The cryptocurrency world has witnessed a rise in the number of hardware wallets on the market that promise that your digital assets will be safe and secure. The Ellipal wallet is a brand new competitor in this space, and it is aiming to differentiate itself from its competitors by offering an unrivalled solution. In this article, we’ll take a more in-depth look at the Ellipal wallet as well as the company behind it, and the features that it has to offer to help you determine whether it’s worth the money.
A hardware wallet is a gadget that stores the private key for your personal digital accounts indefinitely to prevent hackers from stealing them remotely. The Ellipal wallet promises to be 100% secure because it is completely isolated from any network or computer. This means it is not wireless or wired connectivity, but instead, it communicates with QR codes via a camera on the rear end. The Ellipal wallet is priced at $149. It is relatively new to the market, which implies that it hasn’t been tested in battle yet.
Ellipal, the company that developed the wallet’s hardware component is a relatively young competitor in the market. It raised $55K through an Indiegogo campaign to finance research and development for their products. The website of the company and its online reviews state that their hardware wallet is 100% secure, however, it’s important to remember that hardware wallets of rival businesses such as TREZOR as well as Ledger are also designed in a way that no one outside can view your private key. In the event that, for instance, it is possible to connect your TREZOR to a compromised system that is infected with viruses your private keys are still safe and safe.
Ellipal’s source code remains partially open, and as with Ledger the company has the Github repository that showcases their Cross-chain wallet platform as well in their JS-Lib, which is available to any app developer to work with the framework. As a contrast, both of the leading hardware wallet makers today (TREZOR as well as Ledger) possess a large quantity of their software on public repositories, making it easy to see how they implement security measures.
The Ellipal wallet currently supports only a few coins, including Bitcoin, Ethereum, Litecoin along with ERC20 tokens. This is less than the amount of coins that its competitors support, TREZOR and Ledger.
The $149 price tag of Ellipal wallet is a bargain. Ellipal wallet is in line with the other wallets on the market, but it’s important to keep in mind that it’s a new product that hasn’t been tested in battle yet. When compared to the TREZOR as well as Ledger wallets that are available longer and have a long-standing track record of security, the Ellipal wallet may not be the best value for budget.
In the end, the Ellipal wallet has been a fresh player in the hardware wallet market, promising to be 100% secure because of its complete inaccessibility to any network or computer. Its creators are new, and the product has not been test-driven yet. The Ellipal wallet is currently compatible with only a few coins and its price of $149 is on par with the other options. Although the concept of a fully separated hardware wallet sounds appealing however, you should consider the security and track record measures of other hardware wallet options before making a decision. Ultimately, the decision of whether the Ellipal device is worthwhile for the cost is entirely up to the person who purchases it.