Scrypt is a password-based essential derivation function and a proof-of-work consensus hash function used for mining certain cryptocurrencies. It is another secure alternative to SHA-256 used by Bitcoin and has been widely adopted by leading blockchains, mainly Litecoin. The algorithm allows miners to contribute work for a chance to confirm a block of transactions and receive rewards.
How the Scrypt Hash Function works
The Scrypt hash function works first by hashing the password. If the attacker already has the password file, they won’t immediately possess the password it contains. In the second step, it generates unique cryptographic keys needed to authenticate data.
Why Use Scrypt?
Scrypt is efficient without compromising security.
The hashing function is also less complex than alternatives.
Adopting networks also enjoy relatively lower trading fees than ledgers adopting other hashing functions like SHA-256.
The algorithm offers a higher level of flexible security with better resilience to brute force attacks. The main advantage over other hashing functions is that Scrypt’s security levels are adjustable and are relatively secure. The flexibility in-built in Scrypt allows a programmer to adjust parameters as they deem fit, meeting their objectives. Because of this, Scrypt is considered one of the best algorithms for distributed systems demanding high security.