I've just finished a library in Objective-C that I compiled as a Static Library for distribution.
I'd wanted to know what chances to get this decompiled are out there.
EDIT: My static lib is made for iPhone / ARM
I created an algorithm that depending on the some parameters of the app, it can run as demo or as full code. You init the object with X variables and unlock the full version. I was wondering if they'll be able to see this algorithm so they can create a key generator.
It's not clear what you are trying to protect yourself from. Yes, it can be reverse engineered. The simplest tool is otool, part of the standard developer distribution:
otool -tV <library>
From that they run up to things like IDA Pro, which has iPhone support and is very nice for this kind of work. In between, I'm really surprised that I haven't seen a rework of otx for iPhone/ARM yet. I wouldn't be surprised to see one show up eventually. And of course there's gdb if you're trying to work out how things flow and what the data is at various points.
If you have more details about what you're trying to protect yourself from, there may be some targeted answers. Beyond that, read Chuck's comments.