Quick Explainer: What is an API Key?

An API key is a string of characters that is used to authenticate a user's access to a service or platform. It is typically passed in the headers of an HTTP request to identify the user making the request.

In the context of crypto platforms like kryll.io and exchanges, an API key is used to allow users to access their accounts programmatically. For example, a user might use an API key to create a script that automatically trades on an exchange, or to retrieve their account balance from kryll.io.

API keys are often accompanied by a "secret," which is a separate string of characters that is used to sign requests made with the API key. This is done to ensure that the requests are coming from an authorized source, and to prevent other users from impersonating the user associated with the API key.

API keys are an important security measure, as they allow users to control access to their accounts and limit the actions that can be performed with them. It is important for users to keep their API keys and secrets secure, as they can be used to access sensitive information or perform actions on their behalf.

An asymmetric API key

There are two separate keys: the public key is used to encrypt the data, while the private key is used to decrypt it. This allows for secure communication between the client and the server, as the private key is only known to the server and cannot be accessed by the client. As an example, Binance uses this method.

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Happy Trading,

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About Sebastian Ganjali

Aussie crypto fanatic. Filled with coffee, dreams and market analysis.