Coinbase is expanding its presence within the cryptocurrency space and has now launched a cryptography library.
Coinbase, one of the leading crypto exchanges in the world, announced that it had launched a novel cryptographic library, Kryptology. It is an open-source cryptographic library that comprises tools for blockchain developers. The crypto exchange said;
“We’re excited to announce the open-sourcing of Kryptology. Kryptology is a cryptographic library for the Crypto community that will enable and empower developers to create novel crypto innovations with state-of-the-art cryptography.”
The cryptographic library contains secure, audited and easy-to-use APIs. It also contains a repository of common issues and lessons learned throughout the history of the cryptocurrency market. Coinbase added that;
“While enabling further innovation is our primary goal, we also aim for Kryptology to elevate the standard for what is considered to be a robust, usable cryptographic library. Kryptology is designed to be misuse-resistant (i.e., “hard to screw up”), so developers can focus on what they do best. We hope this translates to more projects that build and grow the crypto ecosystem.”
Coinbase has been one of the leading cryptocurrency exchanges in the world for years now. The company became a publicly-listed entity. Cryptography is crucial to the development of cryptocurrencies.
Without cryptography, digital currencies like Bitcoin would just be lines of codes that anyone can copy and paste. This means that cryptocurrencies would easily be replicable and falsifiable, causing problems such as double spending in the market.
The crypto space has witnessed the development of new cryptographic methods to ensure secure transactions. The Boneh–Lynn–Shacham or BLS signatures are used to verify senders’ identities and validate transactions while ensuring data remains secure.
The Shamir Secret Sharing, or SSS, algorithm SSS divides a secret value among multiple participants. These participants need to work together to reconstruct the secret. This cryptographic method is ideal for storing private keys holding entrance to smart contracts, decentralised finance, or DeFi, pools that store a large sum of money.