What is Brainwallet?
The brainwallet is a private code that individual stores in their brain to finance and protect their cryptocurrencies. It doesn’t have physical backups. But attackers identify the secret codes and formulate a complex set of keys; the question that arises is whether brainwallets are the best option.
A weak password can result in a loss of Bitcoin funds. The front-running bots can duplicate any transaction that waits to be submitted. Bits can also determine when a transaction has entered the mempool can be reproduced, and it will instantly produce their copy with a higher gas fee; this guarantees that it will be the first that claims it.
This happens in Ethereum, specifically with the public smart contracts that control the funds. Bitcoin doesn’t have smart contracts to the front run; however, a similar incident occurs when an individual uses brainwallets.
How to protect the brainwallet?
To avoid forgetting the code, one must create a wallet from a memorable phrase. Nonetheless, in some situations, the BTC in these wallets were taken before the transaction to finance them was verified. This has been the case even for long and elaborated phrases, which have been solved within a day.
As reported recently, blockchain has made it a challenge to secure the funds with a password. The long-established platforms have secured passwords by locking them in an undisclosed database. Attackers are allowed several guesses before the server halts their attempts.
However, the blockchain secret keys can be produced from a massive dictionary database; it serves the attacker’s advantage. To thwart the attackers’ attempts, different pieces of data can be added. Meanwhile, any address that surpassed an attacker’s predictions is hard to remember.
Many people have lost their BTC because of forgetting a secret code that they have in their minds. Ethereum is also probably to be lost as millions of dollars in Ether have been stolen previously.