The cryptocurrency world has witnessed a rise in the number of hardware wallets available on the market that promise that your digital assets will be safe and secure. The Ellipal wallet is the newest player in the field, and it will stand out from its competitors by offering an entirely separate solution. In this article, we’ll take a more in-depth review of the Ellipal wallet and its company that makes it, and its features to help you determine whether it’s worth investing in.
A hardware wallet is a device which keeps the private keys for your personal digital accounts off-line to prevent hackers from stealing your data remotely. The Ellipal wallet promises to be 100% secure as it is completely unconnected to any computer or network. This means it has no wired or wireless connection and instead, it communicates with QR codes via an image camera at the back of the device. The Ellipal wallet retails for $149 and is fairly new to the market, which implies that it hasn’t been test-driven yet.
Ellipal, the company behind the wallet’s hardware, is a relatively new player in the market. The company raised $55K via the course of an Indiegogo campaign to fund its development. The company’s website and reviews online claim the hardware wallet as completely secure, however, it’s important to note that the hardware wallets from rival companies like TREZOR as well as Ledger are made in a way that no attacker from outside is able to access your private keys. For instance, even if you connect your TREZOR to a compromised system which is infected by viruses, your private keys are still safe and safe.
Ellipal’s source code remains partially accessible, and is like Ledger and Ledger, they have an Github repository that showcases 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) possess a large amount of their code stored in public repositories, which makes it easy to observe how they go about implementing security measures.
The Ellipal wallet currently supports a limited number of coins which include Bitcoin, Ethereum, Litecoin, and ERC20 tokens. This is less than the coins supported by its competitors, TREZOR and Ledger.
The price tag of $149 of Ellipal wallet is a bargain. Ellipal wallet is on par with its competitors, but it’s important to remember that it’s a new product that has not been tested for battle. When compared to the TREZOR or Ledger wallets, which are available for longer and have a proven track record of security and reliability, the Ellipal wallet isn’t the best value for budget.
In conclusion, the Ellipal device is an brand new player on the market for hardware wallets that claims that it is 100% secure due to its complete separation from any network or computer. The company behind it is relatively new, and the product isn’t battle-tested yet. The Ellipal wallet currently supports the use of a small number of coins and its price at $149 is comparable with other wallets. While the idea of a fully separated hardware wallet sounds appealing however, you should consider the security and track record measures of other wallets prior to making a decision. In the end, the decision on whether the Ellipal product is worthy of the cost is entirely up to the user.