The cryptocurrency world has witnessed an increase in the number of physical wallets that are available that promise that your digital assets will be safe and secure. The Ellipal wallet is a brand new competitor in this space It is aiming to differentiate itself from its competitors by offering an entirely separate solution. In this article, we’ll take you on a closer review of the Ellipal wallet and the company behind it, and the features it offers to help you determine whether it’s worth investing in.
The hardware wallet can be described as a device that keeps the private key of your financial assets indefinitely to prevent hackers from stealing the funds remotely. The Ellipal wallet promises to be 100% secure as it is completely disconnected from any network or computer. This means it does not have wireless or wired connectivity, but instead communicates through QR codes using an image camera at the rear end. The Ellipal wallet costs $149 and is relatively new to the market, meaning that it has not been tested in battle yet.
Ellipal, the company that developed the hardware wallet, is a relatively new competitor in the market. The company raised $55K via the course of an Indiegogo campaign to finance its development. The website of the company and its online reviews state the hardware wallet as 100% secure, but it’s important to note that the hardware wallets of rival businesses such as TREZOR as well as Ledger are also designed in a way that no outside attacker can access your private keys. For example, even if you connect your TREZOR on a compromised computer that has been infected with viruses Your private keys are still safe and secure.
Ellipal’s source code is partially available, and, similar to 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 and Ledger) are both able to have significant amount of their code in public repositories, which makes it easy to observe how they go about implementing security measures.
The Ellipal wallet is currently compatible with the following coins that are supported, such as Bitcoin, Ethereum, Litecoin as well as ERC20 tokens. This is lower than the amount of coins supported by its competitors, TREZOR and Ledger.
The price of $149 of the Ellipal wallet is on par with other wallets, however it’s important to keep in mind that it’s a new product that has not been tested in battle yet. When compared to the TREZOR and Ledger wallets that are on the market longer and have a proven track history of security The Ellipal wallet might not be the most value-for-money cash.
In the end In conclusion, the Ellipal wallet has been a new competitor in the hardware wallet market, promising to be completely safe due to its total inaccessibility to any computer or network. Its creators are new, and the product has not been tested in battle yet. The Ellipal wallet currently supports the use of a small number of coins, and its price tag at $149 is comparable with the other options. While the idea of a fully exclusive hardware wallet is appealing however, you should consider the history and security measures of other wallet options before making a decision. The final decision on whether the Ellipal wallet is worth the price is up to the individual.