Tuesday, March 31, 2020

Paranoid? Use Your DNA To Encrypt The Password Of Your Cryptocurrency Wallet

BTCNN
BTCNN
BTCNN aim to be the key source for both digital currency experts and newbies. With the cryptocurrency industry growing so fast we want to educate our readers about all the latest developments as they happen.
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Cryptocurrencies are indeed the buzz term of this year, and they have been ever more popular since the price hike that occurred the last December. But with this popularity, crime has also reached cryptocurrencies with millions of dollars hacked from insecure wallets or insecure computers connected to the Internet. Users can take some security measures like 2-way factor authentication, and more paranoid users can also use physical wallets. But a new security method has now arrived: encrypting your password into your DNA.

A company named Carverr has patented the method of storing virtually anything into your DNA. But they have decided to point this method to the cold storage of cryptocurrencies, making possible to encrypt the password for a cryptocurrency wallet in a single thread of your DNA, a thing that should make it more durable and difficult to lose than just having a cloud storage or store it in a hard drive. And while it sounds just like something out from a sci-fi film, the tech is right here and it is possible, just not cheap.

The whole process would satisfy the most paranoid cryptocurrency investor standards, but the price is a little steep for normal cryptocurrency day traders. Every client would have to pay around $1,000 dollars to do this with his own DNA to safeguard their passwords. But in case of losing the password, retrieval would also be costly and cumbersome: users would have to wait up to 72 hours for the retrieval of their password.

Having said all this, this could be a great solution for wealthy cryptocurrency investors that are too paranoid to leave their keys to their families. Remember the case of Matthew Mellon, the cryptocurrency multimillionaire that died of a heart attack while taking a ritual drug and left his fortune lost. That would have been a great application for this kind of cold storage, that would have let his family collect his fortune after he passed away.

The idea behind this is to make cryptocurrency password data as personal as possible to avoid data hacks and breaches. But while DNA storage is more durable than normal kinds of storage, it is not eternal. Still, for crypto paranoids, this is as far as it gets for now.

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