Yet another government official is waking up to Bitcoin’s significance beyond its role as an asset. Rand Paul – Republican senator and well-known libertarian – recently questioned whether “cryptocurrency” could become the world reserve currency. As Bitcoin gains traction and legitimacy around the world, this reality grows ever-more plausible. Weakening Trust in Government Money Rand Paul aired his thoughts in an interview with Axios on Friday. The senator surmised that as trust in government decreases, “cryptocurrency” could “actually become the…
With exchange wallets being the least secure and total air-gapped devices (cold wallets) or paper wallets being the most secure, hardware wallets come somewhere in between. Hardware wallets are devices that create and store your private keys. It is safer than other kinds of wallets because the keys are only stored inside the device, which is kept offline.
In most cases, when a transaction has to be made, the device will be physically connected to online software, usually through Bluetooth or USB. The transaction will be sent to the device through this connection and sent back to the software. As the software is online, the transaction is sent to the blockchain and is completed.
Hardware wallets are very secure if left alone, but risks arise when connected to online software. The online software is normally hosted on a PC or a mobile phone, easily infiltrated by hackers. Once connected, Bluetooth or USB connections can quickly give hackers access to the hardware wallet resulting in lost assets.
The ELLIPAL Solution
Due to this security flaw, a hardware wallet company has a new solution to make their hardware wallet as secure as a cold wallet or a paper wallet. This year ELLIPAL released its latest flagship wallet, the ELLIPAL Titan. It uses a special technique to keep the device offline at all times, even during a transaction. ELLIPAL Titan is a much safer hardware wallet compared to other brands while being more convenient to use.
Rather than using USB or Bluetooth connections, ELLIPAL uses QR codes to transfer transaction information instead. All users have to scan a few QR codes together with the ELLIPAL mobile App to complete a transaction. As QR codes allow data to be transferred visually, the ELLIPAL can stay completely offline even during a transaction. It is both secure and easy.
Furthermore, the ELLIPAL Titan is specifically built not to be compatible with any connections. Along the body of the ELLIPAL Titan, there is no port to connect, and its CPU is built not to have any connection capability. This makes the ELLIPAL Titan a real air-gapped cold wallet.
In addition to being air-gapped, the ELLIPAL Titan is built with an IP65 rated, fully sealed metal body. It is dustproof, impact-proof, (light) water jet proof, and, most importantly, physical attack-proof. With its anti-tamper technology, if an attacker manages to crack open the device to steal your information physically, the circuit will break before anything could be recovered. With the fully sealed metal body, it is already challenging to break in without any professional tools.
At this point, ELLIPAL Titan should not be classified as a hardware wallet anymore; it should be called a Cold Wallet instead. With its being air-gapped at all times, the ELLIPAL Titan brings the user the security level of a cold wallet while still allowing users to trade and exchange coins easily. Now ELLIPAL Titan has already supported 40 blockchains and counting.