1inch Network's HW

[m2017]

Somehow, the announcement from 1inch Network of its hardware wallet was left without due attention of the community, which I will try to fix. _{Link to this news in their ANN's thread.}

Device Features:
- 2.7" E-Ink touch screen.
- Corning Gorilla Glass 6.
- Steel frame.
- Airgapped.
- The ability to store several seed phrases at once.
- Any buttons or connectors are missing.
- Built-in Li-Po battery.
- Wireless charger.
- Waterproof.
- Thickness - 4 mm.
- Weight - 70 grams.

The estimated launch time for the product is Q4 2023.

Article on their blog - https://blog.1inch.io/introducing-the-1inch-hardware-wallet-47e2a2a8d5a0
Article on cointelegraph - https://cointelegraph.com/news/1inch-launches-proprietary-hardware-wallet-as-self-custody-trend-grows

What will be your opinion about this device? Let's discuss what you like and don't like about 1inch Network hardware wallet.

P.S. It seems that a new trend in HW design is emerging and now most devices will look about the same (with similar functionality). Remember Ledger Stax.

[joniboini]

Looks cool, but no button might be a bit troublesome if the screen is prone to failure. I'd wait for further reviews that test how reliable the screen is since I've seen a few posts about LED failure on multiple HW devices this past few days. Personally, I want a USB-C just in case the battery dies, so I can still use it with my laptop/phone.

At the end of the day, we need more testing. Q4 is still far away. It is their first product too, so we'll see. Hopefully, they don't cheap out and make it so expensive that it no longer looks appealing for somebody that wants alternatives from Trezor/Ledger.

It seems that a new trend in HW design is emerging and now most devices will look about the same (with similar functionality). Remember Ledger Stax.

I can see the similarity. Not really surprising new products will try to imitate the design since Ledger is one of the popular manufacturers. It is hard to tell if the product is designed after or before Stax was announced though. More competition is good anyway, I don't mind a similar-looking device if the features, security, etc are competitive.

[dkbit98]

What will be your opinion about this device? Let's discuss what you like and don't like about 1inch Network hardware wallet.

I posted about 1inch hardware wallet few days ago in our local board.
This is just one more shitcoin only hardware wallet that won't support Bitcoin mainnet, so I am not taking it seriously at all.
However, based on images and their specifications, this is probably one of the better build quality device, since it uses combination of good materials, metal steel frame, Gorilla Glass, and it's waterproof like modern smartphones.
This device will cost around $199 plus shipping, but this means nothing for me when it's not supporting Bitcoin and it would be just a waste of money.
Ledger Stax does look similar but it's more expensive and I think it's made mostly from cheap plastic like their other devices.
Another issue I have with 1inch hardware wallet is their unknown source code and information about secure elements and security, so it's probably going to be closed source.

[m2017]

What will be your opinion about this device? Let's discuss what you like and don't like about 1inch Network hardware wallet.

I posted about 1inch hardware wallet few days ago in our local board.
This is just one more shitcoin only hardware wallet that won't support Bitcoin mainnet, so I am not taking it seriously at all.
However, based on images and their specifications, this is probably one of the better build quality device, since it uses combination of good materials, metal steel frame, Gorilla Glass, and it's waterproof like modern smartphones.
This device will cost around $199 plus shipping, but this means nothing for me when it's not supporting Bitcoin and it would be just a waste of money.
Ledger Stax does look similar but it's more expensive and I think it's made mostly from cheap plastic like their other devices.
Another issue I have with 1inch hardware wallet is their unknown source code and information about secure elements and security, so it's probably going to be closed source.

I'm sorry, but I don't follow your locale board. The local board and the main section differ in the reading audience and therefore, I considered it not superfluous to add information about 1inch hardware wallet here.

I appreciate your opinion and attitude towards this device model, but I am sure that this device will have many fans. Good or bad, not for me to decide.

The manufacturer has stated that it is creating a device similar to the old iPhone models. Even the color scheme of devices copies this. Also, there will be a limited edition with pink and gold plating, as stated by the manufacturer.

