Authentication and key agreement protocols are the essential guardians of the distributed applications. They help the servers and users establish mutual trust and create secure communication channels. In this paper, we propose an authentication and key agreement scheme that is secure and has low communication and computation costs. Besides its efficiency, the most significant feature of the scheme is to provide initiator untraceability which completely conceals the users' identities from all eavesdropping adversaries. The scheme is suitable to be used in mobile services and e-commerce applications due to its low costs on communication and computation as well as its untraceability feature.
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