What's the official name of this encryption algorithm?

I was provided this code on EE and it has worked well for me.  But I am curious of the name of the algorithm.

Also, what basic technology is it based on?

How hard would it be for someone to break it?  How does it compare to PGP grade encryption?


thanks,
newbieweb

    class EncryptIt
    {
        // Encrypt a string into a string using a password
        //    Uses Encrypt(byte[], byte[], byte[])
        public static string Encrypt(string clearText, string Password)
        {
            byte[] clearBytes =
              System.Text.Encoding.Unicode.GetBytes(clearText);
            PasswordDeriveBytes pdb = new PasswordDeriveBytes(Password, System.Text.ASCIIEncoding.UTF8.GetBytes(salterGUID));
            byte[] encryptedData = Encrypt(clearBytes,
                     pdb.GetBytes(32), pdb.GetBytes(16));

            return Convert.ToBase64String(encryptedData);

        }

        // Decrypt a string into a string using a password
        //    Uses Decrypt(byte[], byte[], byte[])
        public static string Decrypt(string cipherText, string Password)
        {
            byte[] cipherBytes = Convert.FromBase64String(cipherText);

            PasswordDeriveBytes pdb = new PasswordDeriveBytes(Password, System.Text.ASCIIEncoding.UTF8.GetBytes(salterGUID));


            byte[] decryptedData = Decrypt(cipherBytes,
                pdb.GetBytes(32), pdb.GetBytes(16));

            return System.Text.Encoding.Unicode.GetString(decryptedData);
        }

        #region internal methods

        internal static string salterGUID = "{7DBA82CF-DEB2-4c6f-AF6E-FD9C02B0E1EA}";



        // Encrypt a byte array into a byte array using a key and an IV
        internal static byte[] Encrypt(byte[] clearData, byte[] Key, byte[] IV)
        {
            // Create a MemoryStream to accept the encrypted bytes
            System.IO.MemoryStream ms = new System.IO.MemoryStream();
            Rijndael alg = Rijndael.Create();

            alg.Key = Key;
            alg.IV = IV;
            CryptoStream cs = new CryptoStream(ms,
               alg.CreateEncryptor(), CryptoStreamMode.Write);

            // Write the data and make it do the encryption
            cs.Write(clearData, 0, clearData.Length);

            cs.Close();
            byte[] encryptedData = ms.ToArray();

            return encryptedData;
        }
        // Encrypt bytes into bytes using a password
        //    Uses Encrypt(byte[], byte[], byte[])

        internal static byte[] Encrypt(byte[] clearData, string Password)
        {
            PasswordDeriveBytes pdb = new PasswordDeriveBytes(Password, System.Text.ASCIIEncoding.UTF8.GetBytes(salterGUID));
            return Encrypt(clearData, pdb.GetBytes(32), pdb.GetBytes(16));
        }


        // Decrypt a byte array into a byte array using a key and an IV
        internal static byte[] Decrypt(byte[] cipherData,
                                    byte[] Key, byte[] IV)
        {
            System.IO.MemoryStream ms = new System.IO.MemoryStream();

            Rijndael alg = Rijndael.Create();
            alg.Key = Key;
            alg.IV = IV;

            CryptoStream cs = new CryptoStream(ms,
                alg.CreateDecryptor(), CryptoStreamMode.Write);

            cs.Write(cipherData, 0, cipherData.Length);
            cs.Close();

            byte[] decryptedData = ms.ToArray();

            return decryptedData;
        }
        #endregion
    }
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