The cryptocurrency market has witnessed an significant increase in the amount of hardware wallets in recent years, each promising to keep digital assets secure and safe. Its Ellipal wallet is the latest entry into the market and is aiming to differentiate itself from its rivals by providing an unrivalled solution. As cryptocurrency usage grows more commonplace and more commonplace, the need for safe the storage and protection of assets becomes increasingly important. It is the Ellipal wallet can be described as a tool that keeps the private key to digital assets off-line and prevents hackers from taking them from a remote location.
Ellipal, the company behind the wallet’s hardware, is a relatively new player in the market. The company raised $55K via an Indiegogo campaign to finance its development. The company’s website and online reviews state that their hardware wallet is 100% safe, however it is important to keep in mind that hardware wallets from rival businesses like TREZOR as well as Ledger are made in a way that no outside attacker can access your private keys. For instance, even if it is possible to connect your TREZOR on a compromised device that is infected with viruses your private keys remain protected and safe.
Its Ellipal wallet is unique in its design, it is completely disconnected from any computer or network which means it does not have wireless or wired connectivity. Instead, it communicates through QR codes using an image camera at the rear of the. This makes it a highly safe option since it blocks the possibility of a hacker gaining an access point to your private keys via the network. It’s important to note that this could mean that the Ellipal wallet isn’t so user-friendly as other wallets that are hardware-based that can be linked to a computer for easy transactions.
The Ellipal wallet is priced at $149. It is relatively recent to market which implies that it isn’t battle-tested yet. This is something that potential buyers should keep in mind when considering purchasing this Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers today (TREZOR and Ledger) have been in business for longer and have a established track records of security.
In terms of support for coin in terms of coin support, Ellipal wallet supports a limited number of coins. Ellipal wallet currently supports only a small number of coins, including Bitcoin, Ethereum, Litecoin and ERC20 tokens. It is lower than the number of coins supported by its competitors, TREZOR and Ledger, which may be a concern for some buyers. But, the company is currently working on adding support for more coins in the future.
In conclusion it is clear that the Ellipal wallet is a fresh competitor in the hardware wallet market, promising that it is 100% secure because of its complete separation from any computer or network. Its creators are new and the product has not been battle-tested as of yet. The Ellipal wallet supports the use of a small number of coins and the price of $149 is in line with other wallets. Although the idea of a fully separated hardware wallet sounds appealing however, you should consider the history and security features of other hardware wallets before making a decision. The final decision about whether the Ellipal product is worthwhile for the cost is entirely up to the user. It’s a safe option that has a modern design however, it’s not as easy for use like other hardware wallets. It’s also a relatively new product available on the market.