I read that if sha-256 was compromised at some point in the future, or for any other reason, bitcoin could switch to a different algorithm
can someone detail how exactly that would work, and what the implications to existing blocks would be?
from my understanding, everything is hashed with sha-256, then another algorithm would be incompatible with all previous blocks....
can someone elaborate on this?
if bitcoin, or any cryptocurrency, switched algorithms, what would happen to people's current addresses and the ledger of transactions? In theory it should be very simple for major pools to switch to the new client, as has been done numerous times in cryptocurrency land, but I've never seen it done with a different algorithm.