The cryptocurrency world has witnessed a rise in the number and variety of hardware wallets on the market all promising to keep your digital assets safe and secure. The Ellipal wallet is a new competitor in this space and aims to stand out from the crowd by providing a completely isolated solution. In this post, we’ll look at a close look at the Ellipal wallet, the company behind it, and its features to help you decide if it’s worth the investment.
A hardware wallet is a device that stores the private key to your digital assets offline to prevent hackers from stealing them remotely. The Ellipal wallet is 100% secure since it is completely isolated from any computer or network. It has no wired or wireless connectivity and instead communicates through QR codes via an image camera at the rear of the wallet. The Ellipal wallet costs $149 and is relatively new on the market, which means that it has not been battle-tested yet.
Ellipal, the company behind the wallet’s hardware component, is a relatively new competitor in the market. It raised $55K through an Indiegogo campaign to finance the development of their product. The website of the company as well as online reviews state that their hardware wallet is 100% safe, however it is important to keep in mind that hardware wallets of competing firms like TREZOR and Ledger are constructed in a manner that no attacker from outside is able to view your private key. For example, even if the TREZOR is connected TREZOR on a compromised device which is infected by viruses, your private keys are still safe and safe.
Ellipal’s source code is only partially open, and similar to Ledger, they have an Github repository which demonstrates their Cross-chain wallet framework as well as their JS-Lib for any app developer to work with them. In comparison, both leading hardware wallet manufacturers today (TREZOR and Ledger) possess a considerable amount of their code in public repositories, which makes it easy to see the security measures they have implemented.
The Ellipal wallet supports the following coins which include Bitcoin, Ethereum, Litecoin, along with ERC20 tokens. This is fewer than the number of coins that its competitors support, TREZOR and Ledger.
The price of $149 to purchase this Ellipal wallet is in line with other wallets, however it’s important to remember that it is a relatively new product that hasn’t been tested in battle yet. If you compare it to TREZOR and Ledger wallets that have been on the market longer and have a proven track record of security and reliability, the Ellipal wallet isn’t the most value-for-money cash.
In conclusion, Ellipal wallet is a good choice. Ellipal wallet has been a new player in the hardware wallet market, promising that it is 100% secure due to its complete separation from any network or computer. Its creators are relatively new, and the product has not been tested in battle yet. The Ellipal wallet is currently compatible with only a few coins and its price of $149 is on par with the other options. Although the concept of a fully isolated hardware wallet is intriguing but it’s crucial to look at the history and security measures of other wallet options before making a decision. The final decision on whether or not the Ellipal device is worthwhile for the cost is entirely up to the user.