…especially for the very long term
Everyone has finally agreed that blockchain and cryptocurrency is here to stay. Gradually, we are beginning to smile at all those who say, ‘I like blockchain but not cryptocurrency’. The new system not only challenges the ideas of traditional finance but also challenges the ideas of governance.
As the crypto market gradually recovers, a true believer in the ecosystem should not just hodl, but also play a part in global adoption of cryptocurrencies. Why do I do reviews? It is to give upcoming pojects in the blockchain ecosystem a chance to thrive and succeed. So when I meet people (I can understand) who are trying to do something purposefully responsible, I’m more than happy to give them a little exposure boost as long as I verify and see that the venture is purposeful, responsible and relevant.
Storage of cryptocurrencies has been a thing since bitcoin was invented. Almost no month goes by without the news of a hack or scam in the ecosystem. People protect themselves in different ways, however, there is also the issue of loss or death. Imagine someone with a large amount of crypto dies and no one knows his private keys. That can be pretty annoying. But there is an innovative solution to the storage problem.
The company is Carverr, founded and led by Vishaal Bhuyan. What they do is that they transform your code (it could be private key, passphrase, passcode, etc) from a digital information into a biological information. Your code will be stored in a synthetic DNA strand. Whatever code you send to them will not be verified by them. They don’t care what it is. They require data sent to them to be via encrypted email for security. All they do is take the digital code, transform it into a string of bases (consisting A’s, C’s, T’s and G’s). The code is checked for accuracy and then a DNA strand is manufactured for it. Just that cool.
Basically, this is important for people who have a large amount of crypto and perhaps want to store it for a long time. Servers will get obsolete, hardware wallets will require updates, but DNA strand will remain as it is, as long as it is stored correctly. This seems to be the safest method of cold storage thus far.
The company can store the tube for you and you can also opt to receive it and store it yourself. You can call for a retrieval of the code you sent from the DNA strand anytime and the company will get it done in 48–72 hours. If the synthetic DNA is with you, it will obviously take a bit longer than that. The tube must be stored at a temperature of 4°C. One that can be stored requiring no special temperature requirements is under development. This is like a way to store cryptocurrency for grandkids and great grandkids.
The team involved in this project consists of asset managers and biotechnologists. The company operates from New York City, USA. They have the famed biologist, Dr. Ellen Jorgensen on board, and also the CEO of Giphy, Alex Chung as an advisor.
This is not a financial or investment advice, it is just information. If you are interested and would like to learn more, head over to their website.