1inch Network has announced the launch of a cold storage hardware wallet
1inch Network’s hardware wallet is expected to go on sale later this year and will feature five different colors.
On Thursday, the 1inch Network project for decentralized finance (defi) announced the release of a new hardware wallet that will be available later this year. The wallet will provide “the safest technique to storing users’ private keys in an offline, simple, and open-source fashion,” according to the researchers. According to the makers of Ledger and Trezor, the statement by 1inch comes in the wake of the recent collapse of FTX, which increased demand for hardware wallets significantly.
According to 1inch, a separate team is creating the wallet while collaborating with the 1inch Foundation. Since the hardware wallet has no buttons and doesn’t require a cable connection, 1inch claims that it is “completely air-gapped.” Data is transferred using QR codes or, if desired, NFC. The 1inch hardware wallet weighs 70 grams, is 4mm thin, and is about the size of a credit card.
The “waterproof” wallet will also have a “Gorilla Glass 6 surface and stainless-steel frame,” according to 1inch. The team claims that the battery can last for two weeks of normal use and that the wallet will also come in five different colors and support wireless charging. 1inch has begun a waitlist program and will let people know when the product is available to the general market. According to 1inch, the Hierarchical Deterministic (HD) wallet algorithm is supported by the hardware wallet’s architecture.
Users of the 1inch hardware wallet can construct and manage many sets of wallets with various seed phrases. Each wallet builds a new set of wallets using the Hierarchical Deterministic (HD) wallet mechanism in compliance with BIP44. When a the device is first used, a maximum number of wallets is generated at random, and everyone else has no idea how many there are. As a result, the market security gap is closed. Different pin numbers give access to various sets of wallets.
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