The cryptocurrency market has seen a significant increase in the number of hardware wallets available on the market in recent years, each promises to keep digital assets safe and secure. Its Ellipal wallet is the latest competitor in the field, and hopes to differentiate from its competitors by offering an entirely separate solution. As cryptocurrency usage grows more commonplace, the need for secure the storage and protection of assets becomes increasingly essential. The Ellipal wallet is a tool that keeps the private key to digital assets indefinitely, preventing hackers from stealing them from a remote location.
Ellipal the company that developed the hardware wallet is a relatively new competitor in the market. The company raised $55K via an Indiegogo campaign to fund its development. The website of the company and its reviews online claim they are 100% safe, however it is important to keep in mind that hardware wallets of rival businesses such as TREZOR and Ledger are constructed in a manner that no attacker from outside is able to view your private key. For instance, even if you connect your TREZOR with a compromised computer which is infected by viruses, your private keys are still safe and secure.
Its Ellipal wallet is distinctive in its design, it is completely unconnected to any computer or network that is, it doesn’t have wired or wireless connectivity. Instead, it communicates via QR codes using an image camera at the rear of the. This makes it a highly safe option since it blocks the possibility of hackers getting an access point to your private keys via the network. However, it’s worth noting that this also means that the Ellipal wallet is not as user-friendly as other wallets that are hardware-based, which can be connected to a computer for simple transactions.
The Ellipal wallet costs $149 and is relatively recent to market which means that it isn’t combat-tested to date. This is something prospective buyers should keep in mind when considering buying the Ellipal wallet. As a comparison, both the top hardware wallet manufacturers today (TREZOR and Ledger) were on the market for longer and have a an established track record of security.
In terms of support for coin, the Ellipal wallet supports a limited number of coins that are supported, such as Bitcoin, Ethereum, Litecoin as well as ERC20 tokens. This is fewer than the coins supported by its competitors, TREZOR and Ledger, which may be a concern for some users. But, the company is currently working on adding the support of more coins in the near future.
In the end it is clear that it is clear that the Ellipal wallet is a brand new player on the hardware wallet market, promising to be 100% secure because of its complete separation from any network or computer. Its creators are 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 of $149 is on par with the other options. Although the idea of a fully isolated hardware wallet is intriguing however, you should consider the history and security measures of other hardware wallet options before making a decision. Ultimately, the decision of whether the Ellipal wallet is worth the cost is up to the individual. It’s a safe option that has a modern design but it’s not as convenient for use like other hardware wallets. Additionally, it’s an extremely new product that’s available.