According to Vitalik Buterin, there is a need to benchmark different cryptographic options as they are within a small constant factor of specific requirements. He references an overview suggesting that STARKs over SHA256 or BLAKE take more than 10 seconds. However, he hypothesizes that using STARKs over BLAKE3 could be significantly more efficient than over SHA256. This insight could be valuable for traders focusing on cryptographic efficiency and its impact on blockchain performance.

According to BitMEX Research, the use of Sha256(Passphrase) was somewhat popular among certain users in early 2012. This hashing method was used during that period, possibly contributing to its popularity. The mention of '24 words' in this context seems to be a humorous exaggeration or trolling.