1inch Network has announced the launch of its own hardware wallet. What are its features?
The popular decentralised exchange aggregator 1inch Network is preparing to release its own hardware wallet, a so-called cold storage facility for the secure storage of digital assets. The project is in the final stages of development, with sales expected to start later this year. Overall, the 1inch Hardware Wallet has been unveiled with related material. The announcement notes that some of the key features of the novelty will be the support of multiple sid-phrases in one device and complete isolation from the internet or local connections. The device is expected to be priced between $179 and $199. We tell you more about the novelty.
As a reminder, hardware wallets are considered one of the safest ways to store your crypto assets with minimal risk of hacking. The DEX aggregator device project is funded by a grant from 1inch Foundation. The wallet will expand the company's ecosystem and could give it a significant advantage among similar decentralised platforms.
So what are the features of hardware wallets? In the case of the familiar Ledger devices, the generation of the so-called Sid-phrase – that is, a specific set of 24 words to manage the cryptocurrency account – takes place on a separate secure chip. The latter does not know how to connect to the internet, so storing the important combination and signing transactions takes place in an offline environment.
The latest generation of Ledger hardware wallets called Stax
This means that hackers have no way to get to a user’s private keys and steal their crypto remotely. Naturally, hardware wallets do not protect against cheating, which involves sending coins to a fraudster on your own, for example, in anticipation of receiving a larger sum. There is also the risk of losing the sido or accidentally revealing it.
In general, however, cold vaults are the safest coin storage option available to mass users of digital assets.
1inch hardware wallet
The device is similar in size to a regular bank card. It features a 2.7-inch E-Ink touchscreen display with Gorilla Glass 6 glass and steel bezel, weighs 70 grams, and is 4 millimetres thick. The hardware wallet from 1inch is expected to be waterproof. It supports wireless charging, while the device’s battery should last about two weeks on a single charge.
The 1inch Hardware Wallet is completely insulated from any outside access, including local connections, as there are simply no connectors for that or any buttons on the device. Here’s a quote from the company’s announcement about it.
All data for the wallet can be accessed through the use of QR codes or NFC.
Apparently, this feature solves the problem of remote hacking of the device. In this case, there is clearly no way to access it remotely.
Colour palette of the wallet range
One of the features of the wallet is that it echoes the design of Apple’s product line. The wallet is available in five colours. A spokesperson for 1inch in an interview with Cointelegraph shared some more details.
There will be two limited editions of the device in pink and gold colours with some changes to the design and corresponding NFT.
What sets the 1inch device apart from other hardware wallets on the market is its ability to support multiple Sid-phrases – sequences of random words needed to access or recover assets in the wallet.
The capabilities of the 1inch hardware wallet
According to the founder of 1inch, Alexey Devyatkin, this significantly increases the security of client funds. Compromising a single Sid phrase on other wallets would result in the loss of all funds altogether, as it is used to create private keys for various cryptocurrency accounts. And in the case of 1inch Hardware Wallet, even if one secret combination somehow falls into the hands of attackers, they would not be able to access all the funds.
Note that accessing the Ledger device's sido code also does not guarantee the theft of all crypto-assets. The fact is that its wallets do not support working with all the tokens natively, but allow the generation of a private key and disposal of coins using third-party wallets. For example, the Ledger Live app does not support Avalanche (AVAX), but stealing this cryptocurrency using an official wallet is perfectly realistic.
So if the scammer doesn't know where to look, in theory he might not get to every coin.
1inch hardware wallet
Wallet owners will also be able to take advantage of transparent transaction signing, as opposed to the blind signing implemented on some other devices. Blind signing does not give full transparency when interacting with smart contracts, i.e. it does not show all the details of the transaction being conducted. In theory, this could be used for a phishing attack.
Note that Ledger devices support transparent signing. This means that such hardware wallets will always show the actual details of the transaction, even if the computer used and the interface on it were hacked.
1inch Network
The company began developing the hardware wallet in early 2022 and expects to launch the product in the fourth quarter of 2023, according to another 1inch spokesperson. The company also plans to continue developing and improving the device’s security in the near future. We note that the cold wallet could gain a lot of popularity amid the bankruptcy of a huge number of centralised platforms last year.
We believe the release of the new hardware wallet will benefit the cryptocurrency industry. As the events of November 2022 showed, centralised companies cannot be trusted with coins, so it is better to be responsible for storing your own crypto-assets yourself. Therefore, an extra popular model of this category of devices will encourage more careful handling of crypto and, in theory, reduce the potential number of hacks.
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