I assume by "one way" encryption algoristh you are looking for something to encrypt a password or other token, but don't need to decrypt it. Is this because you plan to directly compare the encrypted versions?
Although I can't offer any solutions, this is an area which has interested me for a long time. Theoretically, you have three sorts of encryption available :- one-to-one, where every raw item has one and only one encrypted form; reducing, where many raw items encypt to a single encrypted form; and expanding, where a single raw item can encrypt to more than one encrypted form.
Traditionally, "one way" system password encryption seems to use the second (reducing) case. I have heard many spurious arguments from people who claim that this is somehow "more secure" than a one-to-one system because
you can't decrypt it back to the original item. But if you plan to directly compare the encrypted forms, then a reducing encryption is in fact less secure, as there are fewer possibilities to
test against, and a greater chance of a random password encypting to the same encrypted form as the "real" password.
So my question is, what sort of encryption are you looking for, and what is its intended use?