Decentralized Crypto Exchange 1inch announced Launching a multi-coin hardware wallet.
The project is in the final stages of development and is expected to begin later this year.
The wallet is developed by an in-house independent dedicated team using funds obtained from the 1inch Foundation.
overview
The announcement includes a very detailed description and sample images of the wallet.
According to the description, the device has no buttons, so it is fully air-gapped. Also, all transactions are done using his QR code or NFC, so no wired connection is required.
This wallet also allows users to create multiple wallet sets with different seed phrases. The device will randomly generate the maximum number of wallets on first use. The number of wallets is known only to the device owner.
The wallet also supports transparent transaction signing to combat hacker attacks and theft. If a transaction previously signed by the owner is compromised, the wallet will immediately notify the user of the situation.
Cold storage is especially popular as it also protects funds from increasing cyberattacks.A recent analysis by crypto slate In 2022, it was revealed that 450,000 Bitcoins (BTC) held in exchanges or hot wallets were moved to cold storage.
