This paper proposes a novel hybrid public/private key cryptography scheme based on perfect Gaussian integer sequences (PGISs) of period $N=pq$ . First, a review study of construction degree-4 PGIS is addressed. We show that circular convolution over PGISs is a trapdoor one-way permutation function that enables simultaneous cipher encryption and digital signatures. To implement the proposed cipher encryption scheme, a private PGIS is assigned as the encryption key sequence for circular convolution with the plaintext to generate the ciphertext. The reverse decryption key sequence involves the time reflection and complex conjugation of the encryption sequence, which can be regenerated using a pair of public and private keys. The security level of the proposed scheme is the same as that of the Rivest-Shamir-Adleman (RSA) system; however, the capacity of a cryptosystem based on PGISs may outperform that of based on RSA, because abundant PGISs are available. Simulation results show that the approximation error when finite digits are used to represent the irrational coefficients of a normalized PGIS can be relatively small compared with the noise. This contributes to the simplicity of this scheme’s implementation. With the fast development of IoT (internet of things), the adaptation and applicability of the proposed scheme to IoT platforms are also addressed, where lightweight cryptographic functions are preferable due to the limited resources of IoT devices.