Authentication plugin 'caching_sha2_password' cannot be loaded

Note: For MAC OS

1. Open MySQL from System Preferences > Initialize Database >
2. Type your new password.
3. Choose 'Use legacy password'
4. Start the Server again.
5. Now connect the MySQL Workbench

you can change the encryption of the password like this.

ALTER USER 'yourusername'@'localhost' IDENTIFIED WITH mysql_native_password BY 'youpassword';

For Windows 10:

Open the command prompt:

cd "C:\Program Files\MySQL\MySQL Server 8.0\bin"

C:\Program Files\MySQL\MySQL Server 8.0\bin> mysql -u root -p
Enter password: *********

mysql> ALTER USER 'root'@'localhost' IDENTIFIED WITH mysql_native_password BY 'newrootpassword';
Query OK, 0 rows affected (0.10 sec)

mysql> exit

Alternatively, you can change the my.ini configuration as the following:

[mysqld]

default_authentication_plugin=mysql_native_password

Restart the MySQL Server and open the Workbench again.