The cryptocurrency market has witnessed an significant rise in the number of hardware wallets in recent years, all promising to keep digital assets secure and safe. Its Ellipal wallet is the latest competitor in the field, and hopes to differentiate from its competitors by offering an entirely separate solution. As cryptocurrency usage becomes more mainstream and more commonplace, the need for secure storage of digital assets becomes increasingly crucial. It is the Ellipal wallet can be described as a gadget that stores the private key to digital assets off-line and prevents hackers from taking their assets from a remote location.
Ellipal the company that developed the wallet’s hardware component is a relatively young company on the market. It raised $55K through the course of an Indiegogo campaign to finance the development of their product. The company’s website as well as online reviews claim that their hardware wallet is 100% secure, however, it’s important to note that the hardware wallets of rival businesses like TREZOR and Ledger are constructed in a manner that no attacker from outside is able to access your private keys. In the event that, for instance, the TREZOR is connected TREZOR to a compromised device that is infected with viruses, your private keys will remain safe and secure.
Its Ellipal wallet is distinctive in its design, it is completely disconnected from any computer or network, meaning it has no wireless or wired connectivity. Instead, it transmits QR codes using a camera on the rear end. This makes it an extremely secure choice as it removes the possibility of hackers gaining gain access to private information via a network connection. However, it’s worth noting that this means the Ellipal wallet isn’t so user-friendly as other hardware wallets that connect to a computer to facilitate transactions.
The Ellipal wallet retails for $149. It is fairly new to the market, which means that it’s not combat-tested to date. This is something potential buyers must be aware of when purchasing the Ellipal wallet. In comparison, both leading hardware wallet makers today (TREZOR and Ledger) have been on the market for a longer time and have a established track records of security.
In terms of support for coin In terms of support for coins, Ellipal wallet supports a limited number of coins. Ellipal wallet is currently able to support only a small number of coins which include Bitcoin, Ethereum, Litecoin, as well as ERC20 tokens. This is less than the amount of coins supported by its competitors, TREZOR and Ledger, which could be a problem for some customers. But, the company is currently working on adding support for more coins in the future.
In the end it is clear that the Ellipal wallet has been a brand new player in the market for hardware wallets that claims to be 100% secure because of its complete separation from any computer or network. Ellipal is a company that’s new and the product hasn’t been battle-tested as of yet. The Ellipal wallet is currently compatible with the use of a small number of coins and the price at $149 is comparable with its competitors. Although the concept of a totally separated hardware wallet sounds appealing, it’s important to consider the history and security measures of other wallets prior to making a decision. Ultimately, the decision of whether the Ellipal wallet is worth the cost is entirely up to the user. It’s an extremely secure choice that has a modern design however, it’s not as easy in use as the other wallets, and it’s an all-new product available on the market.