IOTA and CYBERCRYPT have developed a new hashing algorithm

The IOTA Foundation, in collaboration with CYBERCRYPT, a leading systems provider in the field of cryptography and cybersecurity, has developed a new hashing algorithm that can be used for the triple architecture of the IOTA platform.

The algorithm is called Troika and was designed to protect against all known crypto-attacks and provide a “robust basis for the IOTA protocol.”

The algorithm is now publicly available and open for testing. IOTA and CYBERCRYPT will hold a competition among cryptanalysts with a total prize fund of 200,000 euros to identify possible vulnerabilities of the new algorithm.

“The IOTA Foundation is pleased to partner with CYBERCRYPT to provide the best security in the world for the IOTA protocol. We hope this competition will unite the cryptocurrency community to address security challenges in the Internet of Things (IoT),” said IOTA co-founder and co-chairman David Sontesbo.

For IoT, the energy limitations of small devices can be a critical factor in implementation. The IOTA announcement outlines how Troika can solve this problem:

The ternary system has shown promising results in various areas of computing. Cryptocurrency allows data to be stored and transmitted encrypted so that it can only be read or processed by the intended recipient, an important aspect of IoT security. With the introduction of hardware based on the ternary computing system, ternary algorithms will operate more efficiently, leading to a significant reduction in computation and power consumption. These energy benefits underlie the choice of architecture in the IOTA protocol and are one of the main impetuses for the creation of Troika.

According to blokt.com