Yes, that's right, the $99 price tag looks high, but iPhones are also guilty of this. I think that the visual appeal of the device can overpower the frugality of buyers.

It is necessary to wait for information about what the source code will be.

Personally, I have an opinion that it will be a beautiful and expensive toy that doesn't perform the functions of a hardware wallet very well in terms of security. The manufacturer creates its first device and may not yet have the relevant experience, just as you said, unknown components (secure elements) and the source code is questionable.

[joniboini]

I appreciate your opinion and attitude towards this device model, but I am sure that this device will have many fans. Good or bad, not for me to decide.

Is there any reason why you believe so? I think it is quite difficult to gather a lot of fans around a new product where the competitor is very strong. Not saying there won't be any buyers, but saying there will be many of them is quite a stretch IMO. At least until there is more testing and comparison to see whether it is worth it or not.

Yes, that's right, the $99 price tag looks high, but iPhones are also guilty of this. I think that the visual appeal of the device can overpower the frugality of buyers.

It is difficult to compare them to iPhone which definitely has more reputation to back up their price. It is probably fairer to compare to similar HW from another company. Selling a product that is $50 cheaper when the competitor is priced at $200 and has more reputation is not that appealing, at least for me.

Personally, I have an opinion that it will be a beautiful and expensive toy that doesn't perform the functions of a hardware wallet very well in terms of security. The manufacturer creates its first device and may not yet have the relevant experience, just as you said, unknown components (secure elements) and the source code is questionable.

Yeah. People should wait and see how 1inch handles the launch, whether the product is reliable or not etc before buying it, even if it becomes cheaper in the end. Personally, I'd use my old phone/laptop/live OS to store my crypto instead of buying this at launch.

[n0nce]

This is just one more shitcoin only hardware wallet that won't support Bitcoin mainnet, so I am not taking it seriously at all.

Really? That's hilarious!

However, based on images and their specifications, this is probably one of the better build quality device, since it uses combination of good materials, metal steel frame, Gorilla Glass, and it's waterproof like modern smartphones.

Funny that all of this is specified, but nothing about the actually important specs: security and source. Will the hardware and software be open, reproducible and verifiable? What security chip will be used (if any)? At least they said it will use QR codes for airgapped communication.

It is necessary to wait for information about what the source code will be.

You bet if it had open source and open hardware, they would absolutely use that for marketing.

Yes, that's right, the $99 price tag looks high, but iPhones are also guilty of this. I think that the visual appeal of the device can overpower the frugality of buyers.

You're comparing apples and oranges now. First of all, it will be $199, no? Secondly, you can get a Foundation Passport for $259 which is an infinitely better deal, since it obviously supports (only) Bitcoin and hardware + software are open.

[Hispo]

It looks pretty and all but I assume it is not supposed to be used to store Bitcoin, but rather BNB and other shitcoins?
Also, what is up with hardware wallets creators/designers sticking the words "hardware wallet" and other references to crypto on the top pf their hardware.

Do not those people think that when buying a device like this one, we look to have a minimum of discretion attached to it?  Trezor/Ledger win in that sense, also, the price (200$) sounds a little but expensive, for 220$ I could get a Trezot T and actually be able to store Bitcoin and other major coins in a reputable device. 

[Wind_FURY]

What will be your opinion about this device? Let's discuss what you like and don't like about 1inch Network hardware wallet.

I posted about 1inch hardware wallet few days ago in our local board. This is just one more shitcoin only hardware wallet that won't support Bitcoin mainnet, so I am not taking it seriously at all.

Can you post a link where it said that? It would be unwise, as a developer in crypto, to build a hardware wallet, then exclude Bitcoin.

However, based on images and their specifications, this is probably one of the better build quality device, since it uses combination of good materials, metal steel frame, Gorilla Glass, and it's waterproof like modern smartphones.
This device will cost around $199 plus shipping, but this means nothing for me when it's not supporting Bitcoin and it would be just a waste of money.

Ledger Stax does look similar but it's more expensive and I think it's made mostly from cheap plastic like their other devices.

