Main › Glossary › Scrypt

Scrypt

In the field of cryptography, a Scrypt pertains to an alternative proof-of-work (PoW) algorithm to the usual SHA-256 that is used for Bitcoin mining. What it is basically is a password-based key derivation function created by Colin Percival. The original intention behind its creation is for the usage of the Tarsnap online backup service; it was purposefully designed in such a way that it makes it costly for fraudulent entities to administer large-scale custom hardware attacks through the requirement of large amounts of memory.

Back in 2016, the Scrypt algorithm was published by the IETF as RFC 7914. There is a simplified version of Scrypt that is used as a PoW scheme by a number of digital coins. This was first put into use by an anonymous programmer who was only known as ArtForz in Tenebrix. Fairbrix and Litecoin followed this pattern soon after.

While you were away, new posts appeared on our blog.