what password encryption does laravel use code example

Example 1: php password encryption and decryption

function encryptPass($password) {
    $sSalt = '20adeb83e85f03cfc84d0fb7e5f4d290';
    $sSalt = substr(hash('sha256', $sSalt, true), 0, 32);
    $method = 'aes-256-cbc';

    $iv = chr(0x0) . chr(0x0) . chr(0x0) . chr(0x0) . chr(0x0) . chr(0x0) . chr(0x0) . chr(0x0) . chr(0x0) . chr(0x0) . chr(0x0) . chr(0x0) . chr(0x0) . chr(0x0) . chr(0x0) . chr(0x0);

    $encrypted = base64_encode(openssl_encrypt($password, $method, $sSalt, OPENSSL_RAW_DATA, $iv));
    return $encrypted;
}

function decryptPass($password) {
    $sSalt = '20adeb83e85f03cfc84d0fb7e5f4d290';
    $sSalt = substr(hash('sha256', $sSalt, true), 0, 32);
    $method = 'aes-256-cbc';

    $iv = chr(0x0) . chr(0x0) . chr(0x0) . chr(0x0) . chr(0x0) . chr(0x0) . chr(0x0) . chr(0x0) . chr(0x0) . chr(0x0) . chr(0x0) . chr(0x0) . chr(0x0) . chr(0x0) . chr(0x0) . chr(0x0);

    $decrypted = openssl_decrypt(base64_decode($password), $method, $sSalt, OPENSSL_RAW_DATA, $iv);
    return $decrypted;
}

Example 2: password encryption php

<?php
  //HASH a password with the default algorithm
  echo password_hash('rasmuslerdorf', PASSWORD_DEFAULT);
?>