The cryptocurrency market has seen a rise in the number of physical wallets on the market that promise that your digital assets will be safe and safe. The Ellipal wallet is a new competitor in this space, and it is aiming to differentiate itself from its competitors by offering an unrivalled solution. In this post, we’ll look at a close look at the Ellipal wallet, the company behind it, and the features it offers to help you determine whether it’s worth investing in.
A hardware wallet is a gadget that stores the private key of your financial assets off-line, preventing hackers from stealing the funds remotely. The Ellipal wallet claims to be 100% secure because it is completely disconnected from any network or computer. It has no wired or wireless connectivity and instead communicates through QR codes using cameras on the rear end. The Ellipal wallet retails for $149 and is relatively new on the market, meaning that it has not been tested in battle yet.
Ellipal, the company behind the wallet’s hardware component is a relatively new company on the market. They raised $55K in an Indiegogo campaign to fund its development. The website of the company as well as reviews online claim they are completely secure, however, it’s important to keep in mind that hardware wallets of competing businesses like TREZOR as well as Ledger are made in a way that no outside attacker can view your private key. For example, even if you connect your TREZOR on a compromised system that is infected with viruses, your private keys remain safe and secured.
Ellipal’s source code is only partially accessible, and is similar to Ledger the company has the Github repository which demonstrates their Cross-chain wallet framework aswell as their JS-Lib for any app developer to work with the framework. For comparison, both major hardware wallet makers currently (TREZOR and Ledger) have a significant amount of their code stored on public repositories. This makes it simple to understand how they implement security measures.
The Ellipal wallet currently supports only a few coins which include Bitcoin, Ethereum, Litecoin, as well as ERC20 tokens. This is fewer than the number of coins that are supported by its rivals, TREZOR and Ledger.
The price of $149 of this Ellipal wallet is on par with other wallets, however it is important to note that it is a relatively new product that hasn’t been battle-tested yet. If you compare it to TREZOR or Ledger wallets, which are on the market for longer and have a proven track record of security The Ellipal wallet might not be the best value for money.
In the end, it is clear that the Ellipal wallet has been a brand new competitor in the hardware wallet market, promising to be completely secure due to its complete isolation from any computer or network. Its creators are relatively new and it hasn’t been tested in battle yet. The Ellipal wallet is currently compatible with only a few coins and the price at $149 is comparable with the other options. Although the concept of a completely isolated hardware wallet is intriguing but it’s crucial to look at the history and security measures of other hardware wallet options before making a decision. Ultimately, the decision of whether or not the Ellipal device is worthwhile for the cost is up to the individual.