By James Davis
1inch Network, a decentralized exchange aggregator, has revealed that this year, it is planning to launch a multi-coin hardware wallet as part of its development plan to expand its product ecosystem. 1inch Foundation offered a grant to support the wallet development.
As a decentralized exchange aggregator, 1inch Network identifies the best trade for a certain pair. It also offers a platform for its users to swap coins on popular networks like Ethereum, Avalanche, Polygon, BNB Chain, and Fantom, among others.
Many refer to hardware wallets as cold storage. They come as physical devices and are undoubtedly the best way to secure your cryptos as they keep your private keys in an offline environment; therefore, they are safe from any possible online intrusions and attacks.
According to 1inch Network’s leadership, the upcoming hardware wallet will support a similar set of tokens to what the current 1inch wallet offers. Furthermore, the leadership says the wallet development team will gradually add more chains in the future.
1inch Hardware Wallet Fails to Add Bitcoin Support
1inch hardware wallet founder Alexey Devyatkin revealed that the wallet wouldn’t support Bitcoin in its early stages, despite the fact that users can create new wallets through a Hierarchical Deterministic wallet algorithm, which’s in line with the Bitcoin Improvement Proposal.
Co-authored by Pavol Rusnak and Marek Palatinus, the Bitcoin Improvement Proposal is designed to store the world’s famous crypto safely. Devyaktin, however, says the hardware wallet will support Wrapped Bitcoin, an Ethereum-based version of BTC.
What Separates 1inch Hardware Wallet From Other Wallets?
Its ability to support multiple seed phrases gives the 1inch hardware wallet a competitive advantage over existing wallets in the market. A Seed phrase comprises a series of random words used to access or recover digital assets held in a wallet.
Moreover, the wallet will offer users transparent transaction signing. This is a huge upgrade compared to the blind signing that other hardware wallets provide. Blind signing involves wallet users confirming a smart contract interaction that they do not have transparency over and can be highly risky.
In addition, to prevent attacks, the 1inch hardware wallet conducts full transaction analysis and immediately warns the user in case a transaction is compromised. 1inch has yet to give the exact date it will roll out the wallets. However, their prices are estimated to range between $180 and $200.