On July 22, 2020, the National Institute of Standards and Technology (NIST) announced the third-round candidates in its Post-Quantum Cryptography Standardization Process. Seven algorithms were designated as finalists, and eight additional algorithms advanced as alternate candidates.
The finalists included four key encapsulation mechanisms (Classic McEliece, CRYSTALS-KYBER, NTRU, and SABER) and three digital signature schemes (CRYSTALS-DILITHIUM, FALCON, and Rainbow). NIST estimated the third evaluation phase would last 12 to 18 months, with standardization selections to follow. The process, initiated in 2016, had assessed 69 submissions in the first round and 26 in the second.