Ellipal, which stands for ‘elliptic curve cryptography’ is a Hong Kong-based private company that came into existence only in 2017 and has already made a mark for its hardware wallets that serve as cold wallets too. A hardware wallet is a device that keeps the private key of the users’ Bitcoins offline. This makes it impossible for hackers to steal them remotely. The wallet has no wired or wireless connectivity and it communicates only through QR codes through a camera that is attached on the rear end. The cost of the wallet is around $149. The wallet comes with a micro USD port that is only meant for charging and not for connecting the wallet to your computer or any other device.
How Secure is Ellipal Wallet?
Ellipal is 100% secure owing to its complete isolation from any computer, unlike other competing hardware wallets. Since the hardware wallet has no “outer world” connection, it cannot be compromised remotely. In fact, with Ellipal, there are several ways that can help users protect their devices. Like, there is a provision for both pattern lock screen and password protection for the users’ account. Therefore, even if any user fails the lock screen 10 times or forgets his password, they need to restore their wallet from the seed phrase, which calls for added protection. The device supports the 12 seed phrases or anything following the BIP39 standard. Ellipal also supports private keys import that some hardware wallets don’t even allow.
Unique Features of Ellipal
Some of the unique features of Ellipal are discussed hereunder.
This feature keeps online remote attacks at bay. The device has no ports or online components to connect it to any other devices or networks thereby assuring maximum protection.
QR codes verify each transaction
All the transactions made by the device are signed securely using the QR codes which are verifiable and therefore there is no chance of information to leak.
Protection against physical attacks
The device though does not look very sturdy but as they say, “looks can be deceptive,” it is built upon a very sturdy metal case, which cannot be easily tampered. Besides being water and dust-proof, the device also calls for impact resistance. Once any breach of data is detected, the device automatically deletes private data and also protects the private keys in the event of device loss or any other mishaps. It is also not possible to open the device without damaging it permanently. Therefore, stealing the data and keeping the device as it is, as if nothing has happened, is not possible with Ellipal.
Natively supports more than 7000 digital assets
The device supports more than 7000 digital assets without the intervention of any third parties. Also, more coins can be added every month.
Setting up the accounts is relatively easy with Ellipal. Users can either store all their coins in a single account or can even create multiple accounts easily as per their conveniences. Multiple passwords and pass phases can be set for enhanced protection. A single QR code scan is enough to connect to the Ellipal app where you can trade and store your coins securely.
How is Ellipal Wallet different from other crypto wallets?
Ellipal wallet is different from other hardware wallets in the following ways.
- Other hardware wallets need to be connected to the PC and the whole set up process needs to be done manually which is very much time-consuming. But with Ellipal, there is no such connection needed, as such, there is no provision for such connections. Information is transferred via the Ellipal app, by using QR codes that allow the users to communicate with their hardware wallet in the most discrete manner.
- Unlike other crypto wallets like TREZOR and Ledger, Ellipal only supports 24-word seed phases, which at times make it difficult for the users to recover lost data.
Therefore, Ellipal serves as a user-friendly hardware wallet with one of the best interfaces. But the device has some drawbacks too like it is a little clunky to carry out comfortably. Again, it is a bit expensive and comes as one of the heavily priced hardware wallets in the market currently, when compared to its competitors TREZOR and Ledger. It comes at $149 excluding the shipment costs for a 16GB micro SD which is meant only for software updates.