Topic: For merits - which is best Scrypt or SHA-256 (Read 479 times)

Oops! I made a mistake I did not include more detail about hashrate mention by kitty94and more. Scrypt is indeed fast than SHA-256 that has been used in Tenebrix and followed by Fairbrix and Litecoin soon after.
Good job kitty94. You deserve it.

First off all lets know the differences of the TWO.
SHA-256 algo is more complex than the SCRYPT algo and we all know that Bitcoin is using SHA-256 algo, in data block processing SHA-256 algo tends to be slower (transaction) but its leaves less room of error (more secure). Also SHA-256 is required more energy because SHA-256 is using higher hash rates ( GH/s range or higher)
And SCRYPT algo is known as the simple algo , in data block processing SCRYPT  is more faster than the SHA-256 algo but its more susceptible to security issues. Also SCRYPT algo tends to be use up less energy than SHA-256 algo because SCRYPT is using lower hashrate than SHA-256 (KH/s range or higher).

So lets summarize :
If we looking more secure algo just choose SHA-256 algo but if we looking for more faster in processing data block just choose SCRYPT algo.

First of all what are these functions?

Basically SHA-256, Scrypt are hashing algorithms (Not an encrypting algorithm ). Once you send a file or a text through this kind of hashing algorithm it generates a unique stream of bits. Let's say someone says "kitty94 is really cool", we can convert this string into a string using those mentioned algorithms, Once you change even a bit in that initial message the output of the function totally changes! ("kiity94 is a real fool" would give you a bitstream which is totally different from the previous output.) In other words, a hash algorithm does is mapping a given data set to an arbitrary size of data of fixed length.

Why do we need a hashing function for blockchain technology?

Blockchain technology (This is the backbone of the Bitcoin whereas Bitcoin is the biggest implementation of the Blockchain technology) is all about decentralized trust network which means each and every individual in the blockchain network (We call them miners) confirms each and every transaction unlike in a central hub. Actually, miners do is finding a special number to enter at the end of a certain number of crypto transactions (We call it a block). This special number gives some pre defined characteristic (For Bitcoin the condition is to generate an output with 30 zeros in the front after this block being input into SHA256 algorithm. Miners add different numbers to the end of the transaction set and send it through SHA256 function and check whether the output gives a bit stream with 30 zeros at the front. [Once you find a such number (We call it proof of work) Winner Winner Chicken Dinner!!])

SHA256 (Secure Hash Algorithm 256)

As Op already mentioned Bitcoin uses SHA256 which is far more complex and time-consuming than Scrypt. As the SHA256 is slow and thorough through the data it is considered as the more secure one among these two. Its advocates also say it's better for overall data security. Successful mining of coins using SHA-256 often requires hash rates at the gigahashes per second (GH/s) range (I have given a brief introduction at the end of the article ) or higher. this means it's generally more difficult for individual miners to use. Those who do often employ an ASIC or some other separate computing device set up to perform only mining tasks. Since some miners can't devote a machine?or at least an ASIC?to the task of mining, they often join mining pools. SHA256 pros and Cons can be listed as,

• More time Consuming.
• But Very Secure.
• Requires much higher hashrates - Miners can workaround this by joining each other and creating mining pools or by buying an ASIC (ApplicationSspecific Integrated Circuits, which were specially built for running the minng algorithm )

Scrypt

Since srypt is far more lightweight and less time consuming it has gained a quite popularity among upcoming cryptocurrencies. Running the Scrypt algorithm on your PC or Laptop won't try to drain your machine's resources as much as SHA256 does (We do not need you Mr. Expensive ASIC! ). Scrypt uses significantly less energy and computational power with respect to SHA256 (As its hashrates are in kilohashes per second). Though people argue that this  simpler system is more susceptible to security issues, since fast transaction turnaround times can mean the system is taking a less thorough look at the data. Its advocates point out, however, that hasn't as of yet presented a real-world problem.

• Simpler Algorithm
• Needs mush less resources than SHA256
• Though arguments are there, still there has not been a security breach or a reverse engineering happened yet

Now We have a rough idea about these two hashing algorithms, Still the original question remains, Which one do you think is best and why?
Although I am a newbie to the field and with no prior experience at all in the mining I thing Scrypt algorithm will get more popularity with time. Being able to run it on your personal laptop without the need to worry about really expensive hardware is a big plus point for as far as I concern. And also the harsh difficulty of the Bitcoin will be increased with the time (Present we need 30 zeros in the front and it is nearly a probability of 1 in a billion!!) With these reasons I think Scrypt will be the first choice of future coin developers!

Annex 1

Hashrates
KH/s: Kilohashes per second, or one thousand hash computations per second
MH/s: Megahashes per second, or one million hash computations per second
GH/s: Gigahashes per second, or one billion hash computations per second
TH/s: Terrahashes per second, or one trillion hash computations per second
PH/s: Petahashes per second, or one quadrillion hash computations per second

References:

https://www.coinpursuit.com/pages/bitcoin-altcoin-SHA-256-scrypt-mining-algorithms/
https://steemit.com/bitcoin/@malekalmsaddi/sha-256-vs-scrypt-mining
https://rilcoinblog.com/2017/09/09/cryptocurrency-hash-and-the-difference-between-sha-256-and-scrypt/

Security is important but for real use cases we need fast transactions, it should be better than VISA/MASTER.
So I'm more inclined to POS / non mineable / low energy costs currencies, they will be more sustainable in the long run.

