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DNA: The Safest Way to Store your Bitcoin Fortune

DNA: The Safest Way to Store your Bitcoin Fortune

Reading Time: 2 minutes by on September 1, 2018 Bitcoin, Blockchain, Crime, Finance, News, Platform
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To date, storing cryptocurrencies securely remains a significant concern for bitcoin enthusiasts. To address this challenge once and for all, Carverr has created a hack-proof way for digital assets investors to store their DLT-based virtual currency wallet passwords or private keys in a microtube of DNA, as first reported by CNET on August 28, 2018.

Bitcoin Meets Genetics

DNA (Deoxyribonucleic acid) is the carrier of the unique, unchangeable genetic information of all living things including humans.

According to a CNET report, Carverr has created a method that makes it possible for those who have a considerable amount invested in bitcoin and other cryptoassets to securely safeguard their private keys for even generations to come using its offline, hack-proof synthetic DNA technology.

In the world of computing, data is stored in the form of binary numbers. However, the DNA language is made up of letters A, T, C and G, which are abbreviations for the nucleotides that form the DNA ladder.

In essence for successful conversion of binary to DNA language, one must entirely understand the conversion system.

For instance, if S = 00, T = 01, A=10, and R=11, in this example the binary string 00011011 would translate to STAR.

Cryptocurrency holders who are interested in the Carverr synthetic DNA system only need to send the encrypted version of their passwords or private keys to the firm and the data would be converted into DNA and stored in a drop of liquid inside a plastic microtube.

Per Carverr, if the liquid remains well refrigerated, it could last for hundreds of years, and once the user is ready to retrieve the information, he’ll take the micro test tube to a lab sequencing machine which would, in turn, translate the private keys back to its encrypted form.

The DNA Argument

While some may argue that cryptocurrency hardware wallets like the Ledger Nano S already offer users an excellent way to secure their digital assets, the Carverr synthetic DNA storage system has two critical advantages over bitcoin hardware wallets.

It’s almost impossible for bandits to hold a Carverr user at gunpoint or even kidnap them for their private keys.

The system can last for over a hundred years, and it is not easily damaged, destroyed or even become obsolete in our fast-moving world of blockchain technology.

While the science behind DNA data storage remains relatively expensive, the CEO of Carverr,  Vishaal Bhuyan noted that 28 customers have already signed up for the system and paid the $1,000 service fee.

Presently, storing virtual currency securely is still a big issue in the crypto verse, however more and more crypto custodial services are springing up every day.

As reported by BTCManager on August 2, 2018, Northern Trust Corporation announced it’s looking to roll out its crypto custody service to help everyone store their coins at comparatively lower fees.

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