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Most preferable cipher is aes-xts-plain64 and it is used distro wide (RedHat, CentOS, Oracle Linux, Ubuntu) by default. Most of the people use aes because lots of the appliance, application support it and the performance of aes can be accelerated on Intel Processor. And this kind of acceleration feature gives aes a lot of advantages on other ciphers. You can read the performance comparison between simple implementation of aes vs hardware accelerated aes here. And one thing the mention, if you use aes there is another advantage that it is widely used so if there is an attack available on the internet you will know about it fast and you probably will get an update fast. And there are some passive attacks available on the implementation of  aes as disk encryption you can read from here

But your choice can be different. And while choosing the cipher you just have to make sure that the cipher you choose is not compromised yet. You can check it from here. There are other similar ciphers available which's are not efficient (from i/o perspective) like aes but good alternatives. If you are not planning to use aes then there are two successor of aes which's are secure than aes is Anubis and serpent as you can sacrifice speed for security. Fortunately, you can use them in luks. And if you want to protect nation secret than aes is enough I guess as aes is preferred in FISMA and NIST-Special-Publication-800-53-Revision-4.

With encryption algorithm, you should be serious about the hashing algorithm in my opinion. If you use weak hash than your super secure algorithm won't help you much. Because hashing plays a vital part in luks encryption process. So you shouldn't use sha1 but sha512 is secure enough. But you also can use whirepool or the winner of recent password hashing competition argon2i.

From my other answer about luks,

Most preferable cipher is aes-xts-plain64 and it is used distro wide (RedHat, CentOS, Oracle Linux, Ubuntu) by default. Most of the people use AES because lots of the appliance, application support it and the performance of AES can be accelerated on Intel Processor. And this kind of acceleration feature gives AES a lot of advantages on other ciphers. You can read the performance comparison between Simple implementation of AES vs Hardware Accelerated AES here. Another thing to mention that if you use AES due to its widespread use if there is an attack available on the internet you will know about it fast and you probably will get an update/patch fast. There are some passive attacks available on the implementation of AES as disk encryption which you can read from here.

But your choice can be different. And while choosing the cipher you just have to make sure that the cipher you choose is not compromised yet. You can check it from here. There are other similar ciphers available which's are not efficient (from i/o perspective) like AES but good alternatives. If you are not planning to use AES then there are two successors of AES which's are secure than AES is Anubis and Serpent if you are preparing to sacrifice speed for security. 

Fortunately, you can use them in LUKS. And if you want to encrypt some data for compliance than AES is enough I guess because AES is preferred in FISMA and NIST-Special-Publication-800-53-Revision-4.

For LUKS, with an encryption algorithm, you should be serious about the hashing algorithm, in my opinion. If you use a weak hash than your super-secure algorithm won't help you much. Because hashing plays a vital part in LUKS encryption process. So you shouldn't use sha1 and other weak hashing algorithms. But sha512 is secure enough. But you can also use whirepool or the winner of recent password hashing competition argon2i.

From my other answer about LUKS,

[root@arif]# ls /lib/modules/[your kernel version]/kernel/crypto/
algif_rng.ko.xz   blowfish_common.ko.xz   cmac.ko.xz               cts.ko.xz          gf128mul.ko.xz           michael_mic.ko.xz  rsa_generic.ko.xz      tgr192.ko.xz           xts.ko.xz
ansi_cprng.ko.xz  blowfish_generic.ko.xz  crc32_generic.ko.xz      deflate.ko.xz      ghash-generic.ko.xz      pcbc.ko.xz         salsa20_generic.ko.xz  twofish_common.ko.xz   zlib.ko.xz
anubis.ko.xz      camellia_generic.ko.xz  crct10dif_common.ko.xz   des_generic.ko.xz  jitterentropy_rng.ko.xz  pcrypt.ko.xz       seed.ko.xz             twofish_generic.ko.xz
arc4.ko.xz        cast5_generic.ko.xz     crct10dif_generic.ko.xz  dh_generic.ko.xz   khazad.ko.xz             rmd128.ko.xz       serpent_generic.ko.xz  vmac.ko.xz
async_tx          cast6_generic.ko.xz     cryptd.ko.xz             drbg.ko.xz         lrw.ko.xz                rmd160.ko.xz       sha512_generic.ko.xz   wp512.ko.xz
authencesn.ko.xz  cast_common.ko.xz       crypto_null.ko.xz        fcrypt.ko.xz       mcryptd.ko.xz            rmd256.ko.xz       tcrypt.ko.xz           xcbc.ko.xz
authenc.ko.xz     ccm.ko.xz               crypto_user.ko.xz        gcm.ko.xz          md4.ko.xz                rmd320.ko.xz       tea.ko.xz              xor.ko.xz

