Author: Glen Peterson 2018-01-21 15:29:26
Published on: 2018-01-21T15:29:26+00:00
Popular hashing algorithms typically last around 10-15 years before flaws are found. SHA-256 is currently showing signs of aging. Cryptocurrencies and blockchains will require cryptography updates every decade or so to maintain security. A recent email exchange on the bitcoin-dev mailing list discussed Bitcoin's maximum difficulty, which according to Moore's law would be reached in about 400 years. After this point, it may not be clear what the dominant cryptocurrency is, so planning for future algorithm updates is important. The job of a dev team is to examine trade-offs between algorithms and come to a consensus optimal solution, which can be achieved through evaluating working solutions, transferring them to BIPs, creating code, testing, and achieving consensus.
Updated on: 2023-06-12T23:55:19.306000+00:00