Balloon hashing is a key derivation function presenting proven memory-hard password-hashing and modern design.
It was created by Dan Boneh, Henry Corrigan-Gibbs (both at Stanford University) and Stuart Schechter (Microsoft Research) in 2016.
[1][2] It is a recommended function in NIST password guidelines.
[3] The authors claim that Balloon: Balloon is compared by its authors with Argon2, a similarly performing algorithm.
[1] There are three steps in the algorithm:[1]