As Sam points out, the OpenNETCF.Security.Cryptography library was donated to the OpenNETCF codebase by fellow MVP Casey Chesnut. So a good source of information about how the library is built is Casey’s original article on the subject.
The library is designed in such a way that it follows the object model of the System.Security.Cryptography namespace in the full framework. A background on the Cryptographic services in .NET can be found here in the MSDN library.