The cryptocurrency world has witnessed an increase in the number of physical wallets that are available all promising to keep your digital assets safe and secure. It is the Ellipal wallet is a brand new player in the field It aims to stand out from its competitors by offering an entirely separate solution. In this article, we’ll take you on a close review of the Ellipal wallet as well as the business behind it and the features it offers to help you determine whether it’s worth the money.
A hardware wallet is a device that stores the private key for your personal digital accounts indefinitely and prevents hackers from taking them remotely. The Ellipal wallet claims to be 100% secure as it is completely unconnected to any computer or network. It has no wired or wireless connection and instead communicates through QR codes through an image camera at the back of the device. The Ellipal wallet is priced at $149. It is relatively new on the market, meaning it isn’t tested in battle yet.
Ellipal, the company that developed the wallet’s hardware component, is a relatively new company on the market. It raised $55K through an Indiegogo campaign to fund its development. The website of the company and its online reviews claim the hardware wallet as 100% secure, however, it’s important to keep in mind that hardware wallets of rival businesses such as TREZOR and Ledger are constructed in a manner that no outside attacker can access your private keys. For instance, even if you connect your TREZOR on a compromised computer that has been infected with viruses your private keys remain safe and secured.
Ellipal’s source code remains partially open, and like Ledger the company has an Github repository which demonstrates their Cross-chain wallet framework aswell in their JS-Lib, which is available to any App developer to work with them. For comparison, both major hardware wallet makers today (TREZOR as well as Ledger) possess a considerable quantity of their software in public repositories, which makes it easy to observe how they go about implementing security measures.
The Ellipal wallet currently supports only a few coins that are supported, such as Bitcoin, Ethereum, Litecoin and ERC20 tokens. This is lower than the number of coins that are supported by its rivals, TREZOR and Ledger.
The price tag of $149 for the Ellipal wallet is comparable with its competitors, but it’s important to keep in mind that it’s a new product and has not been tested in battle yet. When compared to the TREZOR and Ledger wallets, which are on the market for longer and have a proven track record of security, the Ellipal wallet might not be the most value-for-money money.
In conclusion it is clear that the Ellipal wallet is a fresh player on the market for hardware wallets, promising that it is 100% secure due to its complete separation from any computer or network. Its creators are new, and it hasn’t been test-driven yet. The Ellipal wallet supports only a few coins and the price of $149 is in line with other wallets. While the idea of a fully exclusive hardware wallet is appealing, it’s important to consider the history and security measures of other wallets prior to making a choice. In the end, the decision on whether or not the Ellipal wallet is worth the price is entirely up to the person who purchases it.