As the 1inch Network is eager to expand its ecosystem of products and projects, here comes the 1inch Hardware Wallet, a cutting-edge solution for cold crypto storage.
When it comes to crypto storage, security is one of the main concerns. As isolated devices that store a user's address and private keys, hardware wallets offer top-level security. They are offline, non-custodial, and have several security levels protecting data from various kinds of attacks. Usually, hardware wallets are used as extra protection to manually approve transactions or for cold storage of crypto.
The 1inch Hardware Wallet, which is currently in its final stages of development and is expected to go on sale later this year, offers the safest approach to storing users' private keys in an offline, simple and open-source way.
Supported by a grant from the 1inch Foundation, the wallet is being developed by an independent team working within the 1inch Network.
Here's a quick overview of the 1inch Hardware Wallet's features.
The device is fully air-gapped, as it has no buttons and does not require any wired connection. All data is exchanged using QR codes or, optionally, with NFC.
Users can take advantage of transparent transaction signing, as opposed to blind signing offered by some other devices. To prevent hacker attacks and theft of funds, full transaction parsing and call data offline analysis is done. If a transaction a user is signing gets compromised on the web or in the mobile app, the device will immediately inform the user about that.
Also, the 1inch Hardware Wallet enables users to create and control several sets of wallets with different seed phrases. Each wallet uses the Hierarchical Deterministic (HD) Wallet algorithm in accordance with BIP44 to create a new wallet set. At first use, a maximum number of wallets is randomly generated, and no one knows how many of them there are, except for the device's owner. Meanwhile, different pin codes provide access to different sets of wallets, closing the market security gap.
In the process of creating the 1inch Hardware Wallet, special attention was paid to various aspects of its design. As a result, the device turned out to be compact, the size of a bank card, weighing just 70 grams and 4mm thin.
While a 2.7” E-Ink grayscale touch display supporting light/dark modes makes the 1inch Hardware Wallet very easy and convenient to use, the device is also sturdy, thanks to its Gorilla Glass 6 surface and stainless-steel frame, as well as waterproof.
The device supports wireless charging, and its Li-Po battery lasts for roughly two weeks of use.
Finally, the 1inch Hardware Wallet comes in five colors.
Stay tuned for more news from the 1inch Network!