1inch Network Launches Hardware Wallet for Storing Users’ Private Keys in a Secure Offline Setting
The decentralized exchange aggregation service 1inch Network has announced the launch of a cold storage hardware wallet. The team notes that the project is in its final stages of development. The hardware wallet, expected to go on sale later this year, features a 2.7-inch e-ink grayscale touch display and it does not require a wired connection.
New Hardware Wallet From 1inch Network Offers Air-Gapped, Offline Storage for Crypto Assets
On Thursday, the decentralized finance (defi) project 1inch Network announced the launch of a new hardware wallet that will go on sale later this year. The team explains in a press release sent to Bitcoin.com News that the wallet will offer “the safest approach to storing users’ private keys in an offline, simple and open-source way.” The announcement made by 1inch follows the recent collapse of FTX, which spurred a significant amount of demand for hardware wallets, according to the manufacturers behind Ledger and Trezor.
1inch details that the wallet is being developed by an independent team working with the 1inch Foundation. The development team received a grant from the 1inch Foundation to complete the project. According to 1inch, the hardware wallet is “fully air-gapped” as it has no buttons and does not require any wired connection. Data is exchanged via QR codes or, optionally, with NFC. The 1inch hardware wallet is roughly the size of a credit card, weighs 70 grams and is 4mm thin.
Additionally, 1inch says the “waterproof” wallet will boast a “Gorilla Glass 6 surface and stainless-steel frame.” The wallet will also come in five different colors, feature wireless charging, and the team insists the battery can last for two weeks of regular use. 1inch has started a waitlist program and plans to notify users when the device is ready for the public. 1inch details that the hardware wallet’s architecture supports a Hierarchical Deterministic (HD) wallet algorithm.
“The 1inch hardware wallet enables users to create and control several sets of wallets with different seed phrases,” the 1inch team disclosed on Thursday. “Each wallet uses the Hierarchical Deterministic (HD) wallet algorithm in accordance with BIP44 to create a new wallet set. At first use, a maximum number of wallets is randomly generated, and no one knows how many of them there are, except for the device’s owner. Meanwhile, different pin codes provide access to different sets of wallets, closing the market security gap.”
1inch’s new hardware wallet announcement also follows Ledger’s latest hardware wallet launch with a device designed by iPod creator Tony Fadell. Ledger’s device, called “Stax,” was reportedly built with “uncompromisingly secure architecture.” Ledger’s Stax wallet is also the size of a credit card and features an e-ink touch screen. Meanwhile, 1inch did not disclose the name of the new hardware wallet device, and the waiting list web page simply calls the machine the “1inch Hardware Wallet.”
What are your thoughts on 1inch Network’s new hardware wallet? Do you think it can compete with other hardware wallets on the market? Share your opinions in the comments section below.
