Popular decentralized exchange aggregator 1inch Network has unveiled its multi-currency hardware wallet, expanding the possibilities within its ecosystem.
The 1inch Foundation has funded the last stages of development of the bitcoin wallet, and it will be available for purchase later this year.
According to recent information from the decentralized exchange, 1 inch, has announced plans to venture into the hardware ecosystem to its users. The organization believes that the project is in its final stages and will launch later in 2023.
1 inch to compete with Trezor and Ledger
The blockchain-based exchange aggregator has joined the bandwagon in hardware production for cryptocurrency lovers to store assets. The project will be finished within the year while it is in the final stages before the expected launch. The company will compete with giant firms like Trezor and Ledger.
Skeptical users of digital assets generally need hardware as a manual way for their cold wallet systems. It is essential because the wallets store the addresses and private keys of the participants. Hardware tends to protect wallets from attacks, since they are stored offline, have no custody, and are involved in manual transaction approval.
The 1-inch hardware is being built with a team working within the network and providing grants to the organization. The project was said to be in completion as they believe it will be released later in 2023. The hardware will openly store users’ private keys offline and directly.
The hardware uses a QR code for transactions
According to the decentralized exchange, the device is fully enclosed, which prevents air from entering, does not have any buttons, does not require an internet connection, and has a 2.7 available touch matrix. The data is processed through QR codes or optionally through NFC.
In addition, the battery will be accessible.
1 inch is recognized as the largest DEX aggregator, and the project will allow users to acquire liquidity to exchange them from one platform to another. The decentralized exchange (1 inch) generated a trading volume of $1.8 billion.
In April. On January 5, 2022, Ledger launched its digital asset hardware that provided support for NFT transactions.
The project was dubbed the Ledger Nano S plus, which took on an angle to benefit non-fungible token participants. A clear signature is carried out (a procedure that alerts users of the transactions they have carried out for security reasons).
A potentially safe option
The most secure option for storing bitcoins is in a hardware wallet, often known as cold storage, since the device is offline and cannot be hacked.
1inch Network is a DEX aggregator that locates the optimal trade for a particular pair. It supports trading tokens from many other networks, including Ethereum (ERC-20), BNB Chain (BEP-20), Avalanche, Fantom, and Polygon.
What will the new wallet bring?
The new hardware crypto wallet will provide comparable features to the existing 1-inch wallet, such as support for the same coins and the promise of support for other chains in the future.
The wallet is BIP 44 compliant and allows users to build new wallets using the hierarchical deterministic (HD) wallet approach, although it does not yet support bitcoin. In the bitcoin improvement proposal (BIP), Marek Palatinus and Pavol Rusnak wrote 44, the creators of the Trezor bitcoin hardware wallet.
What makes it unique?
A significant variety of keywords can be used with the 1-inch wallet, making it stand out from the competition.
Seed phrases are sequences of random syllables that contain the essential information to access or retrieve crypto assets that are held in a wallet. This information can be accessed and retrieved using a seed phrase.
This, according to 1inch, is the solution to the problem of each device only having space for a single seed phrase. If this single seed word were taken, any bitcoin wallet, regardless of denomination, would be at risk.
