http://www.howtogeek.com/167783/htg-explains-the-difference-between-wep-wpa-and-wpa2-wireless-encryption-and-why-it-matters/
AES and TKIP
Wi-Fi Protected Access II (WPA2)
WPA has, as of 2006, been officially superseded by WPA2. One of the most significant changes between WPA and WPA2 was the mandatory use of AES algorithms and the introduction of CCMP (Counter Cipher Mode with Block Chaining Message Authentication Code Protocol) as a replacement for TKIP (still preserved in WPA2 as a fallback system and for interoperability with WPA).
Currently, the primary security vulnerability to the actual WPA2 system is an obscure one (and requires the attacker to already have access to the secured Wi-Fi network in order to gain access to certain keys and then perpetuate an attack against other devices on the network). As such, the security implications of the known WPA2 vulnerabilities are limited almost entirely to enterprise level networks and deserve little to no practical consideration in regard to home network security.
Unfortunately, the same vulnerability that is the biggest hole in the WPA armor, the attack vector through the Wi-Fi Protected Setup (WPS), remains in modern WPA2-capable access points. Although breaking into a WPA/WPA2 secured network using this vulnerability requires anywhere from 2-14 hours of sustained effort with a modern computer, it is still a legitimate security concern and WPS should be disabled (and, if possible, the firmware of the access point should be flashed to a distribution that doesn’t even support WPS so the attack vector is entirely removed).