The cryptocurrency world has witnessed an increase in the number and variety of hardware wallets that are available that promise that your digital assets will be safe and secure. The Ellipal wallet is a new competitor in this space, and it is aiming to differentiate itself from the crowd by providing a completely isolated solution. In this post, we’ll look at a close look at the Ellipal wallet, the business behind it and the features it offers to help you determine if it’s worth the investment.
The hardware wallet can be described as a gadget that stores the private key for your personal digital accounts offline, preventing hackers from stealing them remotely. The Ellipal wallet claims to be 100% secure as it is completely disconnected from any computer or network. This means it does not have wired or wireless connection and instead communicates through QR codes through a camera on the rear end. The Ellipal wallet retails for $149 and is relatively new to the market, which means that it hasn’t been battle-tested yet.
Ellipal, the company behind the wallet’s hardware is a relatively new player in the market. They raised $55K in an Indiegogo campaign to help fund the development of their product. The website of the company and its online reviews claim they are 100% safe, however it is important to note that the hardware wallets of competing companies like TREZOR as well as Ledger are also designed in a way that no outside attacker can access your private keys. In the event that, for instance, the TREZOR is connected TREZOR to a compromised computer which is infected by viruses, your private keys will remain safe and secured.
Ellipal’s source code is partially accessible, and is like Ledger and Ledger, they have an Github repository which demonstrates their Cross-chain wallet framework as well in their JS-Lib, which is available to any app developer to work with them. In comparison, both leading hardware wallet makers today (TREZOR and Ledger) possess a significant amount of their code in public repositories, which makes it easy to see the security measures they have implemented.
The Ellipal wallet currently supports the following coins that are supported, such as Bitcoin, Ethereum, Litecoin, as well as ERC20 tokens. This is lower than the coins supported by its competitors, TREZOR and Ledger.
The price tag of $149 to purchase this Ellipal wallet is in line with the other wallets on the market, but it’s important to keep in mind that it’s a new product that has not been battle-tested yet. In comparison to TREZOR or Ledger wallets that are on the market for longer and have a proven track record of security, the Ellipal wallet isn’t the best value for cash.
In conclusion it is clear that Ellipal wallet is a good choice. Ellipal device is an brand new competitor in the hardware wallet market, promising that it is 100% safe due to its total inaccessibility to any computer or network. Ellipal is a company that’s relatively new, and the product isn’t battle-tested yet. The Ellipal wallet supports only a few coins and the price at $149 is comparable with the other options. While the idea of a completely isolated hardware wallet is intriguing however, you should consider the history and security features of other hardware wallet options before making a decision. The final decision on whether the Ellipal wallet is worth the cost is up to the individual.