When US standardization authority NIST starts a competition to find a new crypto algorithm, this is always a milestone in cryptology history. In the 1970s, the DES competition made the start, followed by similar contests for the AES algorithm, the SHA-3 hashing function and post-quantum crypto algorithms. Now, NIST have launched the fifth crypto competition in their history. This time, the best lightweight encryption method will be sought, i.e., an algorithm that requires very few resources. Especially in the Internet of Things, lightweight is a must. In the first step of the competition the exact design goals and evaluation criteria are discussed. Subsequently, NIST will set a multi-year submission phase. cryptovision expects that for the first time we will see over 100 algorithms handed in to a crypto contest.
Competition announcement by NIST: https://www.nist.gov/news-events/news/2018/04/nist-issues-first-call-lightweight-cryptography-protect-small-electronics