The cryptocurrency market has witnessed an significant increase in the amount of hardware wallets available on the market in recent years. Each promising to keep digital assets safe and secure. Its Ellipal wallet is the latest entrant in this field and hopes to differentiate from the crowd by providing an entirely separate solution. As the use of cryptocurrency is becoming more widespread it is becoming more important to secure the storage and protection of assets becomes increasingly essential. It is the Ellipal wallet is a tool that keeps the private key to digital assets off-line, preventing hackers from stealing their assets from a remote location.
Ellipal the company that developed the wallet’s hardware component is a relatively young company on the market. It raised $55K through an Indiegogo campaign to fund its development. The company’s website as well as online reviews state the hardware wallet as 100% secure, but it’s important to keep in mind that hardware wallets of rival businesses such as TREZOR and Ledger are also designed in a way that no outside attacker can view your private key. For instance, even if it is possible to connect your TREZOR to a compromised computer which is infected by viruses Your private keys are still protected and safe.
The Ellipal wallet is unique in its design. It is completely unconnected to any computer or network which means it does not have wired or wireless connectivity. Instead, it communicates through QR codes through a camera on the rear of the. This makes it a highly secure option as it eliminates the possibility of hackers getting an access point to your private keys via an internet connection. It’s important to note that this could mean that the Ellipal wallet is not as convenient to use like other wallets on hardware that connect to a computer for easy transactions.
The Ellipal wallet costs $149 and is relatively new to the market, meaning that it has not been combat-tested to date. This is something potential buyers should take into consideration when purchasing this Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers of today (TREZOR as well as Ledger) have been around for longer and have a proven track record of security.
In terms of support for coin in terms of coin support, the Ellipal wallet supports only a small number of coins which include Bitcoin, Ethereum, Litecoin, along with ERC20 tokens. This is fewer than the coins that are supported by its rivals, TREZOR and Ledger, which could be a problem for some users. The company is working to provide support for more coins in the future.
In the end it is clear that Ellipal wallet is a good choice. Ellipal wallet is a new player in the hardware wallet market and promises to be completely secure due to its complete isolation from any computer or network. The company behind it is relatively new, and the product has not been battle-tested as of yet. The Ellipal wallet currently supports only a few coins and its price of $149 is on par with its competitors. While the idea of a fully isolated hardware wallet is intriguing but it’s crucial to look at the history and security features of other hardware wallet options before making a decision. In the end, the decision on whether the Ellipal product is worthwhile for the cost is entirely up to the user. It’s a very secure option with a unique design however, it’s not as easy in use as the other hardware wallets. It’s also a relatively new product available on the market.