By
Godfrey Benjamin
April 15th, 2024
Kryptology is a cryptographic library developed by Coinbase to further uplift crypto innovation.
Monday saw one of the largest crypto exchanges, Coinbase, launching a novel library called Kryptology to encourage developers to pursue crypto innovations. Kryptology is a cryptography library that will house state-of-the-art tools including a collection of scenarios and solutions throughout Coinbase’s crypto journey.
Importance of Cryptography in the Crypto World
As explained by Coinbase on their blog, cryptography is the foundation stone of crypto economy as it makes sure your transactions remain secure, safe and secret thus changing the overall user experience. Cryptography has the power to revolutionize the security paradigm of our financial ecosystems and Kryptology would like to be an enabler in that direction. In the absence of this novel technology, cryptocurrencies like Bitcoin would just be digital codes that anyone can access and use resulting in scams, double-spending and forgery.
There are some current technologies like the BLS signatures and SSS algorithm that help in maintaining the secrecy of the transactions as well as the identities of the owners. Such a secured system is a necessity when it comes to decentralized finance and smart contracts. Zero-knowledge proof is another mechanism that ensures personal data is not revealed in any circumstance and the transactions take place purely through encrypted messages.
However, the sophistication of cryptography within the cryptocurrency economy can also lead to law enforcement issues. Privacy coins are potential routes for illicit actives as they can help the crypto owners dodge tracking by law firms. Such technologies need to be evaluated in terms of their probable misuse.
What Will Kryptology by Coinbase Contain?
Kryptology is a cryptographic library developed by Coinbase to further uplift crypto innovation. It will house a complete toolset full of secure, easy-to-use and audited APIs. Coinbase has also developed a repository of documents that will contain the history of crypto within the organization, the problems they faced, the solutions they came up with and so on. Coinbase wants the crypto ecosystem to grow leaps and bounds and Kryptology to be at the centre of the transition. Staying true to their motto of creating an open financial system for the world, Coinbase’s Kryptology will ensure guidance and support to several applications waiting to be built on cryptography principles.
Coinbase is a crypto exchange and a digital currency wallet that provides crypto owners and merchants with a platform to trade their cryptocurrencies. As mentioned above, the company’s vision is to create an open financial system. Coinbase has made it its mission to innovate user-focused products and Kryptology is a clear example of its pursuit. With over 73 million users onboard and with operations in 100+ countries, Coinbase boasts $327 billion in its quarterly trade volume. It has assets worth $255 billion and is therefore one of the fastest-growing exchanges. The continuous user-centric improvements and new product development is giving the competitors of Coinbase an intense competition in all respects.
With Kryptology, Coinbase has made its intention clear among investors, merchants, users and within the entire ecosystem its sincere efforts towards enabling anyone, anywhere, easily and securely send and receive Bitcoin and access the broader crypto economy.