The new Nash API keys upgrade has made life simpler for institutional and algorithmic traders. The decentralized API keys now derive power from safe multi-party computation methodology. The update is going to help traders by giving them more control over specific API keys and restricting parameters, including asset types, trade amounts, and withdrawals.
An improved trading experience awaits the users’ post-implementation of the Nash API keys upgrade. Representing a technological leap for Nash, these keys promise configurable trading access akin to the conventional centralized exchanges. However, it eliminates the inherent security risks associated with traditional exchanges. It is truly a step up over the previous platform in terms of trading features.
Nash API keys upgrade promise more trading security
APIs are the key to communication with various individual traders and large institutions. Partial access ensures that individual traders do not exploit the master account of the institution. This prevents any untoward incidents where the institution’s wallet is drained due to malicious trades. Also, it restricts withdrawal to unknown wallets with dubious KYC credentials.
Our new #DeFi API keys are now live! These keys offer the protections institutional and algorithmic traders need. Powered by secure multi-party computation (MPC), they are another first for a cryptocurrency exchange. Adapt your bots! #Nash #TrustYourselves https://t.co/mjBbEzMYwy
— Nash (@nashsocial) April 3, 2020
New Nash API keys upgrade promises to resolve all these security and safety concerns. Signature validity for transactions has been improved significantly. No full private keys are generated in the new system. The superior MPC creates two separate keys; one each for Nash and the API user. Both keys generate their pre-signature, which must then be amalgamated to authorize transactions. In case the API keys have pre-set limitations, such as withdrawal restrictions, the signatures won’t be approved, and the transaction will be declined, if beyond the pre-set limit. This helps in preventing asset loss.
Custom withdrawal limits in the new Nash API keys upgrade is crucial to prevent frauds on the institutional end. Also, on the user end, if the account has been hacked, the upgraded keys won’t permit any transaction. It’s a win-win situation for both the institutes and the individual trader. The latest MPC system also powers Bitcoin trading. As Bitcoin markets haven’t begun yet, these API keys will be ready to support the infrastructure for upcoming traders.