The world of cryptocurrency has seen an increase in the number of hardware wallets that are available that promise to keep your digital assets safe and secure. The Ellipal wallet is a new player in the field, and it will stand out from its competitors by offering an entirely separate solution. In this article, we’ll take you on a closer look at the Ellipal wallet and the business behind it, and its features to help you decide whether it’s worth investing in.
The hardware wallet can be described as a gadget which keeps the private keys for your personal digital accounts indefinitely to prevent hackers from stealing your data remotely. The Ellipal wallet claims to be 100% secure because it is completely disconnected from any computer or network. This means it has no wired or wireless connectivity and instead communicates via QR codes via a camera on the rear of the wallet. The Ellipal wallet costs $149 and is relatively new on the market, which means that it has not been test-driven yet.
Ellipal, the company that developed the hardware wallet is a relatively young player in the market. The company raised $55K via an Indiegogo campaign to finance its development. The website of the company as well as online reviews state that their hardware wallet is completely secure, however, it’s important to remember that hardware wallets of rival businesses like TREZOR as well as Ledger are constructed in a manner that no one outside can view your private key. In the event that, for instance, the TREZOR is connected TREZOR to a compromised computer that has been infected with viruses, your private keys are still safe and secured.
Ellipal’s source code remains partially accessible, and is like Ledger the company has an Github repository available that shows their Cross-chain wallet platform as well in their JS-Lib, which is available to developers to develop apps with their framework. For comparison, both major hardware wallet companies today (TREZOR and Ledger) are both able to have large quantity of their software in public repositories, which makes it easy to observe how they implement security measures.
The Ellipal wallet supports only a few coins, including Bitcoin, Ethereum, Litecoin, and ERC20 tokens. This is less than the coins that are supported by its rivals, TREZOR and Ledger.
The price tag of $149 for Ellipal wallet is a bargain. Ellipal wallet is in line with other wallets, however it’s important to keep in mind that it’s a new product that hasn’t been battle-tested yet. If you compare it to TREZOR or Ledger wallets, which are available for longer and have an established track record of security, the Ellipal wallet may not be the best value for budget.
In conclusion In conclusion, the Ellipal device is an fresh competitor in the market for hardware wallets and promises that it is 100% safe due to its total separation from any network or computer. The company behind it is new, and it hasn’t been battle-tested yet. The Ellipal wallet is currently compatible with a limited number of coins and its price of $149 is on par with its competitors. While the idea of a totally isolated hardware wallet is intriguing however, you should consider the track record and security measures of other wallets prior to making a decision. In the end, the decision on whether the Ellipal wallet is worth the cost is entirely up to the user.