Security

To ensure secure communication over the internet, public-private key cryptography is a commonly used method. It involves generating a public key and a private key that are mathematically related, where the public key encrypts data and the private key decrypts it. When connecting to Algify, both keys are provided to authenticate and authorize communication with the exchange. To ensure data integrity and authenticity, Algify utilizes HMAC-SHA256, a cryptographic function that hashes the input data and secret key to create a unique output.

Algify prioritizes security and takes necessary measures to protect user data. Storing API keys locally on the user's PC is a key security feature, unlike web-based competitors that store keys on centralized servers. This approach offers greater security, as users control their keys, eliminating the risk of compromise. In contrast, recent incidents have shown that centralized servers storing API keys have been compromised, resulting in significant trader losses.