The cryptocurrency market has witnessed a significant rise in the number of hardware wallets in recent years. Each promises to keep digital assets safe and secure. The Ellipal wallet is a brand new entry into the market and hopes to differentiate from its competitors by offering an unrivalled solution. As cryptocurrency usage grows more commonplace and more commonplace, the need for safe security for digital asset storage becomes increasingly important. The Ellipal wallet can be described as a tool which keeps the private keys to digital assets indefinitely and prevents hackers from taking the keys from a remote location.
Ellipal, the company behind the hardware wallet is a relatively new company on the market. They raised $55K in an Indiegogo campaign to finance its development. The website of the company and its reviews online claim the hardware wallet as completely secure, however, it’s important to keep in mind that hardware wallets from rival companies like TREZOR as well as Ledger are also designed in a way that no outside attacker can see your private keys. In the event that, for instance, the TREZOR is connected TREZOR to a compromised device that has been infected with viruses, your private keys remain secure and safe.
Its Ellipal wallet is distinctive in its design, it is completely unconnected to any computer or network which means it does not have wireless or wired connections. Instead, it transmits QR codes via cameras on its rear end. This makes it an extremely secure choice as it removes the possibility of hackers getting gain access to private information via an internet connection. However, it’s worth noting that this also means that the Ellipal wallet is not as convenient to use like other wallets on hardware, which can be connected to a computer for simple transactions.
The Ellipal wallet retails for $149. It is relatively new to the market, which means that it isn’t combat-tested to date. This is something that potential buyers must be aware of when buying the Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers today (TREZOR as well as Ledger) were around for a longer time and have a an established track record of security.
Regarding support for coins, Ellipal wallet supports a limited number of coins. Ellipal wallet supports the following coins: a few, including Bitcoin, Ethereum, Litecoin, as well as ERC20 tokens. It is lower than the coins supported by its competitors, TREZOR and Ledger, which could be a problem for some users. However, the company is working to provide the support of more coins in the near future.
In the end it is clear that the Ellipal wallet has been a fresh player in the market for hardware wallets, promising that it is 100% secure because of its complete isolation from any network or computer. Its creators are new and the product hasn’t been battle-tested yet. The Ellipal wallet is currently compatible with a limited number of coins and the price at $149 is comparable with the other options. While the idea of a totally isolated hardware wallet is intriguing but it’s crucial to look at the history and security measures of other hardware wallets before making a choice. The final decision about whether the Ellipal device is well worth the cost is entirely up to the user. It’s a very secure option that has a modern design but it’s not as convenient in use as the other hardware wallets. Additionally, it’s an extremely new product on the market.