The US-based cryptocurrency exchange Coinbase has revealed that it is introducing an encryption library called Kryptology, with a special focus on developing sophisticated technologies on encryption and cryptography.
The Coinbase team intends to make Kryptology a standard encryption library that is remarkably robust and user-friendly. Kryptology will extend the courtesy to developers having access to an easy-to-use API toolset which will be audited.
Cryptography is the major driver behind this major innovation, which has the potential to transform cryptocurrencies into something genuine. ZCash’s zero-knowledge technology is used by cryptographers to set up private transactions and safeguard personal data.
The Boneh-Lynn-Shacham or BLS signature is the most current development in cryptography. For dual security transactions, this signature is used to authenticate the sender’s credentials and simultaneously complete the transaction validation.
Noteworthy where complex algorithms are concerned is also Shamir Secret Sharing (SSS) which involves secret sharing among participants. Every participant or shareholder partakes in the secret recreation. Therefore, SSS is ideal for private key storage and locking significant funds in smart contracts, DeFi, and mining pools.
While Mina and ZCash leverage Halo 2 and Pasta (latest elliptic curve design) for cryptocurrency wallet optimization, BLS is used by Skale in order to preserve storage on-chain as well as to bolster scale.
Aside from Kryptology, Coinbase is making strides in the integration of other advanced encryption technologies such as zkSNARKS, FROST, and threshold signature among others.