Nikolas Sargeant
This app combines CEX and DEX under one platform to improve user security and privacy. By doing so, it aims to prevent damage from hacks and exploits.
GoodCrypto offers users access to both centralized and decentralized trading platforms, providing better security and privacy. The crypto industry has experienced significant losses, with over $2.1 billion in crypto assets stolen in 2022. This highlights the urgent need for improved asset protection on both CEXs and DeFi protocols.
CEXs have experienced hacks and security vulnerabilities, such as Mt. Gox and KuCoin. DEXs struggle with cross-chain bridge exploits and protocol failures. To protect customers' funds, multi-exchange terminals, advanced crypto trading platforms that connect to multiple exchanges via APIs, need strong security measures.
API keys are codes that identify and authenticate specific entities on web platforms and mobile apps. In the crypto world, API connections act as bridges between users' wallets, exchanges, mobile apps, and DeFi protocols. Improving the security around API keys is crucial in this context.
Cross-Platform Crypto Trading
GoodCrypto is an all-in-one crypto portfolio manager and multi-exchange terminal. It currently supports 35 CEXs and uses a multi-layered approach to ensure secure user access. The company is actively working to integrate all major DEXs while prioritizing security and user asset safety. GoodCrypto follows a noncustodial approach, meaning it doesn't hold or have access to user funds. Instead, users trade directly from their existing accounts or wallets on exchange platforms. This ensures funds remain in either CEX or DEX wallets, depending on where they are held.
CEXs do not allow GoodCrypto to have withdrawal rights with API keys. DEXs, on the other hand, ensure that the platform does not have access to users' wallet keys, preventing unauthorized access to funds. Traders can also limit the usage of their API keys to the GoodCrypto system by whitelisting the platform's server IP addresses.
GoodCrypto is a platform that focuses on security and privacy. It allows trading on 35 CEXs and tracks wallets on 15 blockchain networks, such as Bitcoin and Ethereum. By 2024, it plans to provide access to all major DEXs. The platform was launched in 2019 and has a team with a background in cybersecurity and an average programming experience of over 15 years.
Enhanced Security With OAuth
OAuth is a security protocol that allows users to grant limited access to their accounts without sharing their login credentials. GoodCrypto offers OAuth connectivity as an alternative to API keys, ensuring a higher level of security as API keys are never exposed in this method.
If an exchange does not support OAuth or wants to use API keys, GoodCrypto offers encryption for API keys on the user's device. The encryption uses 2048-bit asymmetric encryption. Data is then transmitted to GoodCrypto's servers through an encrypted connection. The API keys are stored in a firewalled environment and are never sent back to the user's device to enhance security.
GoodCrypto divides its backend services into separate environments. All connections in-between are encrypted. The platform regularly undergoes third-party audits. They prioritize personal user data protection.
GoodCrypto, a participant in the Cointelegraph Accelerator program, plans to bring advanced trading tools to the DeFi ecosystem. These tools are currently available for major decentralized exchanges (CEXs). The team at GoodCrypto is focused on enhancing security and privacy for users. With these tools, users can easily manage their crypto portfolio from one screen, without concerns about exploits or breaches.
