Hash Functions Based on
  Three Permutations: A Generic Security Analysis
Bart Mennink (KU 
Bart Preneel (KU 
Abstract: 
  We consider the family of 2n-to-n-bit compression functions that are solely
  based on at most three permutation executions and on XOR-operators, and
  analyze its collision and preimage security.
  Despite their elegance and simplicity, these designs are not covered by the
  results of Rogaway and Steinberger (CRYPTO 2008).
  By defining a carefully chosen equivalence relation on this family of
  compression functions, we obtain the following results. In the setting where
  the three permutations pi_1, pi_2, pi_3 are selected independently and
  uniformly at random, there exist at most four equivalence classes that
  achieve optimal 2^{n/2} collision resistance. Under
  a certain extremal graph theory based conjecture,
  these classes are then proven optimally collision secure. Three of these
  classes allow for finding preimages in 2^{n/2} queries, and only one achieves optimal 2^{2n/3} preimage resistance (with respect to the bounds of Rogaway and Steinberger, EUROCRYPT 2008). Consequently, a
  compression function is optimally collision and preimage
  secure if and only if it is equivalent to F(x_1,x_2)
  = x_1 XOR pi_1(x_1) XOR pi_2(x_2) XOR pi_3(x_1 XOR x_2 XOR pi_1(x_1)). For
  compression functions that make three calls to the same permutation we obtain
  a surprising negative result, namely the impossibility of optimal 2^{n/2} collision security: for any scheme, collisions can
  be found with 2^{2n/5} queries. This result casts some doubt over the
  existence of any (larger) secure permutation-based compression function built
  only on XOR-operators and (multiple invocations of) a single permutation.