Recap of the interview with 1inch HardwareWallet Strategic Guru, Nik Sokolov
Recently, our team had the privilege of being part of the Zebu Live event in the vibrant city of London. One of the highlights of our experience was participating in the engaging podcast hosted by the talented team at Evening Web3, led by the charismatic James. In this exclusive session, our strategic expert, Nik, delved into the intricacies of our wallet, providing insightful details and even offering a firsthand demonstration.
We’ve compiled a recap of this memorable occasion for your convenience! Please note that it’s not a word-for-word text but rather a summary with the main highlights.
You can check out the full interview here:
Could you start by explaining what a hardware wallet is for those at home who might not be familiar with it?
Nik: A hardware wallet is a physical device used to sign transactions, and securely store private keys. But the seed phrase is never there. That’s how the hardware wallet should work. So you can use this device to sign transactions and connect it with software wallets.
What advantages does a hardware wallet offer over a software wallet?
Nik: The main advantage is security. Since the hardware wallet is not connected to the internet, it’s less exposed to online threats. Even if someone has physical access, extracting keys is challenging if the device has robust security.
So, what sets the 1inch hardware wallet apart from others on the market?
Nik: Our focus is on DeFi users, and integration with the 1inch wallet. We are developing DeFi features to ensure that security of funds of our users remains our top priority.
Additionally, one of our goals for this wallet is to make it multiseed. So technically, you don’t have to have multiple physical wallets. For example, I recently met someone with 15 hardware wallets, and I said, “Okay, you don’t have to buy 15 hardware wallets. You can buy only one wallet and have multiple seed phrases. For us, this might mean we won’t earn money by selling 15 wallets, but what we want to do is basically create one wallet that you will use for different purposes without spending a fortune.
We aim to ensure the device boasts a slim design, providing a unique and secure user experience. We want users to feel the same sense of excitement and security as they did when they first experienced an iPhone or witnessed Steve Jobs promoting it.
Looking ahead, what are the future plans for the 1inch hardware wallet?
Nik: Our goal — to create a new generation of crypto devices.
Our device won’t feel cheap or like a toy. Instead, it will have the sturdy, quality feel you’d expect, much like the hard edges of an iPhone. Designed for daily use, we aspire to go beyond traditional hardware wallets. Thus, our plan is to ensure that users will use this device daily , but currently, we don’t want to disclose anything specific until we reach results we can share.
How does the hardware wallet connect with other devices, and what about internet connectivity?
Nik: Our hardware wallet isn’t connected to the internet. It uses NFC and QR codes to interact with software. However, we are exploring other ways to connect to software.
Essentially, it’s quite easy to approve a transaction: you view the transaction, see “approve” on your device, then go back to your phone, scan it, and do the same for more complex smartphones. However, in the crypto world, it’s crucial to check all transactions and understand what you’re signing. That’s precisely what we’re working on. There’s a button labeled “info” — click on it, and the 1inch wallet uses APIs to verify smart contracts for potential malicious activity and also checks domain names.
And what about the cost and release date?
Nik: The price is yet to be determined, but it will likely be more expensive than existing non-flagman devices of our competitors and cheaper than the next generation (flagman devices). We’re planning to release it next year, though strategies might adjust during the startup phase.
Lastly, what makes the 1inch hardware wallet more than just a crypto storage device?
Nik: We want to break the association of hardware wallets only with crypto storage. When we discuss topics like hardware wallets, a significant aspect revolves around securing your cryptocurrency and safeguarding your assets. However, we built 1inch Hardware Wallet to make transactions easier. Believe me, with some hardware wallets it’s sometimes a nightmare to make a crypto transaction. Our wallet will be not about storage but about making DeFi transactions without blind signing and fast.
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Stay connected with us!
Website: https://hw.1inch.io/
Twitter: https://twitter.com/1inchHW
Discord: https://discord.gg/eFudQjaemy
Telegram Announcement Channel: https://t.me/OneInchHW
Medium: https://medium.com/@OneInchHW
LinkedIn: https://www.linkedin.com/company/hwlt
