The cryptocurrency market has witnessed an significant rise in the number of wallets that are hardware on the market in recent years, each claims that digital assets will be safe and secure. Its Ellipal wallet is the latest competitor in the field, and aims to stand out from its competitors by offering a completely isolated solution. As the use of cryptocurrency grows more commonplace and more commonplace, the need for safe storage of digital assets becomes increasingly important. It is the Ellipal wallet can be described as a device which keeps the private keys to digital assets offline and prevents hackers from taking them from a remote location.
Ellipal, the company behind the wallet’s hardware component is a relatively new competitor in the market. The company raised $55K via an Indiegogo campaign to help fund its development. The company’s website as well as online reviews claim they are 100% secure, however, it’s important to note that the hardware wallets of competing businesses like TREZOR and Ledger are constructed in a manner that no outside attacker can see your private keys. For example, even if you connect your TREZOR with a compromised system which is infected by viruses, your private keys remain protected and safe.
Its Ellipal wallet is distinctive in its design, it is completely unconnected to any network or computer, meaning it has no wired or wireless connectivity. Instead, it communicates via QR codes using an image camera at the rear end. This makes it a very safe option since it blocks the possibility of a hacker getting access to the private key through the network. However, it’s important to remember 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, which implies that it’s not combat-tested to date. This is something potential buyers need to take into consideration when buying this Ellipal wallet. Comparatively, both of the leading hardware wallet makers today (TREZOR and Ledger) are in business for longer and have a proven track record of security.
In terms of coin support, Ellipal wallet supports a limited number of coins. Ellipal wallet supports a limited number of coins that are supported, such as Bitcoin, Ethereum, Litecoin and ERC20 tokens. This is fewer than the number of coins that are supported by its rivals, TREZOR and Ledger, which could be a problem for some buyers. But, the company is working to add support for more coins in the near future.
In conclusion it is clear that the Ellipal wallet is a brand new player in the market of hardware wallets that claims to be completely safe due to its total isolation from any computer or network. Ellipal is a company that’s relatively new and the product has not been battle-tested yet. The Ellipal wallet currently supports the use of a small number of coins, and its price tag of $149 is on par with its competitors. Although the idea of a fully exclusive hardware wallet is appealing however, you should consider the security and track record measures of other hardware wallets prior to making a decision. Ultimately, the decision of whether or not the Ellipal device is well worth the cost is up to the individual. It’s an extremely secure choice that has a modern design but it’s not as convenient for use like other hardware wallets, and it’s an extremely new product on the market.