Why Scrypt is more
secure than any other cryptographic algorithm
When Litecoin entered the
cryptocurrency market to compete with the likes of Bitcoin, it introduced a new
mining algorithm called Scrypt. The algorithm is now the most used mining
algorithm compared to SHA-256, which is used to mine Bitcoins. The advantage of
this algorithm is that it has a lower block time compared to Bitcoin and even
has better ASIC resistance. These two properties have actually contributed to a
long Scrypt coins list. Scrypt was introduced to cryptocurrency mining as an
alternative solution to GPU mining of Bitcoins. This is because GPU mining for
Bitcoins was at that time considered too centralized, hence posing a challenge
for Litecoin developers.
The Scrypt algorithm was
therefore implemented in order to prevent mining Litecoin using GPU. Most
websites that update the Scrypt coins list show that there are over 400
cryptocurrencies that are currently using this algorithm. The number is huge
because one factor that makes Scrypt the most preferred mining algorithm is
security. The Scrypt algorithm makes it very expensive for people to conduct
targeted hardware attacks. It is therefore many thousands times secure compare
to any cryptographic algorithm available today. With this algorithm, an
attacker is reduced to using a lot of memory in order to complete a brute force
attack.
The attacker is also reduced to
using less memory to attack the hardware. By using less memory, it means that
the attack will be slower. This can be time consuming and expensive for the
attacker. Such a tradeoff is actually intentional and the main reason why
Scrypt is more secure. This is why the algorithm was implemented in Litecoin
and also the reason why many more cryptocurrencies are using it to mine coins.
It is also worth mentioning that the Scrypt algorithm is GPU friendly. In fact,
majority of miners that use the algorithm are basically GPU miners.
Click here to know more about Scrypt coins list
No comments:
Post a Comment