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February 07, 2015, 05:21:51 AM |
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Since I am in the mood to ask questions tonight, here's another one about the strength of the cryptography here in Bitcoinistan™.
OK, I have read that two of the three encryption techniques are hashing functions (SHA-256 and RIPEMD160). The other is encryption using elliptic curves (which I kind-of understand). But, I know very little about about hashing functions...
OK, I have also read reasonably extensively that the "math" behind BTC is pretty strong, that it will be a LONG time until computers come along and can break the encryption.
I have read that *maybe" the elliptic curve methodology may be weak (computationally speaking, and theoretically). *Maybe* there are proofs (or not) re the actual mathematical "strength" of encryption via elliptic curves.
But, what about the two hashing functions? How do these work, and does it appear that they have any "chinks in their armor? "Theoretically speaking" (via math, or better yet, math PROOFS), just how strong are these two?
I appreciate all of you who explain things like this to "the rest of us", thank you!
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