Coinbase is launching its very own online library aimed to help developers in cryptography and cryptocurrency. With that, the fourth-largest crypto exchange based on global volume is launching its open-source library called Kryptology.
Coinbase Launches Online Open-Source Library Kryptology
According to the story by CoinTelegraph, the library will help aid when it comes to building complex cryptographic techniques to be able to match the needs of the increasingly growing DeFi sector.
The fourth-largest crypto exchange around the world based on trading volume, Coinbase, has officially announced the creation of what was called a "novel cryptographic" library called Kryptology. To expand, the library will act as a compendium of tools to be used by blockchain developers.
Library Includes Secure, Audited, and Easy-to-Use API
The library will include a secure, audited, and even easy-to-use API along with a repository of some common issues and lessons that have been learned throughout crypto history. As explained, without the help of cryptography, cryptocurrencies like Bitcoin would just be digital lines of code which can easily be replicated. It would then be very easily replicable and falsifiable which would lead to significant issues like currency double-spending.
Certain recent advancements like the Boneh-Lynn-Shacham or BLS signatures, which are being utilized to verify senders' identities and validate transactions while ensuring that their data remains safely stored, will be included.
SSS Algorithm Adopted
Yet another adoption to be included is the Shamir Secret Sharing, otherwise known as the SSS algorithm. To add, the SSS divides a secret value among a number of participants who are called shareholders. These shareholders have to work together in order to reconstruct the secret.
The setup is quite ideal when it comes to storing private keys that hold the entrance to decentralized finance otherwise known as DeFi, pools, and even smart contracts that lock a large amount of money.
Other Inclusions Ideal for Use in DeFi Applications
There are also zero-knowledge proofs which help ensure that encrypted messages can be easily passed on and validated even without revealing the owner's underlying personal data. This makes it ideal for use when it comes to really complex DeFi applications.
Finally, the design of the brand new elliptic curves including Pasta will be included. Pasta can be used to potentially improve crypto wallets in general.
The Problem with Privacy Coins
Another leading area when it comes to cryptography innovations is of course, in privacy coins. These privacy coins can allow users to evade tracking by certain blockchain forensic firms in order to prevent certain outside participants from seeing their transaction details.
The use of privacy coins has previously been shunned by law enforcement due to its ability to promote certain illicit activities. Although it is a very powerful security tool, due to its ability, it can easily be seen how certain bad actors could use this particular tool to their advantage in order to avoid being tracked.
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Written by Urian B.