According to a piece in Fortune, 20% of all the Bitcoin in circulation is lost, in limbo, forgotten about, or is unobtainable by its owner. Venice-based Coinflo has launched a new project to help Crypto enthusiasts keep their coins safe, while still being able to hide their private keys in plain sight.
Best Practices for Keeping Tokens Safe
By all accounts sending coins to a cold storage device seems to be the best way to secure them offline. In order to access them later, the owner must enter a password or string of recovery seed words. Unlike a PIN from a bank issued ATM card, private recovery keys are 12-24 words long and their exact sequence is paramount in order to unlock your device.
However, if you lose your password, seed words, or if your keys are stolen, your money is irretrievable. In theory this painful scenario is supposedly avoidable by jotting down relevant passwords and your mnemonic seed words on paper, which are then put in a safe place, as many device manufacturers and wallet makers recommend. But that begs the question, what is a truly safe place? Holding your own key words has inherent risks considering if they’re lost or stolen while in your possession, your funds are gone forever.
A Novel Solution
Tech is always advancing, but not all end user value is by way of an online app. A new offline tool gives ‘hodlers’ of digital currency a new way to protect their private keys and pass phrase. Crypto Chaos Cards act as a security layer between your valuable digital assets and the outside world. The cards look similar to an ordinary deck of playing cards, but solve this difficult challenge.
By utilizing a standard 52 card deck, and adding a colored key system spawned by random colors and dummy words, Crypto Chaos Cards allows users to shuffle their private keys. By scrambling real key words amongst fake words, omitting words, and inserting cards considered ‘wild cards,’ the ‘confusion and diffusion’ effect within Crypto Chaos Cards is high.
Reconstruction is simple too, by remembering only one playing card, a holder of digital currency can easily reassemble up to 24 key words. Furthermore, users have the option to add more than one security measure and still benefit from simple keyword restoration. Crypto Chaos Cards deception scheme appears to have both security and efficiency.
Leaving your keywords lying around the house scrambled within a deck of cards may not be such a far fetched idea. Or giving multiple copies of the deck to different people will not allow them access to your money, but will disperse the risk of losing one deck.
Bad actors or just random people crossing paths with your string of private keywords can be devastating and leave you with irreversible consequences. This could be a thing of the past, which is great news for Crypto enthusiasts.