The world of cryptocurrency has witnessed a significant increase in the amount of hardware wallets on the market in recent years. Each claims that digital assets will be safe and secure. The Ellipal wallet is a new entrant in this field and hopes to differentiate from its competitors by offering an unrivalled solution. As the use of cryptocurrency becomes more mainstream it is becoming more important to safe security for digital asset storage becomes increasingly important. It is the Ellipal wallet is a tool that stores the private key to digital assets off-line and prevents hackers from taking the keys remotely.
Ellipal, the company behind the wallet’s hardware component is a relatively young company on the market. The company raised $55K via an Indiegogo campaign to finance its development. The company’s website as well as online reviews state the hardware wallet as 100% secure, but it’s important to remember that hardware wallets of competing firms like TREZOR and Ledger are also designed in a way that no outside attacker can see your private keys. In the event that, for instance, it is possible to connect your TREZOR with a compromised computer that is infected with viruses, your private keys will remain secure and safe.
The Ellipal wallet is distinctive in its design, it is completely unconnected to any network or computer which means it does not have wireless or wired connections. Instead, it transmits QR codes through a camera on the rear of the. This makes it an extremely safe option since it blocks the possibility of a hacker gaining an access point to your private keys via a network connection. However, it’s worth noting that this means the Ellipal wallet is not as user-friendly like other wallets on hardware that can be linked to a computer to facilitate transactions.
The Ellipal wallet retails for $149. It is relatively recent to market which means that it’s not tested in battle yet. This is something potential buyers need to be aware of when purchasing the Ellipal wallet. As a comparison, both the top hardware wallet manufacturers of today (TREZOR and Ledger) were on the market for a longer time and have a proven track record of security.
In terms of support for coin in terms of coin support, Ellipal wallet supports a limited number of coins. Ellipal wallet currently supports the following coins: a few which include Bitcoin, Ethereum, Litecoin, and ERC20 tokens. This is less than the amount of coins that are supported by its rivals, TREZOR and Ledger, which may be a concern for some buyers. However, the company is working to provide more support for coins in the near future.
In conclusion it is clear that the Ellipal wallet is a fresh competitor in the hardware wallet market and promises to be completely safe due to its total separation from any network or computer. Ellipal is a company that’s new and the product hasn’t been battle-tested as of yet. The Ellipal wallet supports only a few coins and its price of $149 is on par with other wallets. Although the concept of a totally exclusive hardware wallet is appealing however, you should consider the track record and security measures of other hardware wallet options before making a choice. In the end, the decision on whether the Ellipal device is well worth the cost is entirely up to the user. It’s a safe option that has a modern design but it’s not as convenient for use like other wallets. Additionally, it’s a relatively new product available on the market.