CryptoNight is said to be an algorithm which is widely used in the cryptocurrency mining, consequently for some of the Proof of Work blockchains.
This algorithm was first introduced to the digital currencies along with the launch of Bytecoin (BCN) in the year 2012. Since then, CryptoNight has been used by the number of different blockchain projects. Consequently, CryptoNight mining algorithm has gained over 130 million in digital currencies till now.
On this, the Tesla’s Owner Elon Musk tweeted “Cryptonight” on his official Twitter handle today.
Cryptonight
— Elon Musk (@elonmusk) June 15, 2022
Basically, the CryptoNight hashing algorithms are been used mostly for the untraceable transactions and the ASIC resistance. Consequently, CryptoNight was designed for the data privacy concerns, with a solution for sending and receiving the private blockchain transactions.
There is also a secondary reason behind the making of CryptoNight. The reason was to reduce the rise of ASIC mining rigs and subsequent it with cryptocurrency mining.
