Cryptocurrency password storage has been problematic for quite some time, with many stories of hacked accounts and forgotten seeds. Private keys are a very important concept in the world of cryptocurrencies. If it ends up landing in the wrong hands, it might lead you to bankruptcy. Despite all warnings; people still fail to adhere to basic security standards like acquiring a hard wallet such as the ledger. A blockchain biotech firm, called Carverr, is now offering password storage by storing it in your DNA for USD 1,000.
Over the past few years, scientists have been researching deeper into the world of genetic science and DNA. Recently, there has been quite a buzz about storing stuff over synthetic DNA. As futuristic as it sounds, 28 people have already signed up, according to Carverr CEO and co-founder Vishaal Bhuyan. The DNA houses much genetic information about who you are and how you look like. According to Bhuyan, though there is little competition right now, DNA password storage for cryptocurrency is going to take off in the future as Carverr is not the only one looking into it, as he is aware of other firms researching in a similar direction.
How Can you store your Private Key In the form of DNA?
While this concept sounds somewhat incongruous and unusual on paper, when one peruses at the mechanics that make these findings possible, it seems to be an easy task. The DNA, as it’s widely known is composed of four components represented by the letters A, T, C and G. when you assign values to the elements - a string of characters can be represented in the form of DNA values.
According to a post published by CNET,
To translate binary to the language of DNA, you need to have a conversion system. Let's say A = 00, T=01, C=10, and G=11. In this example, the string 11000101001000 would translate to GATTACA. Today labs can print out the DNA chemicals together in any order you want -- be it "GATTACA" or something much longer.
The question is, is this one hundred percent safe? Well, I don’t think so. Reason? This is because you are interacting with a third – party by sending your private key to Caverr, which is, of course, is a very dangerous act to do.
After Carverr receives the key file, it is converted from binary into DNA language consisting of the letters A, T, C, and G. Using an algorithm, Carverr will then produce a synthetic strand of DNA, which is sent back to the customer for storage in a freezer. By submitting the DNA back to Carverr, the key can be retrieved.
With this DNA password storage model, the key is taken off the internet and kept in a physical possession which is a similar approach as for how a hardware wallet operates, which so far has been tried and tested, without having to involve a third party. The team at Carverr does not seem to claim any advantage over this system, other than the fact that it may one day become obsolete.
What do you think about this Ninjas? Pass or fail?
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