The world of cryptocurrency has seen a significant increase in the number of hardware wallets available on the market in recent years, all claims that digital assets will be safe and secure. Ellipal is one of them. Ellipal wallet is a new entry into the market and aims to stand out from its rivals by providing an entirely separate solution. As cryptocurrency usage is becoming more widespread and more commonplace, the need for secure security for digital asset storage becomes more important. Ellipal wallet Ellipal wallet can be described as a tool that stores the private key to digital assets off-line to prevent hackers from taking the keys from a remote location.
Ellipal the company that developed the wallet’s hardware component is a relatively new competitor in the market. They raised $55K in an Indiegogo campaign to fund the development of their product. The company’s website and online reviews state that their hardware wallet is 100% secure, however, it’s important to remember that hardware wallets of rival companies like TREZOR as well as Ledger are constructed in a manner that no attacker from outside is able to see your private keys. For example, even if you connect your TREZOR on a compromised system which is infected by viruses your private keys will remain secure and safe.
Its Ellipal wallet is unique in its design. It is completely disconnected from any network or computer which means it does not have wireless or wired connections. Instead, it transmits QR codes via cameras on its rear end. This makes it a highly secure choice as it removes the possibility of a hacker gaining gain access to private information through an internet connection. However, it’s worth noting that this could mean that the Ellipal wallet is not so user-friendly as other wallets that are hardware-based that connect to a computer for easy transactions.
The Ellipal wallet retails for $149. It is fairly brand new in the marketplace, which implies that it has not been battle-tested yet. This is something prospective buyers must be aware of when purchasing this Ellipal wallet. As a comparison, both the top hardware wallet manufacturers of today (TREZOR and Ledger) were around for longer and have a an established track record of security.
In terms of support for coin, Ellipal wallet supports a limited number of coins. Ellipal wallet supports only a small number of coins that are supported, such as Bitcoin, Ethereum, Litecoin along with ERC20 tokens. It is lower than the number of coins supported by its competitors, TREZOR and Ledger, which could be a problem for some users. The company is currently working on adding support for more coins in the near future.
In the end it is clear that it is clear that the Ellipal device is an brand new player in the market of hardware wallets and promises that it is 100% secure due to its complete separation from any network or computer. Its creators are relatively new and the product has not been tested in battle yet. The Ellipal wallet supports only a few coins and its price at $149 is comparable with other wallets. While the idea of a fully exclusive hardware wallet is appealing but it’s crucial to look at the security and track record measures of other hardware wallet options before making a decision. In the end, the decision on whether or not the Ellipal product is worthwhile for the cost is up to the person who buys it. It’s a very secure option that has a modern design however, it’s not as user-friendly in use as the other hardware wallets, and it’s an extremely new product that’s available.