With the introduction of its own multi-coin hardware wallet, the well-known DEX aggregator 1inch Network is extending its ecosystem of products and projects. The hardware wallet from 1inch has multi-seed phrase capabilities and will support the same coins as the company’s hot wallet.
What Does a Hardware Wallet Mean?
The best method for protecting cryptocurrencies is thought to be hardware wallets, sometimes referred to as cold storage. These physical devices store users’ private keys in a safe offline environment, shielding them from potential online attacks and invasions.
The hardware cryptocurrency wallet will support the same set of coins as the existing 1inch Wallet does, with other chains being added gradually in the future, the project’s developers said in an interview.
What is Multi-Seed Functionality?
1inch‘s product is very different from many hardware wallets on the market. For example, it allows for multi-seed phrases, a collection of random words used to store the information needed to access or recover cryptographic assets in the wallet. Users of the wallet can also benefit from transparent transaction signing, which is an alternative to the blind signing provided by specific other devices.
About the Device
The 1inch hardware wallet is roughly the size of a credit card, weighs only 70 grams, and is only 4 millimeters thin. The device is entirely air-gapped with no buttons and no need for a cable connection. All data is transferred via QR codes or NFC. It is predicted that the pricing will be between $179 and $199.
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