The cryptocurrency market has seen a rise in the number and variety of hardware wallets available on the market all promising that your digital assets will be safe and secure. It is the Ellipal wallet is a brand new competitor in this space and is aiming to differentiate itself from the crowd by providing an unrivalled solution. In this article, we’ll take a more in-depth look at the Ellipal wallet as well as 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 of your financial assets indefinitely to prevent hackers from stealing them remotely. The Ellipal wallet is 100% secure as it is completely disconnected from any computer or network. It does not have wireless or wired connectivity, but instead communicates via QR codes through cameras on the back of the device. The Ellipal wallet retails for $149 and is relatively new on the market, meaning that it hasn’t been battle-tested yet.
Ellipal, the company that developed the wallet’s hardware component is a relatively new competitor in the market. It raised $55K through an Indiegogo campaign to help fund its development. The company’s website and reviews online claim the hardware wallet as completely secure, but it’s important to note that the hardware wallets from rival firms such as TREZOR and Ledger are constructed in a manner that no outside attacker can see your private key. For example, even if the TREZOR is connected TREZOR to a compromised system that is infected with viruses your private keys remain safe and secured.
Ellipal’s source code remains partially accessible, and is like Ledger the company has the Github repository that showcases their Cross-chain wallet platform as well the JS-Lib that allows any App developer to work with their framework. In comparison, both leading hardware wallet manufacturers currently (TREZOR as well as Ledger) are both able to have considerable amount of their code on public repositories, making it easy to observe how they go about implementing security measures.
The Ellipal wallet supports a limited number of coins which include Bitcoin, Ethereum, Litecoin along with ERC20 tokens. This is less than the coins that its competitors support, TREZOR and Ledger.
The $149 price tag to purchase Ellipal wallet is a bargain. Ellipal wallet is on par with other wallets, however it is important to note that it is a relatively new product that hasn’t been battle-tested yet. When compared to the TREZOR as well as Ledger wallets, which have been on the market for longer and have an established track record of security and reliability, the Ellipal wallet isn’t the most value-for-money money.
In the end In conclusion, the Ellipal wallet is a brand new competitor in the market for hardware wallets and promises to be 100% secure because of its complete inaccessibility to any computer or network. Ellipal is a company that’s new, and the product isn’t tested in battle yet. The Ellipal wallet is currently compatible with a limited number of coins, and its price tag at $149 is comparable with its competitors. Although the concept of a totally isolated hardware wallet is intriguing but it’s crucial to look at the security and track record features of other hardware wallets prior to making a decision. In the end, the decision on whether or not the Ellipal device is worthwhile for the cost is up to the individual.