The IOTA Foundation has launched a new hash function called Troika which is poised to keep Tangle secure. Developed by the leading security firm Cybercrypt, Troika was commissioned by IOTA a year back. And now, IOTA and Cybercrypt are offering a prize bounty to hack the algorithm.
On successful completion, Troika is set to become the successor to previous hash functions. The Co-Founder of The IOTA Foundation, David Sonstebo, elaborated that the company did not have enough resources to hire world-class cryptographers at one time, hence it had previously planned to implement the custom Curl algorithm.
After the expose of the vulnerability in the Curl algorithm, the IOTA Foundation replaced it with the Keccack-384 hash function. Committed to developing its custom hash function, IOTA hired Denmark-based Cybercrypt in November 2017.
The development team of Troika hash function was led by the creator of the renowned Spongent algorithm, Andrey Bogdanov. The new hash function has undergone volunteer testing as well as peer review to ensure security.
Interestingly, the IOTA Foundation and Cybercrypt are positive on Troika’s security so much that they are offering a USD 229,220 prize to volunteers who can break the algorithm. The team has said, “We genuinely want as many people as possible to try to break it.”
Well suited for low energy and less powerful devices, the Troika is a lightweight hash function that uses a ternary algorithm to reduce energy consumption and computational demands. Devices can make transactions on the IOTA network autonomously just like individuals can.
Notably, IOTA’s target market is the Internet of Things and lightweight devices form a major share of that market. Devices such as mobility systems and charging stations already have IOTA implemented in them. Troika’s success will determine whether IOTA is able to fulfill its goals of facilitating machine economy and providing security.