The cryptocurrency market has witnessed an significant rise in the number of hardware wallets available in recent years. Each promises that digital assets will be safe and secure. Its Ellipal wallet is a brand new competitor in the field, and aims to stand out from its competitors by offering a completely isolated solution. As the use of cryptocurrency becomes more mainstream, the need for secure security for digital asset storage becomes increasingly crucial. It is the Ellipal wallet is a tool that stores the private key to digital assets off-line, preventing hackers from stealing the keys remotely.
Ellipal, the company behind the wallet’s hardware is a relatively young competitor in the market. They raised $55K in an Indiegogo campaign to fund the development of their product. The website of the company and its online reviews claim they are completely secure, but it’s important to keep in mind that hardware wallets of competing businesses like TREZOR as well as Ledger are also designed in a way that no outside attacker can access your private keys. For example, even if it is possible to connect your TREZOR to a compromised computer that is infected with viruses, your private keys remain secure and safe.
The Ellipal wallet is distinctive in its design, it is completely isolated from any network or computer which means it does not have wireless or wired connectivity. Instead, it transmits QR codes via cameras on its rear of the. This makes it an extremely safe option since it blocks the possibility of a hacker getting gain access to private information by the network. It’s important to note that this could mean that the Ellipal wallet is not so user-friendly as other hardware wallets, which can be connected to a computer to facilitate transactions.
The Ellipal wallet is priced at $149. It is relatively recent to market meaning that it’s not battle-tested yet. This is something that potential buyers should take into consideration when buying the Ellipal wallet. As a comparison, both the top hardware wallet manufacturers of today (TREZOR as well as Ledger) are on the market for longer and have a an established track record of security.
In terms of support for coin, the Ellipal wallet currently supports a limited number of coins, including Bitcoin, Ethereum, Litecoin, as well as ERC20 tokens. This is fewer than the amount of coins supported by its competitors, TREZOR and Ledger, which might be a worry for some buyers. The company is currently working on adding the support of more coins in the near future.
In the end In conclusion, it is clear that the Ellipal wallet has been a fresh competitor in the market of hardware wallets that claims to be completely secure due to its complete isolation from any computer or network. The company behind it is new and the product hasn’t been battle-tested as of yet. The Ellipal wallet is currently compatible with a limited number of coins and its price of $149 is on par with the other options. Although the concept of a completely isolated hardware wallet is intriguing but it’s crucial to look at the track record and security measures of other wallet options before making a choice. Ultimately, the decision of whether the Ellipal device is well worth the price is entirely up to the user. It’s an extremely secure choice with an innovative design, however, it’s not as easy for use like other hardware wallets. Additionally, it’s a relatively new product available on the market.