[root@arif]# ls /lib/modules/$(uname -r)/kernel/crypto/
algif_rng.ko.xz   blowfish_common.ko.xz   cmac.ko.xz               cts.ko.xz          gf128mul.ko.xz           michael_mic.ko.xz  rsa_generic.ko.xz      tgr192.ko.xz           xts.ko.xz
ansi_cprng.ko.xz  blowfish_generic.ko.xz  crc32_generic.ko.xz      deflate.ko.xz      ghash-generic.ko.xz      pcbc.ko.xz         salsa20_generic.ko.xz  twofish_common.ko.xz   zlib.ko.xz
anubis.ko.xz      camellia_generic.ko.xz  crct10dif_common.ko.xz   des_generic.ko.xz  jitterentropy_rng.ko.xz  pcrypt.ko.xz       seed.ko.xz             twofish_generic.ko.xz
arc4.ko.xz        cast5_generic.ko.xz     crct10dif_generic.ko.xz  dh_generic.ko.xz   khazad.ko.xz             rmd128.ko.xz       serpent_generic.ko.xz  vmac.ko.xz
async_tx          cast6_generic.ko.xz     cryptd.ko.xz             drbg.ko.xz         lrw.ko.xz                rmd160.ko.xz       sha512_generic.ko.xz   wp512.ko.xz
authencesn.ko.xz  cast_common.ko.xz       crypto_null.ko.xz        fcrypt.ko.xz       mcryptd.ko.xz            rmd256.ko.xz       tcrypt.ko.xz           xcbc.ko.xz
authenc.ko.xz     ccm.ko.xz               crypto_user.ko.xz        gcm.ko.xz          md4.ko.xz                rmd320.ko.xz       tea.ko.xz              xor.ko.xz

Most preferable cipher is aes-xts-plain64 and it is used distro wide (RedHat, CentOS, Oracle Linux, Ubuntu) by default. Most of the people use aes because lots of the appliance, application support it and the performance of aes can be accelerated on Intel Processor. And this kind of acceleration feature gives aes a great deal of advantages on other ciphers. You can read the performance comparison between simple implementation of aes vs hardware accelerated aes here. And one thing the mention, if you use aes there is another advantage that it is widely used so if there is an attack available on the internet you will know about it fast and you probably will get an update fast. And there are some passive attacks available on the implementation of aes as disk encryption you can read from here

But your choice can be different. And while choosing the cipher you just have to make sure that the cipher you choose is not compromised yet. You can check it from here. There are other similar cipher available which's are not efficient (from i/o perspective) like aes but good alternatives. If you are not planning to use aes then there are two successor of aes which's are secure than aes is anubis and serpent. Fortunately, you can use them in luks.

Most preferable cipher is aes-xts-plain64 and it is used distro wide (RedHat, CentOS, Oracle Linux, Ubuntu) by default. Most of the people use aes because lots of the appliance, application support it and the performance of aes can be accelerated on Intel Processor. And this kind of acceleration feature gives aes a lot of advantages on other ciphers. You can read the performance comparison between simple implementation of aes vs hardware accelerated aes here. And one thing the mention, if you use aes there is another advantage that it is widely used so if there is an attack available on the internet you will know about it fast and you probably will get an update fast. And there are some passive attacks available on the implementation of aes as disk encryption you can read from here

But your choice can be different. And while choosing the cipher you just have to make sure that the cipher you choose is not compromised yet. You can check it from here. There are other similar ciphers available which's are not efficient (from i/o perspective) like aes but good alternatives. If you are not planning to use aes then there are two successor of aes which's are secure than aes is Anubis and serpent as you can sacrifice speed for security. Fortunately, you can use them in luks. And if you want to protect nation secret than aes is enough I guess as aes is preferred in FISMA and NIST-Special-Publication-800-53-Revision-4.

With encryption algorithm, you should be serious about the hashing algorithm in my opinion. If you use weak hash than your super secure algorithm won't help you much. Because hashing plays a vital part in luks encryption process. So you shouldn't use sha1 but sha512 is secure enough. But you also can use whirepool or the winner of recent password hashing competition argon2i.