DeFi Aggregator 1inch Launching Hardware Wallet
The 1inch Network is set to launch a hardware wallet supporting the cryptos accessible on its hot wallet. The hardware wallet will feature several phrase functionalities.
The decentralization exchange (DEX) plans to expand the ecosystem into hosting a wholly owned hardware wallet that will accommodate multiple coins.
Advanced Stage of Launching Hardware Wallet
Drawing resources from the 1inch Foundation, the DeX spokesperson revealed that the hardware wallet is within the advanced phase. The developers anticipate sales to begin in the later months of 2023.
Developers involved in the project explained the hardware wallets identified as devices perceived as suitable for securing cryptos. The team tasked with delivering the 1-inch wallet lauded the cold storage for securing the clients’ private keys within the offline location. Doing so, 1inch Network will shield the private from potential intrusions and online-based attacks.
The DEX aggregator project aims to identify suitable trade in each pair where users can choose the network upon which they can swap tokens, including Avalanche, Polygon, BNB Chain, and Ethereum (ERC-20).
The project’s team indicated that the wallet would prioritize supporting coins offered in the existing hot wallets. The team assured the addition of more chains.
Alexey Devyatkin, the developer of a 1inch hardware wallet, lauded it as the pioneer of cold storage, excluding BTC in its scope. Nonetheless, he clarified that it would support the Wrapped Bitcoin (WBTC) he portrayed as the Ethereum-compatible version of the lead crypto.
Multiple Seed Phrased Support
Unlike the conventional hardware wallets, Devyatkin indicated that a 1inch wallet could accommodate random phrases needed to access the stored cryptos. 1inch wallet solves the challenge of a single device utilizing a unique seed phrase. Devyatkin revealed that an intruder composing the single seed phrase would access all existing wallets.
1inch wallet users could leverage the possibility of executing transparent transaction signing, unlike the traditional blind signing. Devyatkin decried that blind signing compels users to authenticate smart contracting despite the absence of holistic transparency. The wallet founder regretted that such exposed users to heightened risk, particularly within the complex DeFi context.
Priority to Secure Transactions
Devyatkin revealed that the wallet prioritizes holistic transaction parsing backed by offline calls, thereby altering in the event of a compromised transaction. He added that the user could feed code for a wallet without any holding without the awareness of the intruder that several wallets exist.
Devyatkin revealed that a 1inch wallet matches the bank card in size and weighs 70 grams. With a thickness of 4 millimetres, the wallet priced between $179 to $199 lacks buttons and is autonomous from wired connections. Instead, it utilizes QR codes and NFC during data exchange.
Editorial credit: FellowNeko / Shutterstock.com
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