Crypto Wallet Information Can Now Be Stored in DNA! – Here Are the Pros and Cons
These days, reports of crypto hacking incidents continue to mount, which explains why security is currently the number one concern for all cryptocurrency investors. For those who want an ultrasecure storage solution for crypto wallet information, a start-up called Carverr is offering a high-tech solution — storing crypto passwords in DNA.
What Is DNA?
Science enthusiasts, as well as those working in the field of medicine, already know the answer to this one. But for those who have a rather short-term memory for their biology lessons, DNA stands for deoxyribonucleic acid, a complex molecule composed of two chains that form a double helix structure. All living things contain DNA in their cells as they contain the genetic blueprint that governs the growth and functioning needed to maintain an organism, explains Nature.
It is a marvel that such a tiny thing as DNA is capable of storing all the complex instructions in building the entire human body. Eventually, some brilliant scientific minds wondered if the molecule can also be used to store data, and research on the field began as early as 2007, according to papers published at Ingenta Connect.
A High-Tech Way to Secure Cryptos
A decade later, it seems the study in this area has borne some fruit, and a company is now trying to harness the technology by packaging it as a solution to one of the problems plaguing the cryptocurrency industry. Facing increased attacks from cybercriminals, a start-up called Carverr offers an ultra-secure way to store cryptocurrency passwords — and that is to write it inside DNA.
Apparently, genetic research has come a long way that scientists can now create synthetic DNA to be used as storage of digital data, reports CNET. In fact, scientists have already polished the new technology that anything can now be stored inside DNA such as Word documents, pictures and even entire operating systems. In Carverr’s case, the company is just using the technology to store the most important data every crypto investor must protect — their passwords, which give them access to their crypto wallets.
Advantages of DNA Storage
There are two reasons why crypto holders should store their passwords in DNA storage. First, Carverr’s way of storing data into DNA is so secure that decoding stored data would pose a very serious challenge to cybercriminals. They would need to steal the actual vial where the DNA is placed, which is a challenge in itself. After that, they need to figure out just how Carverr manipulated the DNA to store the data, as well as the encryption system that the company used to safeguard it. Hackers will only have an extremely low chance of successfully breaching the system’s defense.
The second reason for using DNA to store crypto passwords would certainly appeal to long-term cryptocurrency investors. Existing cold storage systems that are using hard drives to store wallet information will last for only 20 to 30 years, which means owners need to transfer their data before the storage system experiences some sort of failure. DNA storage, on the other hand, could last generations, so existing crypto holders will have no problem in this area.
Downside of the New Technology
There will always be some issues with new technologies the moment they reach the market, and DNA storage has its own set of disadvantages, which could affect its market potential. At the moment, DNA storage is prohibitively expensive. As pointed out by the CNET report, storing just 2 megabytes of data in DNA costs almost $7,000, and it will cost consumers another $2,000 for its retrieval.
Obviously, such a storage method won’t work for those who are actively trading in cryptos. The technology behind DNA storage might need some time to mature before it can successfully compete with storage solutions in terms of cost.
Crypto Wallet Information Can Now Be Stored in DNA! – Here Are the Pros and Cons was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.