The document discusses the SHA-3 algorithm, which was selected as the winner of a NIST competition to develop a new cryptographic hash function. SHA-3 uses the Keccak algorithm and sponge construction, absorbing data into a state and transforming it using a permutation function. It supports hash values of 224, 256, 384, or 512 bits. SHA-3 aims to provide improved security over earlier functions like SHA-1 and SHA-2 by addressing potential weaknesses.