What are the algorithms for crypto mining?

Different blockchains vary with algorithms, but they substantially fall into two categories: POW algorithms, which use a lot of hardware resources for computing; and POS algorithms that don't use a lot of hardware resources for computing, but require coin mining.

Mining is a process of algorithmic computing, which, from the perspective of a computer and code, is a specific process of repeatedly executing a Hash function and testing the results of its execution. Different blockchains vary with algorithms, but they substantially fall into two categories: POW algorithms, which use a lot of hardware resources for computing; and POS algorithms that don't use a lot of hardware resources for computing, but require coin mining.

·SHA-256

SHA stands for secure hash algorithm, and SHA-256 is a member of the SHA-2 crypto hash functions designed by NSA. Crypto hash functions are mathematical operations that run on digital data. By comparing the computed "hash" with a known hash value, one can determine the integrity of the data. A one-way hash can be generated from random data, but data cannot be generated from a hash. It is used in multiple links of multiple blockchain applications, like Bitcoin.

·Scrypt

Scrypt is a memory-dependent hash algorithm developed by famous FreeBSD hacker Colin Percival for his backup service Tarsnap. Memory dependency, as the name implies, takes up a lot of memory space, consequently reducing the CPU load. Because of its memory-dependent design, it especially conforms to the design against professional mining machine at that time, making it a main application direction of evolution of digital currency algorithm.

·X11

 The X11 algorithm was introduced with the same purpose as Scrypt algorithm adopted by Litecoin, in order to resist the expansion of ASIC mining machines. X11 uses 11 encryption algorithms (BLAKE, BMW, GROESTL, JH, KECCAK, SKEIN, LUFF, CUBEHASH, SHAVITE, SIMD, ECHO). The data needs to be computed by 11 different algorithms, which improves security on the one hand and increases the computing capacity on the other.

·Equihash

Equihash is a memory-oriented proof-of-work (PoW) algorithm developed by the Interdisciplinary Centre for Security, Reliability and Trust, University of Luxembourg. The core of this algorithm is based on the Generalized Birthday Problem, which has improved the cost effectiveness of custom hardware (ASIC).

·Tensority

Tensority is a new PoW consensus algorithm, first proposed by Bytom, which integrates matrix and tensor computing into the consensus algorithm process, so that enables AI acceleration chip to participate in the consensus computing of the blockchain. Tensority consensus algorithm features the generation of a lot of matrixes in the computing process, matrix transformation, matrix multiplication and other operations, and such capacities are also frequently used in AI acceleration; likewise, mining machines supporting matrix operations can be used as AI acceleration services, in order to improve resource utilization of mining machines.

·NeoScrypt

NeoScrypt is the next generation of workload validation algorithms to in replacement of Scrypt. It consumes less memory than the latter, but is more memory intensive and has a stronger password. It integrates the features of the stream cipher algorithm Salsa20, Salsa20's improved ChaCha20, BLAKE2s and FastKDF into a secure ASIC resistant solution.