Coinbase Establishes Open Source Cryptography: Kryptology

American cryptocurrency exchange Coinbase announced the launch of Kryptology, an encryption library that focuses on building complex encryption technologies.

The Coinbase team stated that it hopes to make Kryptology the standard for a powerful and usable encryption library. The encryption library will provide developers with an audited and easy-to-use API toolbox.

Cryptography is the driving force of cryptographic innovation which can make cryptocurrency no longer a digital code that can be easily copied.

Cryptographers use the zero-knowledge technology in ZCash to create private transactions and ensure that personal data is protected.

The most recent advancement in cryptography is the Boneh-Lynn-Shacham or BLS signature. This signature is used to verify the sender’s information while verifying the transaction, for dual security transactions.

Another advanced algorithm worth mentioning is the Shamir secret sharing or SSS algorithm. SSS refers to the distribution of secret values among multiple participants (called shareholders), and all participants must work together to reconstruct the secret. Therefore, the algorithm is very suitable for storing private keys holding decentralized financial portals or locking large amounts of funds in DeFi, mining pools, and smart contracts.

Skale uses BLS to create summaries to increase scale and reduce on-chain storage, and Mina and ZCash use Halo 2 and the new elliptic curve design Pasta to improve crypto wallets.

Coinbase is also working to put recent encryption technology into production. zkSNARKS and encrypted accumulator, FROST, and threshold signature.

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