In response to the increase of self-custody, the decentralized exchange (DEX) aggregator, 1inch Network has decided to join the hardware wallet industry.
On January 19, 1inch formally unveiled the 1inch Hardware Wallet, a proprietary hardware wallet created by a separate team operating within the 1inch Network.
The 1inch Hardware Wallet is “totally air-gapped,” which means that it doesn’t have a direct connection to the internet and doesn’t require a wired connection, in order to offer the highest level of protection. The 1inch Hardware Wallet doesn’t have any buttons either, according to 1inch, who also noted that “all data is shared using QR codes or, alternatively, with NFC.”
The new hardware wallet has a 2.7-inch touch-screen E-Ink grayscale display and is the size of a credit card. The Gorilla Glass 6 surface and stainless-steel frame of the waterproof cryptocurrency wallet are resistant to scratches. The Li-Po battery is designed to last for around two weeks of operation, and the device enables wireless charging.
The 1inch Hardware Wallet’s ability to mimic the appearance of the Apple product line is one of its distinctive qualities. In order to match the iPhone 13 color palette, the wallet is available in five hues: hex, graphite, sierra blue, silver, and alpine green.
According to 1inch,“users can take advantage of transparent transaction signing, as opposed to blind signing offered by some other devices.”
Also, full transaction parsing and call data offline analysis is performed to prevent hacker attacks and fund theft. If a user’s transaction on the web or in the mobile app is compromised, the device will immediately notify the user.
The 1inch Hardware Wallet will allow users to establish and manage many sets of wallets with distinct seed phrases. To generate a new wallet set, each wallet uses the Hierarchical Deterministic (HD) Wallet algorithm in compliance with BIP44.
The company began developing the hardware wallet in early 2022 and plans to release it in Q4 2023. In addition, the company intends to go forward with development and security advancements in the near future.
“We will be starting the contributor program next month, so everyone will be able to actually improve the gadget on their own,” a 1inch official stated, adding that documentation and source code will be available on GitHub.
1inch is not the only crypto company pushing its hardware wallet in an attempt to capitalize on Apple’s popularity. Last year, French hardware wallet company Ledger announced a collaboration with Tony Fadell, the developer of the famous iPod Classic device, to build its latest crypto wallet, Ledger Stax.
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