but thought it's not the right time to implement it. Is that right ?

[Rannasha]

Hey,
I've always wondered, but didn't even know what to google for, so I decided to ask here:
- Why are there only 2 Algos right now ?

There are 3, SHA-256 (BTC primarily), scrypt (LTC and most other alt-coins) and a variation of scrypt (YaCoin).

Why are those the only ones? Honestly, why not? For the purpose of security of the network it doesn't matter that much which hashing algorithm is used, as long as it is safe from collision attacks. The only "features" an algorithm can offer is the choice of which hardware is the most efficient (ASIC for SHA-256, GPU for scrypt, CPU for scrypt-jane). Beyond that, there's not much that sets the algorithms apart in terms of real-world use.

- If someone decide to launch a new cryptocurrency, is it possible to use another algo ( something different from SHA-256 and scrypt )

Sure it's possible. It'll require some more work instead of just forking the BTC/LTC source and changing a few parameters (block size, block target, etc...). The bigger question is what would you gain by using a new algorithm?

[MrWizard]

There is a third ago.  scrypt-jane.

[cryptrol]

scrypt-jane is just a "...performant, flexible implementation of Colin Percival's scrypt ...", it's not a different algorithm.
The scrypt implementation in yacoin just uses a different mixing function (chacha) and a different hashing function (SHA3) from the implementations seen until now.

[Random Bit]

Is there anything preventing moving to SHA-512, as in block chain concerns, or it just hasn't been coded yet?  And if so how can I help.

"They differ in the word size; SHA-256 uses 32-bit words where SHA-512 uses 64-bit words."

[cryptrol]

Is there anything preventing moving to SHA-512, as in block chain concerns, or it just hasn't been coded yet?  And if so how can I help.

"They differ in the word size; SHA-256 uses 32-bit words where SHA-512 uses 64-bit words."

Preventing who or what ?

[Random Bit]

Is there anything preventing moving to SHA-512, as in block chain concerns, or it just hasn't been coded yet?  And if so how can I help.

"They differ in the word size; SHA-256 uses 32-bit words where SHA-512 uses 64-bit words."

Preventing who or what ?

Was more of a comment for discussion on is it possible to move to SHA-512, what would it take, and what support would be needed if it is possible.

[cryptrol]

Is there anything preventing moving to SHA-512, as in block chain concerns, or it just hasn't been coded yet?  And if so how can I help.

"They differ in the word size; SHA-256 uses 32-bit words where SHA-512 uses 64-bit words."

Preventing who or what ?

Was more of a comment for discussion on is it possible to move to SHA-512, what would it take, and what support would be needed if it is possible.

Yeah but, move what ? 

[N1CKH0LAS]

Thanks everyone for answers Please keep the discussion friendly and troll-free, if possible.

Preventing who or what ?

Yeah but, move what ?

To answer your first question: Prevent ASIC domination, for example. Regarding your second question: Move from one currency, using algo SHA-256, for example, to another one, using a future algo. Why ? In order to be able to farm with GPUs and still make a proffit once ASICS invade SHA-256 currencies.

By this, I've also answered the question:

The bigger question is what would you gain by using a new algorithm?