In detail, the FIPs have the following descriptions, taken verbatim from the NIST announcement:

  1. FIPS 203 specifies a cryptographic scheme called Module-Lattice-Based Key-Encapsulation Mechanism, or ML-KEM, which is derived from the CRYSTALS-KYBER submission. A Key Encapsulation Mechanism (KEM) is a particular type of key establishment scheme which can be used to establish a shared secret key between two parties communicating over a public channel. Current NIST-approved key establishment schemes are specified in SP 800-56A, Recommendation for Pair-Wise Key-Establishment Schemes Using Discrete Logarithm-Based Cryptography, and in SP 800-56B, Recommendation for Pair-Wise Key Establishment Schemes Using Integer Factorization Cryptography.
  2. FIPS 204 and 205 each specifies digital signature schemes, which are used to detect unauthorized modifications to data and to authenticate the identity of the signatory. FIPS 204 specifies the Module-Lattice-Based Digital Signature Algorithm (ML-DSA), which is derived from the CRYSTALS-Dilithium submission. FIPS 205 specifies the Stateless Hash-Based Digital Signature Algorithm (SLH-DSA), which is derived from the SPHINCS+ submission. Current NIST-approved digital signature schemes are specified in FIPS 186-5, Digital Signature Standard and SP 800-208, Recommendation for Stateful Hash-based Signature Schemes.
  3. In the future, NIST intends to develop a FIPS specifying a digital signature algorithm derived from FALCON as an additional alternative to these standards.