{"id":16654,"date":"2023-01-19T22:45:55","date_gmt":"2023-01-19T22:45:55","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/1inch-network-launches-hardware-wallet-for-storing-users-private-keys-in-a-secure-offline-setting-bitcoin-news\/"},"modified":"2023-01-19T22:45:55","modified_gmt":"2023-01-19T22:45:55","slug":"1inch-network-launches-hardware-wallet-for-storing-users-private-keys-in-a-secure-offline-setting-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/1inch-network-launches-hardware-wallet-for-storing-users-private-keys-in-a-secure-offline-setting-bitcoin-news\/","title":{"rendered":"1inch Network Launches Hardware Wallet for Storing Users’ Private Keys in a Secure Offline Setting \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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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.<\/strong><\/p>\n

New Hardware Wallet From 1inch Network Offers Air-Gapped, Offline Storage for Crypto Assets<\/h2>\n

On Thursday, the decentralized finance (defi) project 1inch Network<\/a> 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 \u201cthe safest approach to storing users\u2019 private keys in an offline, simple and open-source way.\u201d 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.<\/p>\n

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1inch Network\u2019s hardware wallet is expected to go on sale later this year and will feature five different colors.<\/figcaption><\/figure>\n

1inch details that the wallet is being developed by an independent team working with the 1inch Foundation. The development team received a grant<\/a> from the 1inch Foundation to complete the project. According to 1inch, the hardware wallet is \u201cfully air-gapped\u201d 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.<\/p>\n

Additionally, 1inch says the \u201cwaterproof\u201d wallet will boast a \u201cGorilla Glass 6 surface and stainless-steel frame.\u201d 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<\/a> and plans to notify users when the device is ready for the public. 1inch details that the hardware wallet\u2019s architecture supports a Hierarchical Deterministic (HD) wallet algorithm.<\/p>\n

\u201cThe 1inch hardware wallet enables users to create and control several sets of wallets with different seed phrases,\u201d the 1inch team disclosed on Thursday. \u201cEach 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\u2019s owner. Meanwhile, different pin codes provide access to different sets of wallets, closing the market security gap.\u201d<\/p>\n

1inch\u2019s new hardware wallet announcement also follows Ledger\u2019s latest hardware wallet launch<\/a> with a device designed by iPod creator Tony Fadell. Ledger\u2019s device, called \u201cStax,\u201d was reportedly built with \u201cuncompromisingly secure architecture.\u201d Ledger\u2019s 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 \u201c1inch Hardware Wallet.\u201d<\/p>\n

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1inch hardware wallet<\/a>, 1inch Network<\/a>, 1inch Network device<\/a>, 5 Colors<\/a>, Air-gapped<\/a>, Algorithm<\/a>, BIP44<\/a>, Cryptocurrency Security<\/a>, decentralized finance<\/a>, DeFi<\/a>, e-ink display<\/a>, FTX collapse<\/a>, Glass<\/a>, Gorilla<\/a>, grayscale<\/a>, Hardware wallet<\/a>, Hardware Wallet competitors<\/a>, HD Wallet<\/a>, hierarchical deterministic<\/a>, iPod<\/a>, Ledger<\/a>, Offline Storage<\/a>, Open Source<\/a>, private keys<\/a>, Stainless-steel Frame<\/a>, Stax<\/a>, Tony Fadell<\/a>, Touch Display<\/a>, Trezor<\/a>, Waterproof<\/a>, Wireless Charging<\/a><\/div>\n<\/div>\n

What are your thoughts on 1inch Network\u2019s new hardware wallet? Do you think it can compete with other hardware wallets on the market? Share your opinions in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie 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.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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