one Inch Network launches hardware wallet to store users’ private keys in a secure offline setting
On Thursday, decentralized finance (DeFi) project 1 Inch Network announced the launch of a new hardware wallet that will be made available for sale later this year. In a press release sent by the team, it was explained that the wallet will provide users with the most up-to-date and important way of storing private keys, among other things, in a simple and open-source way via offline means. According to the makers behind Ledger and Trezor, the announcement by 1 inch came after the collapse of FTX, which significantly increased the demand for hardware wallets. 1 Inch details that the wallet is being developed or built by an independent team working with the 1 Inch Foundation. The development team has also received a grant from the 1 Inch Foundation to fund the project, and according to 1 Inch this hardware wallet is completely “air-gapped” as it does not have any buttons and requires us to use any type of hardware. No wire connection required. Data can of course be exchanged via QR codes or alternatively via NFC. The 1-inch hardware wallet is roughly the size of a credit card, weighs 70 grams, and is 4 millimeters thin. Apart from this, 1 Inch says that the waterproof wallet will be made of Gorilla Glass 6 surface and stainless-steel Prem. Also, this wallet will come in five different colors, will also feature wireless charging and the team says that the battery should be able to last up to 2 weeks of regular use and this capability has been given in it. Of course, 1 Inch has also released or started a waiting list program and is making strong plans to notify users when the device is ready for the public. 1inch clearly states that the architecture of the hardware wallet features a post-ordered deterministic (HD) wallet algorithm support. The 1-inch team revealed on Thursday that the hardware enables Lollipop users to create and control multiple sets of wallets with different phrases and to create a new set of wallets for each. Uses Hierarchical Deterministic (HD) wallet algorithm as per BIP44. The first usage measure is the maximum number of wallets generated randomly and no one except the owner of the device knows how many of them there are. Meanwhile different pin codes give access to different cities of the wallet and close the market security gap. The hardware wallet announcement also followed Ledger’s latest hardware wallet launch through a device designed by iPod creator Tony Fadell. Ledger’s device, called “Stacks”, was reportedly built with an “asymptotically secure architecture”. Ledger’s Stacks wallet is also the size of a credit card with a touchscreen available, and meanwhile the name of the new hardware world vice has not been mentioned and the waiting list web page calls the machine a “1 inch hardware wallet”.
