ELLIPAL IS A BRAND-NEW COLD STORAGE HARDWARE WALLET THAT IS PROMISING TO BE THE MOST SECURE WHEN COMPARED TO IT’S COMPETITORS.
Many people involved in Cryptocurrency are unfamiliar with the company called Ellipal. That’s because the company is one that has sprung up towards the end of 2018 and launched their first ever hardware wallet the Ellipal Cold Wallet 2.0.
The device is slick, stylish and trendy and it’s promising to be more secure than it’s famous competitors The Trezor and The Ledger. Ellipal promises to be more secure as it runs on an isolated device that does not connect to any network whatsoever. It links up to a smart phone app to scan QR codes between the Ellipal device and your smart phone, to authorise and move funds between accounts and wallets.
To be clear there is a device THE ELLIPAL and then an app you can download to manage your portfolio and wallets. The app lets you track all assets you hold as well as see recent transactions in and out of the account. If you want to send or receive money, you do this via singing off on the Elipal device and scanning QR codes between the app on your phone and the Ellipal device.
The app supports most major coins including but not limited to; Bitcoin, Litecoin, Bitcoin Cash, Ethereum, Tron, Dash, Decred, EOS, XLM, XRP, DODGE, Most ERC20 Tokens + an expanding database month on month.
Unlike the Ledger where you have to juggle apps and choose between them, the Ellipal you can have as many wallets installed as needed, you don’t need to choose between apps and coins and can have wallets running simultaneously together.
Unlike the Trezor the Ellipal runs from your mobile and from it’s own hand held device, you don’t need to connect the Ellipal device to a network or internet for it to work. Obviously, to sign off on transactions (send and recieve) you will need mobile or a WiFi connection on your mobile but that’s about it.
It’s easy to see why Ellipal is being dubbed as the most secure hardware wallet and is growing in popular as it takes the most frustrating parts of it’s predecessors and improves upon them. Bringing cross platform use and multi-app / cryptocurrency support.
Adding wallets, managing, sending and receiving, as well as viewing transactions is a complete breeze with Ellipal. If you’ve used a Trezor or Ledger before, then there’s little doubt that you’ll have any difficult operating an Ellipal.
The app runs on Android and iPhone so it’s accessible and usable anytime you have your phone with you. While you can always check up on your portfolio and holdings, you will need your Ellipal device with you to send, receive or sign off on any transactions on any of your cryptocurrencies, however, with the Ellipal device being the size of a small smart phone, it is portable and convenient.
So while the device is great in terms of security, great at being portable and boasting and ever growing and larger database (by the month) of supported Cryptocurrencies; what are the downsides I hear you ask?
Well there are a few.
First and foremost let’s start with the company website Ellipal.com. The website looks like it was made in the 90s, the colors, user interface and poor design choices, don’t scream security. When comparing it to Ledger & Trezor it’s clear to see the eyesore that the Ellipal website is, which isn’t great as it doesn’t distill trust in it’s customers. A re-design is an absolute MUST on the cards for this company.
Even the logo, which would be difficult to change at this point due to it being branded on all of the devices and well established, is poorly designed. Now this particular element could be considered down to taste and it doesn’t mess with the function or security of the product so some may feel like I’m being a little harsh here, so I’ll move onto more pressing issues and leave the logo down to preference and taste.
While the team are great at trying their best to provide amazing support via email, telegram and web chat, they are a primarily Chinese speaking development team and as such communication can often be difficult with misinterpretations and understandings along the way.
Just have a ready through their recent blog posts and website in general. While I commend anyone that can speak a second language (as I can’t) it would really help them to get hire professional translators for their site and content, as again, when dealing with security it’s essential that you have the trust of your customers and a miscommunication due to language can be a scandal waiting to happen.
I must point out that while this is listed as a negative, it’s not all bad, every time I have needed help and support it’s been there and I have managed to work around and understand the language barrier.
The team must also be commended for their giveaways and re-investment back into their community. They regularly run deals, giveaways and competitions. I actually was gifted 5 EOS for purchasing my Ellipal during a special promotion period, which has since soared in value!
There are still some things to be desired with the app. There are still a few wallets that I’m desperate to see supported (Nano, ADA, IoTA) and some key features in the wallet itself that I’d like to see.
I’d like to see the ability to send crypto in the form of your local currency and it convert to whatever crypto you’re trying to transact in. Currently you scan the QR code which will input the address of the crypto your transacting in, but you then have to manually edit the amount of BTC/ETH/LTC etc you want to send and it doesn’t currently show you what that converts to in your local currency.
As it currently stands you’d have to figure that out manually.
It would also be nice to have all of the transaction information such as amount being sent, picked up as soon as you scan the QR code automatically, like other wallets have.
While some may argue that manually entering the amount of crypto makes you pay extra care and attention, it’s just as easy when entering so many digits to press one digit wrong or too many and send too much or too little of a transaction by mistake.
Having it auto detected by the QR code would just mean we have to give it a once over before we confirm it and sign our transaction off.
The Ellipal is a truly great wallet that is just reaping with potential. With some of the changes I’ve mentioned here, I can honestly say I think this has the potential to surpass the Trezor and Ledger Nano.
The device will set you back $149 but for the value of what you’re actually getting, I’d argue that’s a great deal. You can save further by buying a duo for $248.
It must be noted that you will also need a MICRO SD card to download and install firmware updates to keep your device secure and up to date as well as take advantage of the new wallets they release and support each month.
The company has only been going since the end of 2018, a little over four months and it has already some such a long way. It’s easy to see why this company will be making noise wherever it goes and generating hype.
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