Store Bitcoins to be learned. The responsibility for its own security should carry in the crypto-universe. In order to increase the user-friendliness, businesses always think of a new idea. So also now the possibility of Carverr to store the Private Key in DNA (deoxyribonucleic acid).
Seed-Phrase for the security
You want to send Bitcoin, you need a Private Key, on the mathematical brother, the Public Key, Bitcoin. Who controls the Private Key, you can move the Bitcoins, who loses him has lost his money. The Management of the Private Keys is usually called the Wallet application. The Backup for the Wallet is also called the Seed-Phrase. This series of words in any Form you can recover the entire Wallet again and again to access the cash. Normally, one writes the Seed Phrase on a paper and kept this one for sure. In crypto Jargon, this is a Paper Wallet. However, it could come in some scenarios, still, the Seed Phrase is lost. (For example, if the house burns down, in which it is kept.)
Carverr encrypted Private Keys in DNS
The solution should now be the encryption of the Private Key in DNS, the CEO of Carverr, Vishal Bhuyan. The process runs in three steps:
- It sends the data to encrypt in an encrypted E-Mail to Carverr. Whether it is in the data the Private Key, a password or other, is for the process to be of secondary importance.
- Then Carverr uses a special algorithm, and converts the data in a DNS String consisting of As, Ts, Cs and Gs.
- Finally, you can let the DNS send by Post and self-store, or Carverr takes over the storage.
This procedure will take between two and four days, or even longer, if you want to store the DNS itself.
The real Problem is not solved, because you have to remember one password to decrypt the DNS. Lose or forget this password, the whole effort is in vain. In addition, the DNS is not allowed to warm four degrees Celsius, otherwise it may also lead to a loss of data.
Carverr seems like an overly complicated solution for a Problem that is not solved finally yet.
Alternative: Crypto Steel
Who would like to keep your Seed Phrase, you can use a simpler method: Using crypto-steel prevents the Paper Wallet in the event of a fire goes up in flames. The cost is about 100 Euro.
Cheaper can be a crypto-asset with multiple Paper Wallets, which are stored in different places. The creativity is set no limits. Who would like an Overview of how people store their Coins at the first, you can do that in the August issue of crypto-compass.