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The Advanced Encryption Standard, more commonly referred to as AES, is a block cipher with a block size of 128 bits and key sizes of 128, 192, and 256 bits. It was adopted by NIST as US FIPS PUB 197 in November 2001 after a 5-year standardisation process.
Strictly speaking AES is not precisely Rijndael, as Rijndael supports larger block sizes (due to a request in NIST's initial call for AES candidates that was later withdrawn), whereas AES has a fixed block size of 128 bits.
AES is fast in both software and hardware, is relatively easy to implement, and requires little memory. As the new block cipher "standard", it is currently being deployed on a large scale.
The most common way to attack block ciphers is to try various attacks on versions of the cipher with a reduced number of rounds. AES has 10 rounds for 128-bit keys, 12 rounds for 192-bit keys, and 14 rounds for 256-bit keys. The best known attacks are on 7 rounds for 128-bit keys, 8 rounds for 192-bit keys, and 9 rounds for 256-bit keys. See [1] for details of these particular attacks.
Some cryptographers worry about the security of AES. They feel that the margin between the number of rounds specified in the cipher and the best known attacks is too small for comfort. The risk is that some way to improve these attacks will be found and the cypher will be broken. A "break" in cryptography is anything that is faster than an exhaustive search, so an attack that requires 2120 operations is considered a break even though it is quite infeasible. For practical applications any attack which is only just better than this is irrelevant, and these concerns can be ignored.
Another concern is the mathematical structure of AES. Unlike most other block ciphers, AES has a very neat mathematical description [[1], [[1]. This has not yet led to any attacks, but some researchers are worried that future attacks may find a way to exploit this structure.
Along with the cipher itself, a document concerning "modes of operation" is also expected to be made an official standard. For a general article on that topic (not specific to AES) see Block cipher modes of operation.
See also: