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 grayscale e-ink touchscreen and does not require a wired connection.
The 1-inch network’s new hardware wallet offers offline and offline storage for crypto assets
On Thursday, the decentralized finance project (defi) 1 inch net 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 offline, in a simple and open source way.” The announcement made by 1 Inch follows the recent FTX crash, which sparked a significant amount of demand for hardware wallets, according to the makers 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 1 Inch, the hardware wallet is “fully isolated” as it has no buttons and does not require any 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 says that the “waterproof” wallet will feature a “Gorilla Glass 6 surface and a stainless steel frame.” The wallet will also come in five different colors, will feature wireless charging, and the team insist the battery can last two weeks of regular use. 1 inch has started a waiting list program and plans to notify users when the device is ready for the public. 1 inch details that the hardware wallet architecture supports a hierarchical deterministic (HD) wallet algorithm.
“The 1-inch hardware wallet allows users to create and control multiple sets of wallets with different seed phrases,” the 1-inch team revealed Thursday. “Each wallet uses the Hierarchical Deterministic (HD) wallet algorithm in accordance with BIP44 to create a new set of wallets. On first use, a maximum number of wallets are randomly generated and no one knows how many there are except the owner of the device. Meanwhile, different PIN codes provide access to different sets of wallets, closing 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 the creator of the iPod, Tony Fadell. Ledger’s device, dubbed the “Stax,” was reportedly built with “absolutely 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 reveal the name of the new hardware wallet device, and the waiting list webpage simply calls the machine “1-inch Hardware Wallet.”
What do you think about the new 1inch Network hardware wallet? Do you think it can compete with other hardware wallets on the market? Share your thoughts in the comments section below.
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