1inch Network, a decentralized exchange aggregation service, has announced the launch of a cold storage hardware wallet. The team noted that the project is in the final stages of development. The hardware wallet, which is expected to be available later this year, will feature a 2.7-inch e-ink grayscale touch display and will not require a wired connection.
1inch Network’s new hardware wallet will offer air-gapped, offline storage for crypto assets
On Thursday, the Decentralized Finance (Defi) Projectannounced that 1inch Networkis launching a new hardware wallet that will be available later this year. In a press release sent to Bitcoin.com News, the team explained that the wallet will offer “the most secure approach to storing users’ private keys in a simple and open-source way offline. “The announcement made by 1inch was made by Ledger and Trezor follow the recent collapse of FTX, which spurred a significant amount of demand for hardware wallets, according to the makers behind Trezor.
1inch details that the wallet is being developed by an independent team working with the 1inch Foundation. The development teamreceived a grantfrom the 1inch Foundation to complete the project, which 1inch says is a “complete air gap” because the hardware wallet has no buttons and requires no wired connection. Data is exchanged via QR codes and, optionally, NFC. 1inch’s hardware wallet is roughly the size of a credit card, weighs 70 grams, and is 4 mm thin.
Additionally, according to 1inch, this “waterproof” wallet boasts a “Gorilla Glass 6 surface and stainless steel frame.” The wallet also comes in five different colors, has wireless charging, and the team claims the battery will last two weeks under normal use. 1inch has launched a waiting list programand will notify users when the device is ready for public release. 1inch details that its hardware wallet architecture supports the Hierarchical Deterministic (HD) wallet algorithm.
“The 1inch hardware wallet allows users to create and control several sets of wallets with different seed phrases.” The 1inch team disclosed on Thursday.” Each wallet uses a BIP44-compliant hierarchical deterministic (HD) wallet algorithm to create a new set of wallets. Upon first use, a maximum number of wallets are randomly generated, and no one but the device owner knows how many there are. On the other hand, different pin codes allow access to different wallet sets, filling a security gap in the market.”
The announcement of 1inch’s new hardware wallet also follows the launch of Ledger’s latest hardware wallet, which uses a device designed by iPod creator Tony Fadell. ledger’s device is called “Stax” and is “a reportedly built by “uncomp.