SHA-256 is better than Scrypt. Although that Scrypt is faster but SHA-256 is more secure, it's more important.

It means that I will be awarding merits for the posts that I consider to be original and beneficial for members who are new to Bitcoin and Crypto.

Honestly, I don't have much knowledge when it comes to SHA-256 and Scrypt, but based on this summary about the difference of both of them I'd probably be on the safe and secure side which is SHA-256. I don't care if it has slower transactions since we are talking about hard earned money being invested on crypto I'm more in favor of being secure and safe than faster and more susceptible to security issues. That is why even if there are lots of FUD about bitcoin, still it remained number one because there are lots of investors and bitcoin enthusiasts that really believed in its technology and its the most trustworthy investment vehicle of all the cryptos out there. I know both of them do have advantage and disadvantages but I prefer on the most secure which is SHA-256.

SHA-256

• More complex in structure
• Slower (transaction turnaround times are in minutes)
• More thorough and less error
• More secure
• generally more difficult for individual miners to use (requires hash rates at the gigahashes per second (GH/s) range or higher)

Scrypt

• quicker and more simple algorithm
• much easier to run on an already-existing CPU
• tends to use up less energy than using SHA-256
• can be achieved with regular computers without need of additional hardware
• more susceptible to security issues compare to SHA-256

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I think I may be biased on answering the above question, I am into altcoins and I do not have high CPU computer to manage the requirement of SHA-256 (unless I join mining pool) hence I will say that in my case, using Scrypt is better to use as a Newbie.  This will serve as a training ground to newbies.  And as they learn more about mining and upgrade their CPUS, they can move to SHA-256 which is more secure compare to Scrypt.

Bitcoin was usually mined by the method of CPU mining in early stages. Then people were developed script even script codes for mining Bitcoin through GPU(Graphical Processing Unit). Nowadays we don't mine Bitcoin through CPU either GPU. But you can mine script coins though CPU and even GPU. SHA-256 is not the way to go though it's more secure. So that's why people shift from mining of Bitcoin. Avarage user cannot mine Bitcoins due to it's higher capital cost. You have to be a large miner in order to survive in the Eco system. Therefore most of The newer coins coming to the crypto field pretend to script due to this advantage. Because avarage user can mine each coins,fair mining ability .At the current phase script coins can be mined through CPU, through GPU.

If we talk about mining power, GPU for Bitcoin need higher hash rete where script coins need lower value its same when it comes to graphic card, lot  less mining capacity  for bitcoins when compared to the script coins. Script coins today can mines by every avarage user with minimal investment. Lets say even if you're willing to pay some bucks for mining SHA-256 coins through third party servises, you won't make your money back due to the hash rate increasing so rapidly and the ROI it's just minimul. In the other hand any one can buy a computer with GPU by spending few hundred dollars, can start right away to mine script coins,but not the SHA- 256 coins. So that's why script coins become more popular these days even can called "mining coin of the avarage person's".

What does "for merits" means on your title?

If I could afford the HW to mine, will prefer SHA-256 for long-term as its security standards seem to be best at the moment. Calculations are done almost without errors and are more complicated than scrypt, is a Secure hash algo.
Even a complicated algorithm like SHA 256 is expected to collide at some time in the far future. It will take time because of a large number of possible combinations. It is what makes Bitcoin unique after all.
My opinion is just theoretical, as I am not able to ever use SHA-256 in my real mining scenario.
For now, I prefer CPU friendly types of algorithm.

For me the best of the two algorithm will be both because SHA-256tends to be slower—transaction turnaround times, as a result, are measured in minutes as opposed to seconds—but it's argued that it's also more thorough and leaves less room for error. About Scrypt is the quicker and more simple algorithm of the two, and as new digital currencies are being introduced, more of them are favoring it over SHA-256. Scrypt is much easier to run on an already-existing CPU, and tends to use up less energy than using SHA-256; as a result, it's favored by most individual miners. In comparison to SHA-256, Scrypt's hash rates for successful coin mining generally range in the kilohashes per second (KH/s) or megahashes per second (MH/s) areas of difficulty, which can be achieved with regular computers without the need of ASICs or other hardware. Some argue this simpler system is more susceptible to security issues, since fast transaction turnaround times can mean the system is taking a less thorough look at the data. Its advocates point out, however, that hasn't as of yet presented a real-world problem.

Over time, hash difficulties for the more popular currencies that use the SHA-256 mining algorithm—such as Bitcoin—are expected to rise; this may very well restrict the mining of such currencies to mining pools or individual miners who can devote hardware, energy and time to the process. As as result, it's expected that digital currencies which use Scrypt will see a comparable rise in popularity, based upon the ease of mining alone.

THE SOURCE of my summarize: SHA-256 and Scrypt Mining Algorithms

That is why SHA-256 and SCRYPT are the two most popular algorithms where both algorithms had their own advantages when in terms of speed SCRYPT is the right algorithm to be used but there is no guarantee that there's no error and in SHA-256 it is more thorough as mention above and less errors.

Proof-of-Work coins require miners to perform mathematical calculations to authenticate blocks. Scrypt and SHA-256 are the two most popular algorithms that are used by the coin designers. Bitcoin uses SHA-256 which is more complex, and is arguably more secure. Litecoin uses the faster Scrypt algorithm.

Which one do you think is the best, and why do you think it is better?

New members and juniors, please post your opinions, and you are welcome to discuss previous posts once we have received a few replies.