The cryptocurrency market has witnessed a significant rise in the number of hardware wallets available on the market in recent years, each promising that digital assets will be safe and secure. Ellipal is one of them. Ellipal wallet is a brand new competitor in the field, and hopes to differentiate from its rivals by providing an unrivalled solution. As cryptocurrency usage becomes more mainstream it is becoming more important to safe the storage and protection of assets becomes more important. The Ellipal wallet can be described as a gadget that stores the private key to digital assets off-line and prevents hackers from taking them from a remote location.
Ellipal, the company behind the hardware wallet is a relatively new company on the market. The company raised $55K via the course of an Indiegogo campaign to help fund the development of their product. The company’s website as well as online reviews state they are 100% secure, but it’s important to note that the hardware wallets from rival businesses such as TREZOR and Ledger are constructed in a manner that no one outside can view your private key. For instance, even if you connect your TREZOR on a compromised device that has been infected with viruses your private keys will remain secure and safe.
Its Ellipal wallet is unique in its design. It is completely isolated from any network or computer that is, it doesn’t have wireless or wired connections. Instead, it communicates through QR codes through cameras on its rear end. This makes it a highly secure choice as it removes the possibility of hackers having an access point to your private keys via an internet connection. It’s important to note that this also means that the Ellipal wallet is not so user-friendly as other wallets that are hardware-based, 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 isn’t tested in battle yet. This is something prospective buyers need to take into consideration when buying the Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers of today (TREZOR and Ledger) have been around for longer and have a proven track record of security.
In terms of coin support In terms of support for coins, Ellipal wallet supports a limited number of coins. Ellipal wallet currently supports a limited number of coins that are supported, such as Bitcoin, Ethereum, Litecoin, as well as ERC20 tokens. It is lower than the amount of coins supported by its competitors, TREZOR and Ledger, which could be a problem for some users. But, the company is currently working on adding more support for coins in the future.
In conclusion, the Ellipal wallet is a fresh player on the market of hardware wallets, promising to be completely secure because of its complete isolation from any computer or network. Ellipal is a company that’s 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 its competitors. While the idea of a fully isolated hardware wallet is intriguing but it’s crucial to look at the security and track record features of other hardware wallet options before making a decision. In the end, the decision on whether the Ellipal product is worthwhile for the price is entirely up to the user. It’s a very secure option with a unique design however, it’s not as easy for use like other hardware wallets. Additionally, it’s an all-new product available on the market.