According to a dictionary: “API is a set of functions and procedures that allow the creation of applications which access the features or data of an operating system, application, or other service.” Cryptocurrencies need APIs just the same way they need a digital wallet in order to operate and be safe.
However, APIs are not that much but the active ones available can do a lot to operate a blockchain. Most of these APIs are associated with crypto exchange platforms, performing one activity or the other. There are different stages for an API, you have the; Alpha stage (the top stage), the Beta stage (the mid stage) and the Zeta stage (the lower stage).
In the creation of an API, the first stage which is the Zeta stage is evident while after so much use and enhancement in properties, it then moves to the Beta stage and finally the Alpha stage. The top crypto APIs known with a Beta stage are Binance API, Coinmarketcap Pr
In this category on Cryptolinks.com, there are 8 crypto APIs available that have been tested and reviewed, they include;
1. Binance API
3. KuCoin API
4. Bitstamp API
All these above have been reviewed and weighed with the features they possess to be categorized in the order of importance. For any crypto user who would love to know about or use an API, you must be careful in selection and make sure they conform to the factors below;
• Private and Public APIs
There are 2 types of APIs associated with API tech generally, they are the Private and Public APIs. Private API is an interface which gives access to a fraction of its organization’s data and functions of its application for use by developers who are responsible for some operations in the organization while Public API is an open interface which gives access to the public on its data and provide application functionality to the developers of the organization.
However, in cryptocurrencies and blockchain technology, Public APIs allow you share your assets to the public and make your software open-sourced creating a seamless flow of data to and fro between devices while Private APIs allow you to build internal applications, customer-facing apps with internal assets and creates a shared pool of data and assets.
Also, there are Private and Public API keys required as a means of identification or authentication in order to gain access to your digital assets. A Private key makes use of a customer key which is an authentication protocol and a signature seeded key which is generates a signature on both the server and client.
In choosing a crypto API site, be sure you want to choose between an open-sourced or a private API. One will give access to the public while the other will be restrictive; most often, people prefer going for Public APIs rather than Private APIs because they have to post a request to use the platform which could be time-consuming.
APIs are responsible for data provided on most exchange platforms. It is the mechanism in which data are produced through the data tools. All public APIs will give you access to the different kinds of data you need on cryptocurrencies while most private APIs will be restrictive and would rather ask for an access before providing them.
• Ease in use
This may not be a great factor but it is one thing to consider. Most sites with APIs have an incomprehensive way of producing information. It is either the information is not comprehendible or data is wrong. Having an API site that is easy to use and straightforward is a perfect thing. You will enjoy using the platform and have access to enough data.
Regardless of whether it is a Public or a Private API, as long as information provided are accurate, useful and the site is straightforward, the rest is history.
Summary and Conclusion.
APIs are always available but not all accessible to use because there is a wide variety of them with different features. Features matter when selecting a type of API, look at what it can do for you and what other advantages you may seem to get while using it.
The best APIs are the ones with great functions, ease in use and have accurate data. There are also different stages or levels for an API which is considered important as a function of the kind of commands it can execute.