1Inch Goes Hardware
DeFi project 1inch Network has launched its own multi-coin hardware wallet, designed to provide a secure offline environment for users to store their private keys. Known as cold storage, hardware wallets are considered the best option for securing cryptocurrencies, as they are protected from potential online attacks and intrusions. The 1inch wallet supports the same set of coins as the company’s existing hot wallet, with more chains to be added in the future.
1inch Network is a decentralized exchange (DEX) aggregator that identifies the best trade for a specific pair and allows users to swap tokens on the Ethereum (ERC-20), BNB Chain (BEP-20), Avalanche, Fantom, and Polygon networks, among others. The launch of the hardware wallet expands the company’s ecosystem of products and projects, with sales expected to begin later this year.
One of the unique features of the 1inch hardware wallet is its support for multiple seed phrases, a sequence of random words that stores the data required to access or recover crypto assets stored in the wallet. This solves the problem of one device supporting only one unique seed phrase, which would compromise all existing wallets if it were to be compromised.
The 1inch wallet also offers transparent transaction signing, as opposed to blind signing offered by some other devices. Blind signing lets users confirm a smart contract interaction they don’t have full transparency over, and is considered high risk, especially in the often complex world of decentralized finance (DeFi). Additionally, the wallet executes full transaction parsing and offline call data analysis, immediately warning the user if a transaction has been compromised.
The 1inch hardware wallet has been designed with security in mind, providing users with a pin code that can be entered for only one wallet with no money, allowing them to show wallets to an attacker without revealing the number of other wallets they have.
The 1inch Hardware Wallet is a proprietary device that is fully air-gapped, meaning it has no direct connection to the internet and does not require any wired connection. All data is exchanged using QR codes or, optionally, with NFC. The device is compact, measuring the size of a bank card, and is lightweight, weighing just 70 grams. It features a 2.7-inch E-Ink grayscale touch display and is waterproof, with a damage-resistant Gorilla Glass 6 surface and stainless-steel frame. The device supports wireless charging, with the Li-Po battery designed to last for roughly two weeks of use.
The launch of the 1inch hardware wallet is a significant step forward for the company, as it expands its ecosystem of products and projects, and provides users with an extra layer of security for their assets. The wallet’s support for multiple seed phrases and transparent transaction signing are unique features that set it apart from other hardware wallets currently on the market, providing users with a more secure and user-friendly experience. As the crypto industry continues to grow, it’s important for projects like 1inch to prioritize security, trust, and transparency in order to build a strong and sustainable ecosystem.