What's the Big Deal?
Many that aren't really familiar with cryptography often confuse hashing with encryption.
There is a marked difference between the two operations. As such, both functions require entirely different operations.
The cryptographic 'primitive' that you are probably most familiar with = SHA-256 (used in Bitcoin)
To be clear, there are no native encryption mechanisms for Bitcoin - so when we dig into the cryptography laced within its protocol we're working with someone of a 'deficit' (if we're to consider a privacy a desired solution)
^^ But we digress
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SHA-Based Hash Algorithms Are Designed or Speed
Contrary to Argon2 (which is memory-intensive to a much greater extent than 'Scrypt') - SHA-based algorithms are designed to be optimized by hardware.
This may seem counterintuitive, but when in an environment where quickly hashing & validating information is of importance (i.e., 'live-time' encryption "on the fly" where hash algorithms are needed to rapidly assess the integrity of whatever assets are being transferred / obtained /etc.)
One example of an app that we have deployed (open source) where this means of hashing (plus authenticating data) is favorable vs. Argon2id = StandardNotes (encrypted, synced notes manager)
Link = https://standardnotes.org/
Every note created on the app has its own signature & the notes are encrypted + synced constantly in live time, so its critical that an effective hash algorithm can be deployed in this situation that allows for efficient authentication / verification.
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