The cryptocurrency world has witnessed an increase in the number and variety of hardware wallets that are available, each promising to keep your digital assets safe and secure. It is the Ellipal wallet is the newest player in the field and is aiming to differentiate itself from the rest by providing an entirely separate solution. In this article, we’ll take a closer review of the Ellipal wallet as well as the company behind it and the features that it has to offer to help you decide whether it’s worth investing in.
The hardware wallet can be described as a device that stores the private key of your financial assets off-line, preventing hackers from stealing the funds remotely. The Ellipal wallet claims to be 100% secure since it is completely disconnected from any computer or network. It does not have wired or wireless connectivity and instead communicates via QR codes via cameras on the rear of the wallet. The Ellipal wallet is priced at $149. It is fairly new to the market, which means it isn’t battle-tested yet.
Ellipal, the company that developed the wallet’s hardware component, is a relatively new competitor in the market. They raised $55K in the course of an Indiegogo campaign to finance its development. The website of the company and its online reviews state that their hardware wallet is completely secure, however, it’s important to keep in mind that hardware wallets from rival firms such as TREZOR as well as Ledger are constructed in a manner that no attacker from outside is able to see your private key. For instance, even if you connect your TREZOR to a compromised system which is infected by viruses Your private keys are still safe and secure.
Ellipal’s source code is only partially available, and, as with Ledger the company has an Github repository which demonstrates their Cross-chain wallet framework aswell in their JS-Lib, which is available to any App developer to work with their framework. As a contrast, both of the leading hardware wallet companies today (TREZOR as well as Ledger) possess a large amount of their code stored in public repositories, which makes it simple to understand how they implement security measures.
The Ellipal wallet is currently compatible with only a few coins that are supported, such as Bitcoin, Ethereum, Litecoin, and ERC20 tokens. This is lower than the number of coins that are supported by its rivals, TREZOR and Ledger.
The price of $149 to purchase Ellipal wallet is a bargain. Ellipal wallet is on par with its competitors, but it’s important to keep in mind that it is a relatively new product and has not been tested for battle. In comparison to TREZOR as well as Ledger wallets that are available for longer and have a long-standing track record of security, the Ellipal wallet may not be the most value-for-money budget.
In the end, it is clear that the Ellipal wallet has been a fresh player on the market for hardware wallets and promises to be 100% safe due to its total isolation from any network or computer. The company behind it is relatively new, and the product has not been test-driven yet. The Ellipal wallet is currently compatible with a limited number of coins and the price at $149 is comparable with the other options. Although the concept of a completely exclusive hardware wallet is appealing but it’s crucial to look at the history and security features 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 up to the individual.