The cryptocurrency world has witnessed an increase in the number and variety of hardware wallets on the market, each promising to keep your digital assets safe and secure. It is the Ellipal wallet is a brand new player in this field, and it will stand out from the crowd by providing an unrivalled solution. In this article, we’ll take a closer look at the Ellipal wallet as well as the business behind it, and its features to help you decide whether it’s worth investing in.
The hardware wallet can be described as a gadget that keeps the private key of your financial assets indefinitely and prevents hackers from taking them remotely. The Ellipal wallet promises to be 100% secure as it is completely unconnected to any computer or network. This means that it is not wired or wireless connection and instead communicates via QR codes via cameras on the back of the device. The Ellipal wallet is priced at $149. It is fairly new to the market, which means that it hasn’t been battle-tested yet.
Ellipal, the company behind the wallet’s hardware component is a relatively new competitor in the market. The company raised $55K via the course of an Indiegogo campaign to help fund research and development for their products. The company’s website and online reviews state that their hardware wallet is completely secure, but it’s important to remember that hardware wallets of competing companies such as TREZOR as well as Ledger are constructed in a manner that no outside attacker can see your private key. For instance, even if it is possible to connect your TREZOR to a compromised system which is infected by viruses your private keys will remain safe and secure.
Ellipal’s source code is only partially available, and, like Ledger, they have an Github repository which demonstrates their Cross-chain wallet platform as well in their JS-Lib, which is available to any app developer to work with them. For comparison, both major hardware wallet manufacturers currently (TREZOR as well as Ledger) have a large quantity of their software on public repositories, making it easy to see the security measures they have implemented.
The Ellipal wallet currently supports a limited number of coins, including Bitcoin, Ethereum, Litecoin along with ERC20 tokens. This is less than the coins supported by its competitors, TREZOR and Ledger.
The $149 price tag to purchase this Ellipal wallet is on par with the other wallets on the market, but it is important to note that it’s a new product that has not been battle-tested yet. In comparison to TREZOR or Ledger wallets, which are on the market longer and have a long-standing track record of security, the Ellipal wallet might not be the best value for cash.
In the end, the Ellipal wallet is a new player in the hardware wallet market, promising that it is 100% safe due to its total inaccessibility to any network or computer. The company behind it is relatively new and the product has not been battle-tested yet. The Ellipal wallet is currently compatible with only a few coins and the price of $149 is on par with its competitors. Although the concept of a totally separated hardware wallet sounds appealing, it’s important to consider the security and track record measures of other hardware wallets before making a choice. Ultimately, the decision of whether or not the Ellipal product is worthy of the price is entirely up to the user.