The cryptocurrency market has seen a significant increase in the amount of hardware wallets available on the market in recent years. Each promises to keep digital assets secure and safe. The Ellipal wallet is the latest entry into the market and hopes to differentiate from its competitors by offering an entirely separate solution. As cryptocurrency usage becomes more mainstream, the need for secure security for digital asset storage is becoming increasingly essential. The Ellipal digital wallet tool that stores the private key to digital assets offline to prevent hackers from taking them from a remote location.
Ellipal, the company behind the hardware wallet is a relatively young player in the market. The company raised $55K via an Indiegogo campaign to fund its development. The company’s website and online reviews state the hardware wallet as 100% secure, however, it’s important to note that the hardware wallets of competing firms like TREZOR as well as Ledger are made in a way that no one outside can see your private keys. In the event that, for instance, you connect your TREZOR on a compromised device which is infected by viruses, your private keys are still secure and safe.
Its Ellipal wallet is unique in its design. It is completely isolated from any computer or network that is, it doesn’t have wireless or wired connections. Instead, it transmits QR codes using an image camera at the rear end. This makes it a very secure choice as it removes the possibility of a hacker gaining gain access to private information via the network. However, it’s worth noting that this also means that the Ellipal wallet isn’t as convenient to use like other wallets on hardware that can be linked to a computer for simple transactions.
The Ellipal wallet retails for $149. It is relatively brand new in the marketplace, which means that it’s not combat-tested to date. This is something that potential buyers must keep in mind when considering purchasing the Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers of today (TREZOR as well as Ledger) are in business for a longer time and have a established track records of security.
In terms of support for coin In terms of support for coins, the Ellipal wallet currently supports only a small number of coins that are supported, such as Bitcoin, Ethereum, Litecoin along with ERC20 tokens. This is less than the coins that are supported by its rivals, TREZOR and Ledger, which could be a problem for some users. However, the company is currently working on adding the support of more coins in the future.
In the end it is clear that the Ellipal wallet is a new player in the market for hardware wallets and promises to be completely secure because of its complete isolation from any network or computer. Ellipal is a company that’s relatively new and the product hasn’t been battle-tested yet. The Ellipal wallet supports a limited number of coins and its price of $149 is on par with the other options. While the idea of a fully isolated hardware wallet is intriguing, it’s important to consider the security and track record features of other hardware wallets prior to making a decision. The final decision about whether or not the Ellipal product is worthwhile for the price is entirely up to the user. It’s an extremely secure choice with an innovative design, but it’s not as convenient to use as other wallets, and it’s a relatively new product on the market.