Comment Re:Too slow? (Score 5, Informative) 143
The proper name for these "Slow functions" is Key Derivation Function. They've been around a long time and are what OSes use to protect login credentials and what encrypted archive formats like RAR use.
Some examples are crypt (obsolete, vulnerable) PBKDF-2 (repeated application of salt-and-hash), bcrypt (repeated rounds of a special extra-slow variant of blowfish), and scrypt (an attempt to defeat GPU and custom hardware attacks by requiring lots of low-latency RAM).
Single-round salted hash is only a "better than plaintext" hack solution, it's never been the correct way to store passwords.