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Regarding importance, it provides an efficient alternative to RSA. [edit: this paragraph, based on my old notes on the subject, seems to be incorrect, see sdevlin's comment below]
More specifically, because of the RSA dependency on prime numbers, the RSA effective key space is very sparse (which is why going from 2048-bit RSA to 4096-bit RSA only increases the effective key space by ~16%). With elliptic curves, the key space is very dense, which reduces the key size for an "equivalent" encryption strength. Elliptic curve solutions also tend to be more computationally efficient, both in terms of key generation as well as encryption operations; this performance delta increases rapidly as "equivalent" key sizes grow. Regarding "trending": -- They're under active fundamental research, which is fun (RSA is well established, whereas new EC proposals are still under active debate) -- They've been the subject of some drama, which is also "fun" (conspiracy theories related to several EC proposals/recommendations, debates regarding a primary EC researcher, etc) |
This isn't correct.
The reason RSA (and classic DH) keys are gigantic is because index calculus techniques yield efficient attacks on systems based on finite fields. We need big keys to make them impractical.
EC systems are not susceptible to these attacks because the points on a curve comprise only a group and not a field. Counterintuitively (to me, at least!), they're safer because they have less structure.