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Cryptocurrency: Platforms
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Application US20190318356
Published 2019-10-17
Offline Storage System And Method Of Use
A method for storing a cryptocurrency private key offline, including: encrypting the cryptocurrency private key using a primary encryption key; sharding the encrypted cryptocurrency private key into a plurality of alpha shards; generating beta shards by encrypting the alpha shards with secondary encryption keys; and storing representations of the beta shards offline. The method can additionally or alternatively include: retrieving the representations of the beta shards from the offline storage; decrypting the beta shards into the alpha shards based on the secondary encryption keys; reconstructing the encrypted cryptocurrency private key by recombining the alpha shards; and decrypting the encrypted cryptocurrency private key with the primary encryption key.
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- 1. A method for offline storage of a cryptocurrency private key of a cryptocurrency public-private key pair for a cryptographic currency, the method comprising:
encrypting the cryptocurrency private key of the cryptocurrency public-private key pair using a primary encryption key; sharding the encrypted cryptocurrency private key into a plurality of alpha shards; generating beta shards by encrypting the alpha shards with secondary encryption keys; and storing representations of the beta shards offline.
- 12. The method of claim ii, wherein determining alpha shards based on the set of secondary encryption keys comprises:
transmitting each beta shard to a key holder associated with the respective beta shard, wherein the beta shard is decrypted into an alpha shard using the respective secondary encryption key; and receiving the alpha shards from the key holders.
- 15. The method of claim ii, further comprising:
receiving a transaction request from a client service, the transaction request comprising a transaction requiring a signature by the cryptocurrency private key; and signing the transaction with the decrypted cryptocurrency private key.
- 18. A method for cryptocurrency private key retrieval from offline storage, comprising:
retrieving representations of beta shards, associated with the cryptocurrency private key, from offline storage; facilitating decryption of the beta shards into alpha shards using secondary encryption keys; reconstructing an encrypted version of the cryptocurrency private key from the alpha shards; and decrypting the encrypted cryptocurrency private key using a primary encryption key.
