The cryptocurrency market has witnessed a significant rise in the number of hardware wallets available on the market in recent years, all promises that digital assets will be safe and secure. The Ellipal wallet is a brand new entry into the market and hopes to differentiate from the crowd by providing an unrivalled solution. As cryptocurrency usage becomes more mainstream, the need for secure security for digital asset storage is becoming increasingly essential. The Ellipal wallet can be described as a gadget which keeps the private keys to digital assets off-line to prevent 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 fund research and development for their products. The company’s website as well as online reviews state that their hardware wallet is 100% secure, but it’s important to remember that hardware wallets of rival businesses such as TREZOR and Ledger are made in a way that no outside attacker can access your private keys. For example, even if you connect your TREZOR with a compromised device that is infected with viruses, your private keys remain safe and secure.
The Ellipal wallet is unique in its design, it is completely isolated from any computer or network which means it does not have wireless or wired connectivity. Instead, it communicates via QR codes using an image camera at the back of the. This makes it a very safe option since it blocks the possibility of a hacker getting an access point to your private keys by a network connection. However, it’s important to remember that this means the Ellipal wallet isn’t as convenient to use as other hardware wallets that can be linked to a computer to facilitate transactions.
The Ellipal wallet is priced at $149. It is relatively brand new in the marketplace, which means that it isn’t combat-tested to date. This is something prospective buyers need to keep in mind when considering buying Ellipal. Ellipal wallet. In comparison, both leading hardware wallet manufacturers of today (TREZOR and Ledger) were around for a longer time and have a proven track record of security.
In terms of coin support In terms of support for coins, the Ellipal wallet currently supports the following coins: a few which include Bitcoin, Ethereum, Litecoin, and ERC20 tokens. It is lower than the amount of coins that are supported by its rivals, TREZOR and Ledger, which may be a concern for some users. The company is working to provide the support of more coins in the future.
In the end, the Ellipal wallet has been a fresh player on the market of hardware wallets, promising to be completely safe due to its total inaccessibility to any computer or network. Its creators are relatively new and the product hasn’t been battle-tested yet. The Ellipal wallet currently supports only a few coins, and its price tag of $149 is on par with other wallets. While the idea of a totally separated hardware wallet sounds appealing but it’s crucial to look at the history and security measures of other wallets prior to making a decision. The final decision about whether the Ellipal product is worthwhile for the cost 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. Additionally, it’s an extremely new product that’s available.