The cryptocurrency world has witnessed an increase in the number and variety of hardware wallets that are available that promise that your digital assets will be safe and secure. The Ellipal wallet is the newest player in this field and is aiming to differentiate itself from the rest by providing an entirely separate solution. In this article, we’ll take a close review of the Ellipal wallet, its company that makes it and the features that it has to offer to help you decide if it’s worth the investment.
A hardware wallet is a device which keeps the private keys of your financial assets indefinitely and prevents hackers from taking the funds remotely. The Ellipal wallet claims to be 100% secure since it is completely isolated from any computer or network. This means it has no wired or wireless connectivity and instead communicates via QR codes through an image camera at the back of the device. The Ellipal wallet costs $149 and is relatively new on the market, which means it isn’t battle-tested yet.
Ellipal, the company behind the hardware wallet is a relatively new player in the market. It raised $55K through an Indiegogo campaign to finance the development of their product. The company’s website and online reviews state the hardware wallet as 100% safe, however it is important to keep in mind that hardware wallets from rival businesses such as TREZOR as well as Ledger are also designed in a way that no outside attacker can view your private key. In the event that, for instance, it is possible to connect your TREZOR with a compromised device that has been infected with viruses, your private keys will remain safe and secure.
Ellipal’s source code is partially available, and, like Ledger, they have an Github repository that showcases their Cross-chain wallet framework aswell as their JS-Lib for any app developer to work with the framework. In comparison, both leading hardware wallet companies today (TREZOR as well as Ledger) possess a considerable amount of their code stored on public repositories. This makes it simple to understand how they go about implementing security measures.
The Ellipal wallet supports only a few coins that are supported, such as Bitcoin, Ethereum, Litecoin, and ERC20 tokens. This is fewer than the amount of coins supported by its competitors, TREZOR and Ledger.
The price tag of $149 of this Ellipal wallet is in line with other wallets, however it is important to note that it is a relatively new product that hasn’t been tested in battle yet. When compared to the TREZOR and Ledger wallets, which are on the market longer and have a long-standing track record of security, the Ellipal wallet may not be the best value for cash.
In the end In conclusion, Ellipal wallet is a good choice. Ellipal wallet is a brand new competitor in the hardware wallet market and promises to be 100% safe due to its total inaccessibility to any network or computer. The company behind it is new, and the product isn’t battle-tested yet. The Ellipal wallet supports a limited number of coins, and its price tag of $149 is in line with the other options. Although the concept of a fully separated hardware wallet sounds appealing, it’s important to consider the security and track record measures of other hardware wallet options before making a decision. In the end, the decision on whether or not the Ellipal device is worthwhile for the cost is entirely up to the person who purchases it.