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, which is expected to go on sale later this year, features a 2.7-inch e-ink grayscale touchscreen and does not require a wired connection.
New 1-inch network hardware wallet offers offline and isolated storage for crypto assets
Thursday, the decentralized finance project (defi) 1 inch 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 most secure approach to storing users’ private keys in an offline, simple and open-source way.” 1inch’s announcement follows the recent collapse of FTX, which has spurred significant demand for hardware wallets, according to the makers behind Ledger and Trezor.
1 inch specifies that the wallet is developed by an independent team working with the 1 inch Foundation. The development team received a grant of the 1 inch Foundation to carry out the project. According to 1inch, the hardware wallet is “fully isolated” as it has no buttons and requires no wired connection. Data is exchanged via QR codes or optionally with NFC. The 1-inch hardware wallet is about the size of a credit card, weighs 70 grams, and is 4mm thick.
Additionally, 1 inch indicates that the “waterproof” wallet will feature a “Gorilla Glass 6 surface and stainless steel frame.” The wallet will also come in five different colors, with wireless charging and the team insists the battery can last two weeks of regular use. 1 inch started a waiting list program and plans to notify users when the device is ready for the public. 1 inch details that the architecture of the hardware wallet supports a hierarchical deterministic (HD) wallet algorithm.
“The 1inch hardware wallet allows users to create and control multiple sets of wallets with different seed phrases,” the 1inch team revealed on Thursday. “Each wallet uses the hierarchical deterministic (HD) wallet algorithm in accordance with BIP44 to create a new set of wallets. When first used, a maximum number of wallets is randomly generated, and no one knows how many there are, except the owner of the device.Meanwhile, different PINs allow access to different sets of wallets, bridging the security gap in the market.
The announcement of the new 1-inch hardware wallet 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 “an uncompromising secure architecture”. Ledger’s Stax wallet is also the size of a credit card and features an e-ink touchscreen. Meanwhile, 1 inch did not disclose the name of the new hardware wallet device, and the waitlist webpage simply calls the machine the “1 inch hardware wallet”.
What do you think of 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.
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