Coinbase, the fourth-largest cryptocurrency exchange worldwide by trading volume, has launched an open-source cryptographic library, Kryptology, CoinTelegraph reports.
Cryptography allows communication to be secure between the sender and their intended recipient and allows for the information and data transmitted to be protected from outside influence. Cryptography enables blockchain to be secure, and as the crypto space grows, a greater need for more advanced cryptography is growing with it.
The new library will contain a whole host of tools for developers of blockchain to be able to reference and utilize and will allow for the entire industry to grow and benefit from the shared knowledge. The information contained within the library includes common development issues and lessons that Coinbase has learned when working within cryptography.
Some examples of cryptography currently in use are the Boneh-Lynn-Shacham (BLS) signatures that allow for authentication and validation within smart contracts and other transactions, as well as the Shamir Secret Sharing (SSS) algorithm.
SSS works by taking a secret value and dividing it amongst a group of individuals called shareholders, who must then come together to rebuild the secret. The applications are mostly within DeFi for storing private keys that would grant access to DeFi pools or for use in smart contracts that might protect a large amount of money.
Zero-knowledge proofs are yet another type of cryptography that enables encrypted messages to be passed and validated without giving away any underlying data that can contain personal information linked to users. They are an excellent tool for use in a wide variety of Defi applications, particularly as the space continues to grow.
“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,” Coinbase notes in the blog post announcing Kryptology’s creation.
“The library provides developers with a toolbox of secure, audited, and easy-to-use APIs. 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,” writes Coinbase.
Investing in Coinbases’ Continued Innovation With BLOK
The Amplify Transformational Data Sharing ETF (BLOK), which has roughly $1.47 billion in AUM and is the largest of the blockchain ETFs, is actively managed and invests in companies directly involved in developing and using blockchain technology. BLOK was also the first blockchain ETF approved by the SEC and launched in 2018.
The fund invests in companies partnered with or directly investing in companies utilizing and developing blockchain technologies. However, the fund does not invest directly in blockchain technology or cryptocurrencies.
BLOK spreads its holdings across the size spectrum, investing in all market caps. As of the end of September, top allocations within the blockchain industry included transactional at 30.0%, crypto miners at 28.0%, and venture at 10%. BLOK invests across the blockchain landscape in miners, exchanges, and developers.
Coinbase Global Inc. (COIN) is one of the top holdings of BLOK and is carried at 4.83% weight.
BLOK has an expense ratio of 0.71% and currently has 50 holdings.
For more news, information, and strategy, visit the Crypto Channel.
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