Secure Remote Password protocol (SRP) is an industry-standard protocol for password-based authentication and key exchange. Like our rudimentary scheme, the password never has to leave the client. It is able to securely authenticate a user even in the following situations:

• Attackers have complete knowledge of the protocol
• Attackers have access to a large dictionary of commonly used passwords

• Attackers can eavesdrop on all communications between client and server
• Attackers can intercept, modify, and forge arbitrary messages between client and server
• A mutually trusted third party is not available

SRP is used by Amazon Web Services (AWS) and Apple's iCloud, among others. So if security is something that interests you, I'd recommend doing some reading on SRP!