Coinbase, the world’s fourth-largest cryptocurrency exchange by trading volume has announced the launch of Kryptology, a new cryptography library that would serve as a toolkit for blockchain developers. These include APIs that are secure, audited, and simple to use, as well as a collection of common issues and lessons acquired over the course of crypto’s history.
Cryptocurrencies like Bitcoin would be nothing more than digital lines of code that anyone could copy/paste if they didn’t use cryptography. It would be simple to replicate and falsify, resulting in serious problems such as currency double-spending. Boneh-Lynn-Shacham, or BLS, signatures are a recent breakthrough that are used to verify senders’ identities and confirm transactions while guaranteeing their data is safely maintained. The Shamir Secret Sharing, or SSS, algorithm is another recent use. SSS shares a secret value among several participants, known as shareholders, who must then collaborate to reconstruct the secret. The system is suitable for keeping private keys that grant access to Decentralized Finance (DeFi), pools, and smart contracts that encrypt significant sums of money.
Zero-knowledge proofs, on the other hand, ensure that encrypted messages may be passed on and authenticated without revealing underlying personal data, making them perfect for use in complicated DeFi applications. Finally, the development of new elliptic curves, such as Pasta, may improve crypto wallets.
Privacy coins are a leading area of cryptography research, as they can help users avoid being tracked by blockchain forensic services and prevent third parties from seeing their transaction details. Because of its capacity to support illegal acts, law enforcement has shied away from such technologies.
More about the release can be found here.