Another issue I have with 1inch hardware wallet is their unknown source code and information about secure elements and security, so it's probably going to be closed source.

It's not officially open/released to the public yet, I believe we should give it more time. Because that's going to be another unwise decision if they, as again developers, would make their software closed source. But if their market is the newbie-plebs during the next bull market, they might sell them in large numbers in a short amount of time.

[n0nce]

Can you post a link where it said that? It would be unwise, as a developer in crypto, to build a hardware wallet, then exclude Bitcoin.

It's not officially open/released to the public yet, I believe we should give it more time. Because that's going to be another unwise decision if they, as again developers, would make their software closed source. But if their market is the newbie-plebs during the next bull market, they might sell them in large numbers in a short amount of time.

If it supported Bitcoin and if it was planned to go open-source, why wouldn't they want to use this information for marketing? Both are almost (or already) used as buzzwords and should rank well in hardware-wallet-related search queries, don't you think?

It is necessary to wait for information about what the source code will be.

You bet if it had open source and open hardware, they would absolutely use that for marketing.

[m2017]

I appreciate your opinion and attitude towards this device model, but I am sure that this device will have many fans. Good or bad, not for me to decide.

Is there any reason why you believe so? I think it is quite difficult to gather a lot of fans around a new product where the competitor is very strong. Not saying there won't be any buyers, but saying there will be many of them is quite a stretch IMO. At least until there is more testing and comparison to see whether it is worth it or not.

I think so because of the visual appeal of the design of this device. People like shiny trinkets. This is just my guess, but you are right that it will be possible to find out if this is so only by the results of sales.

Yes, that's right, the $99 price tag looks high, but iPhones are also guilty of this. I think that the visual appeal of the device can overpower the frugality of buyers.

It is difficult to compare them to iPhone which definitely has more reputation to back up their price. It is probably fairer to compare to similar HW from another company. Selling a product that is $50 cheaper when the competitor is priced at $200 and has more reputation is not that appealing, at least for me.

Only now I noticed my mistake with the price. It's about $199, not $99.

The iPhone also didn't immediately become popular and the object of worship of many fans. Moreover, 1inch HW openly copies their design.

[dkbit98]

Really? That's hilarious!

Yeah, I guess Bitcoin is not DeFi enough for them and they can't print it like they can with shitcoins and tokens

Funny that all of this is specified, but nothing about the actually important specs: security and source. Will the hardware and software be open, reproducible and verifiable? What security chip will be used (if any)? At least they said it will use QR codes for airgapped communication.

I think they are aware if they release this device as open source without support for Bitcoin, people will just fork it and add new software with BTC support.
They can avoid that only by making it closed source, but we also don't know if there are secure elements and what microcontrollers they use.
On positive side, I want to see new generation Bitcoin hardware wallets start to implement waterproof and gorilla glass features as standard.

Can you post a link where it said that? It would be unwise, as a developer in crypto, to build a hardware wallet, then exclude Bitcoin.

Here is their founder Alexey Devyatkin confirming that for Decrypt, he really said they are Defi aka shitcoin hardware wallet:

“In fact, we call it the first DeFi hardware wallet, that’s why I believe BTC is outside the scope, however, WBTC will be supported,” Alexey Devyatkin, founder of the 1inch hardware wallet told Decrypt

https://decrypt.co/119559/defi-project-1inch-network-launches-hardware-wallet

It's not officially open/released to the public yet, I believe we should give it more time. Because that's going to be another unwise decision if they, as again developers, would make their software closed source. But if their market is the newbie-plebs during the next bull market, they might sell them in large numbers in a short amount of time.

So what?
They already have website, waiting list, and most of the details available on hw.1inch.io
You don't have to be rocket scientist to understand what's going to happen.

[SFR10]

What will be your opinion about this device?

Judging from "these samples", I think the keyboard typing experience would be a nightmare ^{[specifically referring to the "enter your pin code" window]} for those who have fat fingers ^{[I don't think the "change keyboard" option would significantly improve the situation]}.

so it's probably going to be closed source.

