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Just a historical document these days
on 1 March 2016
I think this book might have been great, but today, it shouldn't be considered more than a historical document. Even though a 20-year anniversary version was released, it has no changes but a new introduction and in it, Bruce Schneier says:
"For those who want a more current book, I recommend Cryptography Engineering, which I wrote in 2010 with Niels Ferguson and Tadayoshi Kohno. But for a review of those heady times of the mid-1990s, and an introduction to what has become an essential technology of the Internet, Applied Cryptography still holds up surprisingly well."