Passwords are the keys to our online identities, and as a result, they re also near the top of the target list for attackers. Now, a group of cryptographers is sponsoring a competition to come up with a new password hash algorithm to help improve the state of the art. Hashing algorithms are used to secure passwords by taking the plaintext password, passing it through the cryptographic hash algorithm, and then storing the resulting digest, rather than the password itself. The panel of judges who will evaluate the hash submissions includes Jean-Philippe Aumasson of Kudki University, J. Steubean Turan of the Hashcat Project, Peter Gutmann of Auckland, as well as many others.
Source: https://threatpost.com/cryptographers-aim-find-new-password-hashing-algorithm-021513/77535/