For 128 bit hash method, there are several choices like, md5 and murmur3, which is the best?
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Do you need collision resistance, or only (second) preimage resistance? – CodesInChaos Jan 13 '12 at 15:31
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MD5 is broken regarding collisions, and murmur3 isn't a cryptographic hash. – CodesInChaos Jan 13 '12 at 15:35
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1Please elaborate on your requirements. Do you want to protect against an attacker, or only against accidents. – CodesInChaos Jan 13 '12 at 15:36
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From the security perspective they are all bad because 128 bit is nowadays much too short.
Therefore you want a cryptographically secure hash take e.g. RIPEMD-160 (which is AFAIR not as much broken as SHA-1).
If don't need real security it doesn't matter if you use md5 or murmur3 or whatever 128 bit hash.

Robert
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4Much too short is exaggerating the matter a bit, brute forcing a 128 bit collision is still pretty hard, and brute-forcing a 128 pre-image is practically impossible. Still I'd use a 160+ bit hashfunction if collision resistance is required. – CodesInChaos Jan 13 '12 at 15:33