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[-] ysjet@lemmy.world 10 points 19 hours ago

Cryptocurrencies have absolutely nothing to do with cryptography, they just appropriated the name.

[-] Txmyx@feddit.org -4 points 19 hours ago

Uhm Actually 🤓 crypto is called crypto, because it is based on cryptograhy

[-] ysjet@lemmy.world 6 points 19 hours ago

It's called cryptocurrency because Bitcoin used sha256 as it's proof of work algorithm for funsies, but has no actual tie to cryptography. Proof of work is not cryptography.

[-] Txmyx@feddit.org 2 points 18 hours ago* (last edited 18 hours ago)

Bitcoin (abbreviation: BTC; sign: ₿) is the first decentralized cryptocurrency. Nodes in the peer-to-peer bitcoin network verify transactions through cryptography Source

But you're kinda right with the proof-of-work. But I would consider sha256 as cryptography

[-] ysjet@lemmy.world 3 points 18 hours ago

That's like saying that you're a English lord because you watched a TV show involving the middle ages one time. Just because a concept contains, as one option amongst many, a thing, doesn't make that concept the thing.

The proof of work could be anything- sha256 was just something that happened to be picked. That doesn't make it cryptography any more than you could call RCS cryptochat.

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this post was submitted on 17 Oct 2024
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