1inch Network unveils its hardware wallet
- The 1inch hardware wallet will support some of the cryptocurrencies supported by the 1inch hot wallet.
- The wallet is expected to cost somewhere between $179 and $199.
- The wallet shall support multi-seed phrase functionality.
Just as the general crypto market stages a recovery after a long bear market, the 1inch Network (1INCH/USD) has unveiled its hardware wallet joining the other hardware crypto wallet providers of Ledger.
The 1inch Hardware Wallet offers a cutting-edge solution for cold storage as crypto hacks become rampant. It goes without saying that when it comes to crypto storage security is key and cold storage is one of the safest methods of storing crypto assets. This is because they are offline, non-custodial, and have several security layers protecting their content from various kinds of attacks.
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Wallet to start selling this year
The hardware wallet is currently in its final development stage and is expected to go on sale later this year.
The entire 1inch Hardware Wallet project is supported by a grant from the 1inch Foundation and the wallet is being developed by an independent team working within the 1inch Network.
1inch Hardware Wallet features
One of the most notable features of the hardware wallet is that it does not have any buttons. The wallet comes in the size of a bank card, weighs just 70 grams and is 4mm thin. It has a 2.7” E-Ink grayscale touch display. It has a Gorilla Glass 6 surface and stainless-steel frame which makes it waterproof.
It will also not require any wired connection. Users will use QR codes or optionally NFC to exchange data.
The 1inch Hardware Wallet supports wireless charging, and its Li-Po battery lasts for about two weeks when in use.
It also offers transparent transaction signing where it carries out full transaction parsing and offline data call analysis to prevent hacker attacks and theft of funds. If a transaction a user is signing gets compromised on the web or in a mobile app, the hardware wallet is designed to automatically inform the user about the compromise.
Users will also be able to create and control several sets of wallets within different seed phrases; something referred to as multi-seed phrase functionality. Each of the wallets will use the Hierarchical Deterministic (HD) Wallet algorithm in accordance with BIP44 to create a new wallet set.