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wp-password-bcrypt is a WordPress plugin to replace WP’s outdated and insecure
MD5-based password hashing with the modern and secure bcrypt.
It is written by roots.io people.
This plugin requires PHP >= 5.5.0 which introduced the built-in
password_hash and
password_verify functions.
See Improving WordPress Password Security
for more background on this plugin and the password hashing issue.