Fun

1inch Network Launches Hardware Wallet for Storing Users’ Private Keys in a Secure Offline Setting

News Feed - 2023-01-20 06:01:50

1inch Network Launches Hardware Wallet for Storing Users" Private Keys in a Secure Offline Setting


The decentralized exchange aggregation service 1inch Network has announced the launch of a cold storage hardware wallet. The team notes that the project is in its final stages of development. The hardware wallet, expected to go on sale later this year, features a 2.7-inch e-ink grayscale touch display and it does not require a wired connection. New Hardware Wallet From 1inch Network Offers Air-Gapped, Offline Storage for Crypto Assets


On Thursday, the decentralized finance (defi) project 1inch Network announced the launch of a new hardware wallet that will go on sale later this year. The team explains in a press release sent to Bitcoin.com News that the wallet will offer “the safest approach to storing users’ private keys in an offline, simple and open-source way.” The announcement made by 1inch follows the recent collapse of FTX, which spurred a significant amount of demand for hardware wallets, according to the manufacturers behind Ledger and Trezor. 1inch Network’s hardware wallet is expected to go on sale later this year and will feature five different colors.


1inch details that the wallet is being developed by an independent team working with the 1inch Foundation. The development team received a grant from the 1inch Foundation to complete the project. According to 1inch, the hardware wallet is “fully air-gapped” as it has no buttons and does not require any wired connection. Data is exchanged via QR codes or, optionally, with NFC. The 1inch hardware wallet is roughly the size of a credit card, weighs 70 grams and is 4mm thin.


Additionally, 1inch says the “waterproof” wallet will boast a “Gorilla Glass 6 surface and stainless-steel frame.” The wallet will also come in five different colors, feature wireless charging, and the team insists the battery can last for two weeks of regular use. 1inch has started a waitlist program and plans to notify users when the device is ready for the public. 1inch details that the hardware wallet’s architecture supports a Hierarchical Deterministic (HD) wallet algorithm.


“The 1inch hardware wallet enables users to create and control several sets of wallets with different seed phrases,” the 1inch team disclosed on Thursday. “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.”


1inch’s new hardware wallet announcement also follows Ledger’s latest hardware wallet launch with a device designed by iPod creator Tony Fadell. Ledger’s device, called “Stax,” was reportedly built with “uncompromisingly secure architecture.” Ledger’s Stax wallet is also the size of a credit card and features an e-ink touch screen. Meanwhile, 1inch did not disclose the name of the new hardware wallet device, and the waiting list web page simply calls the machine the “1inch Hardware Wallet.” Tags in this story 1inch hardware wallet, 1inch Network, 1inch Network device, 5 Colors, Air-gapped, Algorithm, BIP44, Cryptocurrency Security, decentralized finance, DeFi, e-ink display, FTX collapse, Glass, Gorilla, grayscale, Hardware wallet, Hardware Wallet competitors, HD Wallet, hierarchical deterministic, iPod, Ledger, Offline Storage, Open Source, private keys, Stainless-steel Frame, Stax, Tony Fadell, Touch Display, Trezor, Waterproof, Wireless Charging


What are your thoughts on 1inch Network’s new hardware wallet? Do you think it can compete with other hardware wallets on the market? Share your opinions in the comments section below. Jamie Redman


Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. New FTX CEO Discusses Possibility of Rebooting Defunct Crypto Exchange in First Interview Since Taking Over NEWS | 3 hours ago FTX"s $5.5 Billion in Alleged "Liquid Assets" Includes Locked SOL Cache and Illiquid FTT Holdings NEWS | 5 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleNew FTX CEO Discusses Possibility of Rebooting Defunct Crypto Exchange in First Interview Since Taking Over Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItArgentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments


The National Securities Commission (CNV), which is the Argentinian securities watchdog, recently launched an innovation hub with the goal of advancing conversations about cryptocurrency and fintech investments. This organization will serve as a link between private entities and the institution, ... read more.Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing

News Feed

Second Stimulus Checks: When Direct Payments to Americans Will Come Under Joe Biden
Second Stimulus Checks: When Direct Payments to Americans Will Come Under Joe Biden The outcome of the U.S. presidential election is affecting how fast Americans
David Attlee48 minutes agoOman launches $350M crypto mining center: ReportThe mining facility comes as part of a plan to accelerate the digitalization of Oman’s economy, which is mainly dependent on oil exports.385 Tot
QED, Nexus aim to bring smart contracts to Dogecoin
Alex O’Donnell7 hours agoQED, Nexus aim to bring smart contracts to DogecoinThe zkVM scaling solution will make the dog-themed memecoin network “STRONKer than all the others,” QED and Nexus said.1092 Total views2 T
Tom Mitchelhill6 hours agoPaxos to issue USD stablecoin in Singapore, wins initial approvalThe USD-backed token will comply with Singapore’s upcoming stablecoin laws and be issued through a new local Paxos entity that
XRP ETF At 83% Approval Odds—Is The SEC Losing Grip?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Amaka Nwaokocha14 hours agoFTX navigates post-bankruptcy options, weighs sale or revivalOptions reportedly include selling the entire exchange, including its extensive customer base of over nine million, to potentially f
Gary Gensler’s resignation ‘troll’ post disappoints Crypto X
Jesse Coghlan6 hours agoGary Gensler’s resignation ‘troll’ post disappoints Crypto XThe SEC’s Gary Gensler managed to excite, then rudely disappoint crypto fans with a “legendary and respectable troll thread.
Winklevoss Capital, Coinbase Back $1.8 Million Round for Bitski Crypto Wallet
A startup making it easier for developers to put crypto wallets in their applications is announcing a seed round from the likes of Galaxy Digital, Winklevoss Capital and Coinbase Ventures.
Nifty Gateway Partners With Samsung to Develop ‘First-Ever Smart TV NFT Platform’
Nifty Gateway Partners With Samsung to Develop "First-Ever Smart TV NFT Platform" Nifty Gateway, the non-fungible token (NFT) marketplace has announced that the company has partner
Brayden Lindrea8 hours agoLido Finance discloses 20 slashing events due to validator config issuesThe initial impact amounted to 20 Ether, worth $31,000, while the validator involved has now been taken offline.1297 Total
PUBG publisher taps Circle to integrate in-game wallet on a new metaverse
Ezra Reguerra10 hours agoPUBG publisher taps Circle to integrate in-game wallet on a new metaverseCircle will provide an in-game wallet and USDC payout support for gaming creators of the metaverse game Overdare.1662 Tota
Personal Savings Feature Added to West African Platform Facilitating Crypto-to-Fiat Conversion
Personal Savings Feature Added to West African Platform Facilitating Crypto-to-Fiat Conversion Duniapay, a digital banking platform created by three students fro