The NIST hash function competition was an open competition held by the US National Institute of Standards and Technology (NIST) to develop a new hash function called SHA-3 to complement the older SHA-1 and SHA-2. The competition was formally announced in the Federal Register on November 2, 2007. "NIST is initiating an effort to develop one or more additional hash algorithms through a public competition, similar to the development process for the Advanced Encryption Standard (AES)." The competition ended on October 2, 2012 when the NIST announced that Keccak would be the new SHA-3 hash algorithm.