The world of cryptocurrency has seen an significant increase in the amount of hardware wallets on the market in recent years, all claims that digital assets will be safe and secure. Its Ellipal wallet is the latest entrant in this field and hopes to differentiate from its rivals by providing an entirely separate solution. As the use of cryptocurrency is becoming more widespread and more commonplace, the need for secure storage of digital assets becomes more essential. The Ellipal digital wallet device that stores the private key to digital assets indefinitely to prevent hackers from taking the keys remotely.
Ellipal, the company behind the wallet’s hardware is a relatively young company on the market. It raised $55K through the course of an Indiegogo campaign to fund research and development for their products. The website of the company and its reviews online claim the hardware wallet as 100% safe, however it is important to remember that hardware wallets of competing firms such as TREZOR and Ledger are constructed in a manner that no attacker from outside is able to view your private key. For example, even if the TREZOR is connected TREZOR on a compromised computer that is infected with viruses Your private keys will remain protected and safe.
The Ellipal wallet is distinctive in its design, it is completely isolated from any network or computer, meaning it has no wired or wireless connectivity. Instead, it communicates through QR codes via a camera on the rear of the. This makes it an extremely secure choice as it removes the possibility of hackers having an access point to your private keys through the network. However, it’s worth noting that this means the Ellipal wallet isn’t as convenient to use like other wallets on hardware that connect to a computer to facilitate transactions.
The Ellipal wallet retails for $149. It is relatively new to the market, meaning that it’s not combat-tested to date. This is something potential buyers must keep in mind when considering purchasing this Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers today (TREZOR and Ledger) have been on the market for longer and have a an established track record of security.
In terms of coin support, the Ellipal wallet is currently able to support only a small number of coins which include Bitcoin, Ethereum, Litecoin, and ERC20 tokens. It is lower than the number of coins that are supported by its rivals, TREZOR and Ledger, which might be a worry for some buyers. But, the company is working to add support for more coins in the future.
In the end, the Ellipal device is an new player on the market of hardware wallets and promises to be 100% secure due to its complete isolation from any computer or network. Ellipal is a company that’s new and the product hasn’t been tested in battle yet. The Ellipal wallet currently supports the use of a small number of coins and the price of $149 is in line with its competitors. Although the idea of a fully separated hardware wallet sounds appealing however, you should consider the history and security measures of other hardware wallets prior to making a choice. The final decision about whether or not the Ellipal wallet is worth the price is entirely up to the user. It’s a safe option with an innovative design, but it’s not as convenient in use as the other wallets, and it’s an extremely new product available on the market.