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Coinbase launches open source cryptographic library called Kryptology



On Monday, Coinbase, the fourth largest cryptocurrency exchange by trading volume, announced that it had set up a new cryptographic library called Kryptology. This serves as a compendium of tools for blockchain developers. Among these are secure, verified, and easy-to-use APIs, as well as a collection of common problems and experiences from the history of the crypto industry.


Without cryptography, cryptocurrencies like Bitcoin would just be digital lines of programming that anyone can copy and paste. It would be easily reproducible and falsifiable, which would lead to significant problems such as double spending. One of the most recent advances is Boneh-Lynn-Shacham or BLS signatures, which are used to verify the identity of the sender and to validate transactions, while at the same time ensuring that data is stored securely. Another new approach is the Shamir Secret Sharing (SSS) algorithm. With the SSS, a secret value is shared among several participants, the so-called shareholders, who then have to work together to reconstruct the secret. You can use this to store private keys, for example,


There are also so-called zero-knowledge proofs. These ensure that encrypted messages can be passed on and validated without the personal data behind them being disclosed. Therefore, they are ideal for use in complex DeFi applications. The development of new elliptical curves, such as pasta, could also improve the crypto wallets.


Privacy coins are also an important area in terms of cryptographic innovation. Users can use these to avoid tracking by forensic blockchain companies and prevent external participants from viewing their transaction details. Law enforcement agencies  have criticized this technology for promoting illegal activity.

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