this post was submitted on 17 Oct 2024
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Cryptocurrencies have absolutely nothing to do with cryptography, they just appropriated the name.
Uhm Actually ๐ค crypto is called crypto, because it is based on cryptograhy
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.
But you're kinda right with the proof-of-work. But I would consider sha256 as cryptography
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.