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Consensus Algorithms, Blockchain Technology and Bitcoin UCL - by Andreas M. AntonopoulosBitcoin uses elliptic curve cryptography (ECC) and the Secure Hash Algorithm (SHA) to generate public keys from their. Cryptocurrency algorithm or hashing algorithm � is a mechanism that encrypts virtual currency or digital currency. Some algorithms can. First, they will rely on the fact that �everyone knows everything,� meaning that every transaction executed in the system is copied and.