Over the past year and a half I've had it drummed into me that fast hashing is bad and slow hashing is good. If this is so, why have they optimised this new hashing algorithm to be as fast as possible?
Password hashes and general-purpose crypto hashes are not the same thing. If it helps, try using the technical term for the kinds of functions cryptography offers for password hashing: key derivation functions (KDFs).
To expand on what has already been noted: a good place for fast hashing is when you're using hashing millions of objects. For example, if I wanted to parse thousands of feeds and store items using a unique hash as their key, I'd want a fast hash that's collision resistant (for the uniqueness part) and one that's fast (for the millions of objects). With password hashing (KDFs, as tptacek noted), the collision resistance is useful, but we want to keep it fairly slow to avoid being able to brute force attacks.
fast hashing is bad for storing one way functions of passwords because it makes them easier to attack and make many guesses about the original value from the transformed value, hence all the noise about using slow "key derivation functions" instead. for all other common use cases, faster is better, all else equal.
I'm not sure how reduced memory requirements are a benefit to encryption. Are there really any low end systems still in use today that actually have issues with memory usage? Even $150 notebooks come with 1 gig of ram. This seems more like it would help save ram on interception devices like the Narus Device or the huge datacenters owned by the NSA, which have a huge issue with storing all the data required to intercept and decrypt eavesdropped communications reliably.
I think of reduced memory requirements as a benefit to every application, including encryption. That's because nearly every application I use competes for memory; I also use memory as general storage media for stuff for which I want fast I/O and/or don't need to save permanently (e.g. mfs or tmpfs mounts). I think of memory as a precious resource.
Well, you're wrong, at least for a specific segment of hardware and software on the market. The size of a packet is not related to the acceptable per-connection overhead. Some network devices like ASIC-accelerated routers can't handle any per-connection state.
If you don't believe me, hop on any kernel development mailing list and try to convince them they could solve world hunger by only adding 1 KB overhead to the TCP socket structure that tracks actve connection states.
Think about RSA. Harder Encryption (computationally) is achieved with a high e. Too bad that Wiener in 1990 proved that if d (private key) is small enough we can easily crack it using continued fractions.
Some kind of next generation smart card, no doubt. Like a universal ID, replacement for mobile payment methods and Apple Passbook, since people don't trust their carriers to be reliable, unbiased communication networks or platforms... ah yes, I see.
The issue is with the processor's cache memory, which is small, typically 64 kiB or so. (The TLB cache is also important.) Even a few hundred bytes savings can give an important improvement in speed amd power consumption.
It's becoming more common. By the way, if you use OS X, your utilities output megabytes (1000 bytes), not mebibytes. GNU utilities switched to KiB, MiB, etc. (1024 bytes).
I agree that it looks odd. However, especially in applications like cryptography, I think that removing the ambiguity of "megabyte" (i.e. do we mean 10^6 or 2^20 bytes?) is worth the introduction of a new term.
Do you mean an additional new term to mean millionbyte? Because the existence of mebibyte only makes 'mega' even more ambiguous. You used to be able to know from context.
I was referring to the "mebi" prefix. I agree that, currently, the old SI prefixes have perhaps been made slightly more ambiguous due to the introduction of the new prefixes. It is my hope that the computing community will eventually reach the consensus that the SI prefixes refer only to powers of 10.