The cryptocurrency market has seen an increase in the number of hardware wallets that are available that promise to keep your digital assets safe and secure. Ellipal is one of them. Ellipal wallet is the newest player in the field and is aiming to differentiate itself from the rest by providing an unrivalled solution. In this article, we’ll take a more in-depth look at the Ellipal wallet and the company behind it, and the features it offers to help you determine whether it’s worth the money.
The hardware wallet can be described as a device that stores the private key to your digital assets off-line, preventing hackers from stealing your data remotely. The Ellipal wallet is 100% secure as it is completely unconnected to any network or computer. It is not wired or wireless connection and instead, it communicates with QR codes through a camera on the rear end. The Ellipal wallet costs $149 and is fairly new to the market, which implies 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 the course of an Indiegogo campaign to finance its development. The website of the company and its online reviews claim that their hardware wallet is completely secure, but it’s important to note that the hardware wallets of competing firms such as TREZOR and Ledger are also designed in a way that no outside attacker can see your private key. For instance, even if you connect your TREZOR to a compromised system that is infected with viruses your private keys are still safe and secured.
Ellipal’s source code remains partially open, and as with Ledger and Ledger, they have an Github repository that showcases 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 makers currently (TREZOR as well as Ledger) have a large amount of their code in public repositories, which makes it simple to understand the security measures they have implemented.
The Ellipal wallet is currently compatible with only a few coins that are supported, such as Bitcoin, Ethereum, Litecoin and ERC20 tokens. This is lower than the coins that its competitors support, TREZOR and Ledger.
The price of $149 to purchase this Ellipal wallet is comparable with other wallets, however it is important to note that it is a relatively new product that has not been tested for battle. In comparison to TREZOR or Ledger wallets, which are available longer and have a long-standing track performance in security and reliability, the Ellipal wallet isn’t the best value for your money.
In conclusion it is clear that the Ellipal wallet has been a brand new player on the market for hardware wallets and promises that it is 100% safe due to its total isolation from any network or computer. Ellipal is a company that’s new, and the product isn’t tested in battle yet. The Ellipal wallet currently supports only a few coins and its price of $149 is in line with other wallets. While the idea of a totally separated hardware wallet sounds appealing, it’s important to consider the history and security measures of other wallet options before making a decision. The final decision on whether the Ellipal product is worthy of the cost is entirely up to the user.