Solve a system of yes/no equations where some of the answers are deliberately wrong.
The idea: Take a secret string of bits and write down lots of random equations about it, like "bit 2 + bit 5 + bit 9 = 1", where 1 + 1 wraps around to 0. If every answer were right, school algebra would find the secret in a blink. LPN flips a small fraction of the answers at random, and that noise is believed to make the secret impossible to recover: the answers look like coin flips.
That's what makes it useful: a short secret expands into a long string that looks random. And because the expansion is linear, two parties holding related seeds get related outputs, which is how secure-computation tools (PCGs) mass-produce the random material they need.
With very little noise it even gives public-key encryption: hide a bit inside the sum of a few public equations. The key holder can subtract the clean answer, and with so little noise the leftover error is usually zero.
Why it matters: It needs nothing but additions of bits, so it's extremely cheap: it powers the fastest tools for computing together on private data.
On the map: learning parity with noise. Standard noise: OT extension, PCGs. Low noise (~1/√n) gives public-key encryption (Alekhnovich), i.e. KE
Learning parity with noise: solve a system of random linear equations over bits where each equation is wrong with some probability. It is the binary cousin of LWE[1].
With standard (constant) noise it powers efficient secure-computation tools, OT extension variants and pseudorandom correlation generators[2], but it isn't known to give public-key encryption. With low noise (about 1/√n) it does (Alekhnovich 2003)[3], which would earn it a KE tag. It is also used in lightweight authentication (the HB protocols)[4].
If any of these breaks, this breaks too.
If this breaks, these break with it.