Searching for Possibilities: Retrieving Lost Crypto Assets with New Innovation and AI
As the crypto market grows, digital assets are becoming more diverse and complex. Even though this growth brings advancements in technology and innovation, it also entails negative consequences. Incidents such as the loss of crypto and the ability to access personal digital assets have been reported. According to a recent study, the total value of lost digital assets could reach up to $100 billion due to reasons such as forgotten passwords, hardware failures, and the death of asset holders.
The study reveals that out of the 21 million bitcoins in existence, around 6 million have been lost. While The Block claims that more than 29% of Bitcoin has remained inactive for the past 5 years, which can be considered as lost coins. This could be due to long-term investors choosing to keep their investments dormant or individuals forgetting their password to access their digital assets.
However, there is still hope for asset retrieval. According to Yahoo! Finance, it is estimated that 20% of the total lost Bitcoin due to forgotten passwords can still be recovered, amounting to $4.2 billion.
With the constant advancement of new methods and technologies, there is a solution to the problem of inaccessible digital assets caused by forgotten passwords. These solutions are called asset recovery services, which are operated through customer wallets, serve as both software and hardware components, capable of retrieving Bitcoin and Ethereum assets.
In this article, we will discuss asset retrieval services along with AI technology and interesting hardware that might assist in the process. Furthermore, we will examine the ethical and safety concerns surrounding these advancements.
The Future of AI in Crypto Asset recovery
In discussions about digital asset recovery, which relies on cutting-edge technology to solve issues like forgotten passwords and faulty storage equipment. This calls for the utilization of technologies such as AI, which undergoes constant development and is trained for application across various industries.
Training an effective AI model for asset recovery requires comprehensive data analysis, in order to identify the patterns for password prediction.
Such as PASS-GPT, an AI model developed by OpenAI based on the GPT-2 architecture, reportedly achieves a 20% higher accuracy in password prediction and creation compared to GAN models, their competitor. This is achieved through a technique called Progressive Sampling, allowing PASS-GPT to generate difficult to decrypt passwords. PASS-GPT can also assess the strength of passwords containing characters from multiple languages and predict passwords based on patterns learned from the data, not necessarily needing them to be stored in the database itself.
Since the PASS-GPT model is created and developed for creating secure passwords, it becomes another significant step in AI development for Crypto assets recovery processes.
The Development of GPUs and CPUs
Another aspect of AI training is GPUs, which are the key basis for present-day Generative AI.
The advancement of Graphics Processing Units (GPUs) and Central Processing Units (CPUs) into faster and more efficient models will enhance the operation of crypto asset recovery procedures. These technologies utilize methods similar to cyberattacks, such as Brute-force Attacks, which involve generating and deducing passwords to identify the correct one.
Through the development of GPUs, cryptography calculations and encryption processes will be enhanced, offering further processing capabilities. While GPUs surpass CPUs in processing power, CPUs excel in decrypting algorithms, particularly for tasks requiring extensive memory space like Scrypt, which is specifically designed to defend against hardware-oriented attacks, utilizing Key Derivation Functions to derive passwords.
The advancement of both GPUs and CPUs to become faster and more efficient opens up possibilities for solutions to crypto asset recovery while preserving the integrity of the assets.
Algorithm Design for Password Recovery
Since algorithm design is significant for decryption, crypto asset recovery services depend on its development to achieve satisfactory results.
Not only dispensable for asset recovery services, algorithm development is also designed to protect against attacks such as Side-channel Attacks. These attacks, such as Trezor and Keepkey, aim to damage hardware by studying and simulating physical parameters or equipment's operation, such as its electricity usage, electromagnetic radiation or mistakes made while composing PIN passwords, for instance.
At present, there are no effective solutions against Side-channel Attacks. However, there are available prevention methods, such as implementing additional security measures by creating longer passwords, for instance.
Moral and Security Controversy
With the advancement of technology, many parties are concerned about the moral and security issues involved. The development of technology that is capable of retrieving crypto assets is equally important as well as its security implementation against scams.
For example, a reliable crypto asset recovery service will not demand compensation before retrieval and will have transparent procedures without requesting personal sensitive information.
Moreover, users must be cautious of counterfeit sites impersonating asset recovery services aiming to exploit them. The most effective approach is to thoroughly examine the details and reliability of the websites regularly, either through social media or secure channels on the respective platform.
Moral and security issues are significant in both asset protection and crypto users' personal data protection and should be the primary concern of asset recovery service providers as well as developers of such innovations to adapt their services and enhance user confidence in order to cultivate crypto ecosystem reliability.
Summary
The advancement of technology such as AI, hardware development, algorithm design and the arrival of techniques such as Side-channel Attacks, provides insight into the future tools that will aid in the retrieval of lost crypto assets from both forgotten passwords and faulty storage equipment.
Nevertheless, there are still moral and security issues for both service providers and users. It is also critical to be vigilant about scams and cyberattacks.
References: CryptoSlate, Yahoo! Finance, Analytics Insight