The cryptocurrency market has seen an significant rise in the number of wallets that are hardware in recent years, each claims to keep digital assets safe and secure. The Ellipal wallet is a new entry into the market and aims to stand out from its competitors by offering an unrivalled solution. As the use of cryptocurrency becomes more mainstream, the need for secure the storage and protection of assets becomes more important. The Ellipal wallet can be described as a tool that keeps the private key to digital assets indefinitely, preventing hackers from stealing the keys from a remote location.
Ellipal, the company behind the hardware wallet is a relatively new competitor in the market. The company raised $55K via the course of an Indiegogo campaign to help fund the development of their product. The website of the company and its online reviews claim they are 100% secure, but it’s important to keep in mind that hardware wallets of competing firms like TREZOR and Ledger are constructed in a manner that no attacker from outside is able to view your private key. For instance, even if you connect your TREZOR with a compromised device which is infected by viruses, your private keys are still safe and secure.
Ellipal is a unique wallet. Ellipal wallet is distinctive in its design, it is completely disconnected from any computer or network, meaning it has no wireless or wired connections. Instead, it communicates via QR codes using an image camera at the rear end. This makes it a highly safe option since it blocks the possibility of hackers having gain access to private information through a network connection. It’s important to note that this also means that the Ellipal wallet isn’t so user-friendly like other wallets on hardware that connect to a computer to facilitate transactions.
The Ellipal wallet costs $149 and is relatively recent to market which implies that it isn’t combat-tested to date. This is something that potential buyers must take into consideration when buying this Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers today (TREZOR and Ledger) are on the market for longer and have a established track records of security.
Regarding support for coins, the Ellipal wallet is currently able to support a limited number of coins which include Bitcoin, Ethereum, Litecoin, as well as ERC20 tokens. It is lower than the coins supported by its competitors, TREZOR and Ledger, which may be a concern for some users. But, the company is working to provide more support for coins in the near future.
In conclusion it is clear that the Ellipal wallet has been a new competitor in the market of hardware wallets and promises to be 100% secure due to its complete separation from any network or computer. Its creators are new, and the product has not been battle-tested yet. The Ellipal wallet is currently compatible with only a few coins, and its price tag of $149 is in line with its competitors. Although the idea of a totally separated hardware wallet sounds appealing but it’s crucial to look at the history and security measures of other hardware wallets prior to making a decision. The final decision about whether or not the Ellipal product is worthwhile for the price is up to the individual. It’s a very secure option with a unique design however, it’s not as easy in use as the other hardware wallets. It’s also an extremely new product on the market.