1inch Network (1INCH)

Last Updated 27.02.2022

What is 1inch Network (1INCH)?

The 1inch Network (1INCH) is a decentralised exchange aggregator with a mission to deliver the best prices and rates on its decentralised exchange (DEX). To achieve this, the protocol identifies the most economic and effective ‘trading routes’ available across multiple DEX platforms to ‘reroute’ its traders and swaps to ensure the best live market rate.

Since June 2021, the 1inch Network reports that their ecosystem offers over fifty liquidity sources for its users via Ethereum (ETH), the Binance Smart Chain (BSC), Polygon (MATIC) and Avalanche (AVAX). By enabling their users to trade digital assets across several blockchains, 1inch deliver enhanced trading options and for this reason implements more than the traditional automated market maker (AMM) systems.

The 1inch DEX is powered by its native 1inch (1INCH) ERC-20 utility and governance token, which was launched on Christmas Day in 2020. Holders of the $1inch token can contribute toward protocol developments regarding it’s DEX framework, including trading fees, governance rewards and price impact costs. In addition, $1inch holders can participate in liquidity pools and receive rewards via their staking infrastructure.

As part of the platform’s algorithm, optimum market rates and exchanges are identified to complete the swap, meaning 1 trade may be sourced from and filled among several providers. While further external third-party interoperability enables even more tokens to be supported, 1inch is currently configurable with coins supported via the ERC-20, ERC-721, ERC-1155, and BEP-20 token standards.

Further options are available on the 1inch Network regarding its transaction fees. Fuel or gas costs have experienced excessive volatility in recent months and can be a concern for users. All $1INCH transactions display the fee at the time and gives traders the choice to modify and reduce the fee based on how they deem appropriate. $1INCH utilises the Chi Gastoken (CHI) on its exchange to offer this minimisation, using the Ethereum smart contract ‘storage refund’ protocol to maximise efficiency.

Team

Like many start-up crypto tech firms, the 1inch vision gained momentum at the ETHGlobal hackathon in New York in 2019. Russian cryptographers Sergej Kunz and Anton Bukov both developed and founded the organisation and put to practice their long-standing experience and backgrounds in smart contract security.

Kunz is the CEO at 1inch and one of its - Co-Founders. He has worked at Commerce Connector, a product price aggregator firm as its Lead Developer, as well as at Porsche in both DevOps and cybersecurity. Kunz is the Lead Software Engineer and Architect at 1INCH.

Bukov is the CTO at 1inch and its other Co-Founder. He has extensive experience in decentralised finance, working previously for Russian companies overseeing their smart-contract audits. Kunz also runs the Russian-language CryptoManiacs YouTube channel which Bukov was a frequent guest and spokesperson on, and ultimately started co-hosting. Bukov is the Lead Fullstack Software Engineer and Architect at 1INCH.

The 1INCH Network has established numerous collaborations with several reputable AMM platforms across Ethereum, Polygon and Binance Smartchain. In addition, the project has formed substantial investment relationships including Binance Labs, Galaxy Digital, ParaFi Capital, Loi Luu, Kyber Network’s Founder and Illia Polosukhin, one of the Co-Founders at NEAR Protocol.

RoadMap

May 2019: 1inch was founded

August 2020: Mooniswap launch

November 2020: 1inch V2 launch

December 2020: 1inch 1st Airdrop

February 2021: 1inch 2nd Airdrop

June 2021: Limit Order Protocol launch

Early 2022: Full DAO functionality launch

Where to Store 1inch Network (1INCH)

Set up the official 1inch Network (1INCH) Wallet to store, send and receive your 1INCH tokens. Unlike a centralised storage option, the $1inch wallet is a DEX aggregator and liquidity provider, meaning registering and creating an account is not required. Users can sync wallets by scanning their private key directly in the app. Currently available via the ios App Store, the 1inch wallet is coming to Google Play Android users soon!

1inch Network (1INCH) tokens are built on the Ethereum network and can be stored in any wallet compatible with Ethereum-based ERC-20 tokens. Options to keep your 1inch Network (1INCH) secure and offline can therefore include the leading hardware wallet providers Ledger and Trezor.

All ERC-20 tokens including 1inch Network (1INCH) can be stored on the Ethereum blockchain using MyEtherWallet, allowing users to interact with the network without additional software. Similarly, a user-friendly option to keep your $1inch secure can include MetaMask, a leading browser wallet extension popular amongst DeFi platforms and easily configurable with the 1inch exchange.

Where to Buy and Sell 1inch Network (1INCH)

You can Buy & Sell 1inch Network (1INCH) here at BC Bitcoin. You can Buy 1inch by heading over to the Buy Coins page of our website. 1inch Network (1INCH) is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying $1inch has never been easier, simply place your order and provide your wallet address. Once your payment arrives, $1inch will be sent directly to your wallet.

If you choose to Sell 1inch Network (1INCH), you can send us the coins and receive a payment to your bank account. Details and valuation can be found on the Sell Coins page.

1inch Network (1INCH) Resources

Official Website: https://1inch.io/

Documentation: https://docs.1inch.io/

Block Explorer: https://etherscan.io/token/0x111111111117dc0aa78b770fa6a738034120c302

Twitter: https://twitter.com/1inch

1inch Academy: https://blog.1inch.io/academy/home

Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers responsibility to complete their own research and due diligence.