This volume contains the proceedings of CRYPTO 86, one in a series of annual conferences at the University of California at Santa Barbara devoted to cryptologic research. The papers are presented in seven sections containing most of the presentations in the regular program, and a final section based on some informal presentations at a "Rump Session". The volume presents a very comprehensive picture of the latest public research in cryptography. Together with the proceedings of the previous Crypto and Eurocrypt meetings, it forms a set of indispensable reference works in this area. Of particular interest in this volume is the extensive section on zero-knoewledge proofs, which are a significant new development. This volume is intended for all those whose main interest is in cryptography, as well as those computer scientists, engineers and mathematicians who like to keep informed of the progress in this subject or whose work is related to it.