The rise of self-custody encourages DEX aggregator to launch its own hardware wallet.
1inch Network, a decentralized exchange (DEX) aggregator established in 2019, has introduced its first hardware wallet, called 1inch Hardware Wallet.
According to the blog post shared on January 19th, the hardware wallet is currently at its “final stages of development” and is expected to hit the market “later this year.”
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In the blog post, 1inch Network claims that its hardware wallet will provide a safe way for users to store their private keys.
The 1inch Hardware Wallet is “fully air-gapped” as it doesn’t require an internet connection or other wired connection. 1inch claims that the data is exchanged using QR codes or near-field communication (NFC).
Based on the announcement, the hardware wallet is as big as a bank card and has a “ 2.7” E-Ink grayscale touch display.” Moreover, the hardware wallet is made of Gorilla Glass 6 surface and stainless-steel frame. Developers claim that the hardware wallet is waterproof and supports wireless charging, with a battery lasting up to two weeks.
The DEX aggregator hardware wallet allows users to “create and control several sets of wallets with different seed phrases.” Each wallet is created using the Hierarchical Deterministic (HD) Wallet algorithm. Regarding the matter, 1inch Network stated:
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’s owner. Meanwhile, different pin codes provide access to different sets of wallets, closing the market security gap.
Nevertheless, in the announcement, 1inch claimed that the company’s new hardware wallet is set to conduct “full transaction parsing” and data calls offline. 1inch believes that it will allow “prevent hacker attacks and theft of funds.” However, in the case of a hack, the device is set to immediately inform the user about suspicious activity.
The 1inch Hardware Wallet is developed by an independent team “working within the 1inch Network.”
At the end of December, 1inch Network launched a Fusion update focusing on “improving the profitability and security of 1inch Swap Engine.”