The cryptocurrency market has witnessed an significant rise in the number of hardware wallets available in recent years, all claims to keep digital assets safe and secure. Its Ellipal wallet is a new entry into the market and aims to stand out from the crowd by providing an unrivalled solution. As the use of cryptocurrency is becoming more widespread and more commonplace, the need for safe security for digital asset storage is becoming increasingly essential. It is the Ellipal wallet can be described as a device which keeps the private keys to digital assets indefinitely and prevents hackers from taking the keys from a remote location.
Ellipal, the company behind the hardware wallet is a relatively new player in the market. It raised $55K through the course of an Indiegogo campaign to finance its development. The company’s website as well as online reviews state the hardware wallet as 100% secure, but it’s important to remember that hardware wallets of competing businesses like TREZOR and Ledger are constructed in a manner that no attacker from outside is able to see your private keys. For instance, even if it is possible to connect your TREZOR on a compromised computer that is infected with viruses your private keys are still safe and secure.
The Ellipal wallet is distinctive in its design, it is completely isolated from any network or computer which means it does not have wired or wireless connectivity. Instead, it communicates via QR codes through a camera on the rear end. This makes it a very secure choice as it removes the possibility of hackers getting an access point to your private keys via an internet connection. However, it’s worth noting that this also means that the Ellipal wallet is not so user-friendly like other wallets on hardware, which can be connected to a computer to facilitate transactions.
The Ellipal wallet retails for $149. It is relatively brand new in the marketplace, meaning that it has not been combat-tested to date. This is something prospective buyers need to take into consideration when buying Ellipal. Ellipal wallet. In comparison, both leading hardware wallet makers today (TREZOR and Ledger) are on the market for a longer time and have a proven track record of security.
Regarding support for coins In terms of support for coins, the Ellipal wallet is currently able to support only a small number of coins, including Bitcoin, Ethereum, Litecoin, along with ERC20 tokens. It is lower than the coins that are supported by its rivals, TREZOR and Ledger, which might be a worry for some customers. The company is working to provide more support for coins in the future.
In the end, the Ellipal device is an new competitor in the hardware wallet market that claims to be completely secure due to its complete isolation from any computer or network. Its creators are relatively new, and the product hasn’t been battle-tested yet. The Ellipal wallet currently supports only a few coins and the price of $149 is on par with its competitors. Although the idea of a completely isolated hardware wallet is intriguing but it’s crucial to look at the track record and security measures of other hardware wallets before making a choice. The final decision about whether the Ellipal wallet is worth the cost is up to the person who buys it. It’s a very secure option with a unique design however, it’s not as user-friendly to use as other wallets. It’s also an extremely new product on the market.