It is necessary to wait for information about what the source code will be.

if it was planned to go open-source, why wouldn't they want to use this information for marketing?

They did mention it'll be open-source in both of the links OP provided:

• The 1inch Hardware Wallet, which is currently in its final stages of development and is expected to go on sale later this year, offers the safest approach to storing users’ private keys in an offline, simple and open-source way.

• “Next month, we will be launching the contributor program, so everyone will have an opportunity to improve the device truly on their own,” a 1inch representative said, adding that documentation and source codes will be available on GitHub.

[dkbit98]

Judging from "these samples", I think the keyboard typing experience would be a nightmare ^{[specifically referring to the "enter your pin code" window]} for those who have fat fingers ^{[I don't think the "change keyboard" option would significantly improve the situation]}.

Size of this device is like credit card so I am sure it will be easier to type than on Trezor Model T and on ledger two buttons system.
If you want hardware wallet devices that is easy to type on I would choose Passport , ColdCard or Keystone hardware wallet.

They did mention it'll be open-source in both of the links OP provided:

Thank you for correcting me, I missed that information somehow, and it's weird this was not clearly stated on their official website.
If this is true than I am expecting someone to fork this and add support for Bitcoin after they release it.

[Wind_FURY]

Can you post a link where it said that? It would be unwise, as a developer in crypto, to build a hardware wallet, then exclude Bitcoin.

It's not officially open/released to the public yet, I believe we should give it more time. Because that's going to be another unwise decision if they, as again developers, would make their software closed source. But if their market is the newbie-plebs during the next bull market, they might sell them in large numbers in a short amount of time.

If it supported Bitcoin and if it was planned to go open-source, why wouldn't they want to use this information for marketing? Both are almost (or already) used as buzzwords and should rank well in hardware-wallet-related search queries, don't you think?

I'm merely giving them the benefit of the doubt, and I usually do especially if it's a new service or product for cryptocurrency users. Plus I respect the cynicsm, but the point is, wouldn't it be unwise of them to exclude Bitcoin by default, and be closed source.

To let you know what I truly think, in my own personal opinion, no one should trust the product if their engineers/developers believe that doing both excluding Bitcoin AND releasing the product closed source would be wise decisions.

[Pmalek]

I appreciate your opinion and attitude towards this device model, but I am sure that this device will have many fans.

I am hesitant and not sure. On first sight it looks better than the Ledger Stax. But Ledger and 1inch can't be compared in terms of market presence. We all know that Ledger won't mind spending big bucks on marketing their new product. Even if the 1inch looks better, I am afraid it will end up on the second place. It will surely find its clientele among NFT fans and those using ETH DEXs, etc. Deciding to not support bitcoin is very unusual and weird. I don't understand it from a business point of view. Even if you are targeting a completely different set of people, don't forget the basics. 

[m2017]

I appreciate your opinion and attitude towards this device model, but I am sure that this device will have many fans.

I am hesitant and not sure. On first sight it looks better than the Ledger Stax. But Ledger and 1inch can't be compared in terms of market presence. We all know that Ledger won't mind spending big bucks on marketing their new product. Even if the 1inch looks better, I am afraid it will end up on the second place. It will surely find its clientele among NFT fans and those using ETH DEXs, etc. Deciding to not support bitcoin is very unusual and weird. I don't understand it from a business point of view. Even if you are targeting a completely different set of people, don't forget the basics. 

Undoubtedly, Ledger and 1inch are difficult to compare, because they are in different weight categories. Ledger has been on the cryptomarket for many years, while the 1inch is only just taking its first steps. 1inch is already in a catch-up position, but it is not known who will dominate among the HW manufacturers in 5-10 years. This business is such that always need to develop, keep up with the new needs of users and offer them in a timely manner. Sometimes, newcomers manage to better understand the desires of customers and this allows them to get ahead. I don't know if this will be the case with 1inch.

On the other hand, no revolutionary idea is complete without many dead ends. Perhaps such devices will serve as a foundation for new and fresh ideas.