The cryptocurrency market has witnessed an significant increase in the number of hardware wallets in recent years. Each claims that digital assets will be secure and safe. Ellipal is one of them. Ellipal wallet is the latest entrant in this field and aims to stand out from its rivals by providing an entirely separate solution. As the use of cryptocurrency is becoming more widespread and more commonplace, the need for safe security for digital asset storage becomes increasingly important. The Ellipal wallet is a device which keeps the private keys to digital assets off-line, preventing hackers from stealing their assets from a remote location.
Ellipal, the company behind the wallet’s hardware is a relatively young player in the market. The company raised $55K via an Indiegogo campaign to fund the development of their product. The company’s website as well as reviews online claim that their hardware wallet is completely secure, but it’s important to keep in mind that hardware wallets from rival businesses like TREZOR as well as Ledger are constructed in a manner that no outside attacker can access your private keys. For example, even if the TREZOR is connected TREZOR on a compromised system which is infected by viruses your private keys are still protected and safe.
Ellipal is a unique wallet. Ellipal wallet is distinctive 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 via an image camera at the back of the. This makes it a very safe option since it blocks the possibility of hackers gaining access to the private key through an internet connection. However, it’s worth noting that this means the Ellipal wallet is not so user-friendly like other wallets on hardware that connect to a computer for easy transactions.
The Ellipal wallet costs $149 and is relatively recent to market which means that it has not been battle-tested yet. This is something that potential buyers must be aware of when purchasing this Ellipal wallet. As a comparison, both the top hardware wallet manufacturers today (TREZOR and Ledger) were in business for longer and have a proven track record of security.
Regarding support for coins In terms of support for coins, the Ellipal wallet currently supports the following coins: a few that are supported, such as Bitcoin, Ethereum, Litecoin, along with ERC20 tokens. This is fewer than the coins supported by its competitors, TREZOR and Ledger, which might be a worry for some users. But, the company is working to add more support for coins in the near future.
In the end In conclusion, it is clear that the Ellipal wallet is a brand new player in the hardware wallet market, promising that it is 100% safe due to its total inaccessibility to any computer or network. Its creators are relatively new and the product has not been battle-tested as of yet. The Ellipal wallet is currently compatible with only a few coins and its price of $149 is on par with its competitors. Although the concept of a totally separated hardware wallet sounds appealing but it’s crucial to look at the security and track record measures of other hardware wallet options before making a decision. Ultimately, the decision of whether the Ellipal wallet is worth the price is up to the person who buys it. It’s a very secure option with an innovative design, but it’s not as convenient in use as the other hardware wallets, and it’s an all-new product that’s available.