Eli5 bitcoin calculator

Jump to navigation Jump to search Not to be confused with One-time pad. The most important advantage that is addressed by OTPs is that, in contrast to static passwords, they are not vulnerable to replay attacks. This means that a potential intruder who manages to record an OTP that was already used to log into a service or to conduct a transaction will not be able to abuse it, since it will no longer be valid. OTPs have been discussed as a possible replacement for, as well as enhancer to, eli5 bitcoin calculator passwords.

On the downside, OTPs are difficult for human beings to memorize. Therefore, they require additional technology to work. OTP generation algorithms typically make use of pseudorandomness or randomness, making prediction of successor OTPs by an attacker difficult, and also hash functions, which can be used to derive a value but are hard to reverse and therefore difficult for an attacker to obtain the data that was used for the hash. There are also different ways to make the user aware of the next OTP to use.

Some systems use special electronic security tokens that the user carries and that generate OTPs and show them using a small display. Other systems consist of software that runs on the user’s mobile phone. It might look like a small calculator or a keychain charm, with an LCD that shows a number that changes occasionally. All of the methods of delivering the OTP below may use time-synchronization instead of algorithms. Each new OTP may be created from the past OTPs used.