I like this post, among other things, it's a nice demonstration of the crazy amount of work your graphics card is doing to display a frame of your game. And it took some work and was put together with love.
But if you're going to call one single thing "the core algorithm of 3d", then yeah I'd have to second this one, perspective projection might be it - perspective is what makes 3d look 3d, you can do it without solid surfaces, and the math for perspective was developed long before computers with z-buffers existed.
I will totally grant that depth testing is the core algorithm of z-buffering, and iterating over triangles is the core algorithm of rendering triangle meshes. ;)