Cold storage refers to the event in which Bitcoin and altcoins are stored offline, that is, securing one’s holding through a USB drive and PC. The reason why many crypto investors, especially those with larger holdings, tend to use cold storage is one of security. In particular, such storage reduces the chances of thief by hackers, which has been a noted issue in the crypto sphere this year. Some risks still apply, as the moment one loses it, it is hard to retrace it.
ELLIPAL focuses on enhancing a cold wallet’s pros while trying to eliminate its associated cons.
As per the claims made, the ELLIPAL Cold Wallet 2.0 is known for its highest security, ease of use, mobile-connectivity for better management and the ability to support cross-chain and multi-currencies. Here is a breakdown of each of its known features:
Business Wire noted that the term ELLIPAL is derived from the combination of Elliptic Curve Algorithm, which is the key technology behind the majority of existing cryptocurrencies and Pal, which symbolizes “partner”. Here is a breakdown on how ELLIPAL differs from traditional and currently existing cold wallets.
1. Internet Isolation Hardware Wallet
Also referred to as the Cold Wallet 2.0, ELLIPAL has been designed in a way that makes it 100% offline. This has been done to eliminate any third-party interference, hacks, and theft altogether. Some of its features that make it a complete hardware wallet is the lack of WIFI, Bluetooth, USB and mobile access.
2. QR Codes for Enhanced Security
To initiate transactions between the ELLIPAL hardware device and its app is only possible through the use of QR codes. This has been done to ensure that security is on par. Other features that secure one’s wallet include its multi-step authentication, which requires more than one password to get in, auto-wiping data, which erases data given that a security breach occurs and the obvious, encrypted private key storage, which will be stored inside ELLIPAL to prevent hacker’s interference.
3. Ease of Use
Clearly, the obvious features also fall into this category, as without them, facilitating storage and trade will make it rather complicated. In particular, the ability to use it via touch screen, QR codes and its portability via the mobile application maximizes ease of use.
4. Cross-Chain and Multi-Cryptocurrency Wallet Protocol
ELLIPAL’s wallet allows users to house multi-chain systems and cryptocurrencies through its Open Cross Chain Wallet (OCCW). It also supports a wide range of tokens, including BTC, ETH, ERC20 tokens and BCH – with over 32 tokens available for storage.
To see that the ELLIPAL wallet supports both mobile application management and complete hardware solution proves that security can be achieved. Most importantly, this will be the first efficient step towards not only securing one’s holdings, but also ensuring that the overall trading process is done in a transparent manner.
For more information, check out: www.ellipal.com