The cryptocurrency market has seen an increase in the number of physical wallets on the market, each promising that your digital assets will be safe and secure. It is 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 more in-depth look at the Ellipal wallet, its company that makes it and the features that it has to offer to help you determine whether it’s worth investing in.
Hardware wallets are gadget that keeps the private key of your financial assets offline to prevent hackers from stealing your data remotely. The Ellipal wallet promises to be 100% secure as it is completely disconnected from any computer or network. This means it does not have wired or wireless connectivity and instead communicates through QR codes using a camera on the back of the device. The Ellipal wallet retails for $149 and is relatively new on the market, which means that it hasn’t been battle-tested yet.
Ellipal, the company that developed the wallet’s hardware is a relatively new company on the market. They raised $55K in an Indiegogo campaign to finance its development. The company’s website and reviews online claim they are 100% safe, however it is important to note that the hardware wallets of competing companies like TREZOR and Ledger are made in a way that no attacker from outside is able to view your private key. For example, even if the TREZOR is connected TREZOR to a compromised computer that is infected with viruses Your private keys will remain safe and secure.
Ellipal’s source code is partially accessible, and is similar to Ledger, they have an Github repository available that shows their Cross-chain wallet framework aswell in their JS-Lib, which is available to any app developer to work with the framework. As a contrast, both of the leading hardware wallet makers today (TREZOR as well as Ledger) possess a significant amount of their code on public repositories, making it easy to see how they go about implementing security measures.
The Ellipal wallet currently supports only a few coins that are supported, such as Bitcoin, Ethereum, Litecoin, as well as ERC20 tokens. This is less than the coins supported by its competitors, TREZOR and Ledger.
The $149 price tag of 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 tested for battle. If you compare it to TREZOR as well as Ledger wallets that are available for longer and have an established track performance in security, the Ellipal wallet might not be the best value for budget.
In conclusion, Ellipal wallet is a good choice. Ellipal wallet is a brand new player in the market for hardware wallets and promises that it is 100% safe due to its total inaccessibility to any computer or network. Ellipal is a company that’s new and the product has not been test-driven yet. The Ellipal wallet currently supports only a few coins and the price of $149 is on par with other wallets. While the idea of a totally exclusive hardware wallet is appealing however, you should consider the track record and security measures of other hardware wallets prior to making a choice. In the end, the decision on whether the Ellipal device is worthwhile for the cost is entirely up to the person who purchases it.