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Thursday, January 27, 2022

Coinbase Launches Cryptography Library

The fourth-largest cryptocurrency exchange in the world, Coinbase, recently announced the creation of Kryptology, a cryptographic library. This would be used as a compendium for all the tools required by developers of blockchain. These also include audited, secure, and APIs that are quite easy-to-use as well as a common repository of common lessons and issues that were learned throughout the history of cryptocurrency. 

Coinbase’s Cryptography Library Could Be Very Useful

Coinbase’s library should prove to be quite beneficial, as without cryptography most cryptocurrencies like Bitcoin and Ethereum would merely be lines of digital code that anyone could copy and paste. It would be quite easily falsifiable and replicable- further leading to major issues such as currency double-spending. Major advancements have included Boneh-Lynn-Shacham, or BLS, signatures which are used to verify the identities of senders- while validating transactions as well as ensuring that their data was stored safely. 

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A major area of innovation in cryptography that Coinbase would look towards tapping into was privacy coins- which would enable users to evade tracking through blockchain forensic firms- preventing outside participants from checking into transaction details. Law enforcement has also gone ahead and shunned such technology due to its ability to promote such illicit activities. 

Then comes the zero-knowledge proofs, which would ensure that most of the encrypted messages can easily be validated and passed on without revealing any of the underlying personal data- making them ideal for use in complex DeFi applications- which Coinbase’s library should effectively provide for developers to tap into.

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