Cryptocurrencies are one of the most heated topics as few successful ones have reached record highs recently. Among the host of benefits, the name of a crypto coin, Ethereum (ETH), has been going the rounds in the market. It is the second-largest cryptocurrency, right after Bitcoin.
Of late, there possesses a slew of accounts of people who got into cryptocurrencies early, only to lose passage to the wallet where the digital currency was stored. Although it would be sad to lose or forget access to such a crucial piece, one family is working through just that.
A Washington DC-based family worries their USD Family could spend 6 million value in Ethereum cryptocurrency fortune forever after tragically losing everything in a house fire. However, their lost cryptocurrency assets account is very diverse from the others. Art Williams and Yuki bought 3,000 Ethereum coins through a pre-sale from the Ethereum Foundation way back in 2014. Their investment was meriting around USD 932 then, and now it amounts to USD 6 million, which is approximately Rs 44,57,40,300 on the exchanges.
While the shocking blaze gutted their home, the family’s fight to gain access to their multi-million fortune has left them sad, even following a lengthy battle to get access to a critical data file for their Ethereum wallet. The couple claimed a password was created, but the required JSON file, which serves as an exclusive key to initiate a crypto wallet, is never wholly downloaded online. The family also claims a password was generated for the wallet. They also maintained they communicated with Ethereum for a backup JSON file via email but never got that.
Williams claims they can view 3,000 ETH in their wallet but cannot enter it because they do not possess the all-important JSON file. So the Williams chose to take their battle public. They appointed a lawyer in 2018 and tried to strike a compromise with the cryptocurrency company. After years of battling to obtain the fortune, the family has originated a fundraiser to meet the costs of their legal campaign. The Williams’ have now begged for relief to build USD 250,000 to take their judicial fight to the ICC, International Chamber Of Commerce, the statement more mentioned.
Ethereum is an open-source, decentralized blockchain with active contract functionality. Ether is the primary cryptocurrency of the program. After Bitcoin, it is the biggest cryptocurrency by business capitalization. Ethereum is the most actively utilized blockchain. Programmer Vitalik Buterin suggested Ethereum in 2013. In 2014, construction was crowdfunded, and the network ran live on 30 July 2015. The platform provides developers to extend permanent and stable decentralized applications onto it, with which users can communicate.
Ethereum Wallet Encryption
To demonstrate the application of the AES cipher in action, we must examine within one real-world example: the standard encrypted wallet file format for the Ethereum blockchain. We must understand how AES-128-CTR cipher is combined with Scrypt and MAC to implement authenticated symmetric key encryption by a text-based password securely.
Ethereum UTC / JSON Wallets
In standard blockchain networks (like Bitcoin and Ethereum), the private keys of the blockchain asset holders are collected in special keystrokes, called crypto wallets. Typically these crypto-wallets are data on the local hard disk, encrypted by a password. Crypto wallets are internally stored in a unique encrypted format recognized as “UTC / JSON Wallet (Keystore File)” or “Web3 Secret Storage Definition” in the Ethereum blockchain. The wallet file format, adopted in geth and Parity, is the leading protocol implementation for Ethereum. In MyEtherWallet is accepted online client-side Ethereum wallet, in MetaMask (widely used in-browser Ethereum wallet), Ethers.js and Nethereum libraries, and various other Ethereum-related technologies and tools. The Ethereum UTC / JSON keystores store encrypted private key or wallet seed words as JSON text documents, specifying encrypted data, encryption algorithms, and parameters.