From http://www.skein-hash.info/about at 09/2011:
Skein is a new family of cryptographic hash functions. Its
design combines speed, security, simplicity, and a great deal
of flexibility in a modular package that is easy to analyze.
Skein is fast. Skein-512 -- our primary proposal -- hashes data at
6.1 clock cycles per byte on a 64-bit CPU. This means that on
a 3.1 GHz x64 Core 2 Duo CPU, Skein hashes data at 500
MBytes/second per core -- almost twice as fast as SHA-512 and
three times faster than SHA-256. An optional hash-tree mode
speeds up parallelizable implementations even more. Skein is
fast for short messages, too; Skein-512 hashes short messages
in about 1000 clock cycles.
Skein is secure. Our current best attack on Skein-512 is on 25
of 72 rounds, for a safety factor of 2.9. For comparison, at a
similar stage in the standardization process, the AES
encryption algorithm had an attack on 6 of 10 rounds, for a
safety factor of only 1.7. Additionally, Skein has a number of
provably secure properties, increasing confidence in the
algorithm.
Skein is simple. Using only three primitive operations, the
Skein compression function can be easily understood and
remembered. The rest of the algorithm is a straightforward
iteration of this function.
Skein is flexible. Skein is defined for three different
internal state sizes -- 256 bits, 512 bits, and 1024 bits --
and any output size. This allows Skein to be a drop-in
replacement for the entire SHA family of hash functions. A
completely optional and extendable argument system makes Skein
an efficient tool to use for a very large number of functions:
a PRNG, a stream cipher, a key derivation function,
authentication without the overhead of HMAC, and a
personalization capability. All these features can be
implemented with very low overhead. Together with the
Threefish large-block cipher at Skein core, this design
provides a full set of symmetric cryptographic primitives
suitable for most modern applications.
Skein is efficient on a variety of platforms, both hardware
and software. Skein-512 can be implemented in about 200 bytes
of state. Small devices, such as 8-bit smart cards, can
implement Skein-256 using about 100 bytes of memory. Larger
devices can implement the larger versions of Skein to achieve
faster speeds.
Skein was designed by a team of highly experienced
cryptographic experts from academia and industry, with
expertise in cryptography, security analysis, software, chip
design, and implementation of real-world cryptographic
systems. This breadth of knowledge allowed them to create a
balanced design that works well in all environments.