The world of cryptocurrency has witnessed an significant increase in the number of hardware wallets on the market in recent years, all claims that digital assets will be secure and safe. Its Ellipal wallet is the latest competitor in the field, and aims to stand out from its competitors by offering an unrivalled solution. As cryptocurrency usage becomes more mainstream it is becoming more important to secure the storage and protection of assets becomes increasingly important. It is the Ellipal wallet can be described as a gadget that stores the private key to digital assets indefinitely and prevents hackers from taking their assets from a remote location.
Ellipal, the company behind the wallet’s hardware component is a relatively young competitor in the market. They raised $55K in an Indiegogo campaign to finance its development. The website of the company and its online reviews state that their hardware wallet is completely secure, however, it’s important to note that the hardware wallets of rival firms such as TREZOR as well as Ledger are also designed in a way that no outside attacker can view your private key. For instance, even if it is possible to connect your TREZOR to a compromised device that is infected with viruses your private keys are still secure and safe.
Its Ellipal wallet is distinctive in its design. It is completely isolated from any network or computer, meaning it has no wired or wireless connectivity. Instead, it communicates through QR codes via an image camera at the rear end. This makes it a very secure choice as it removes the possibility of hackers having gain access to private information through a network connection. It’s important to note that this also means that the Ellipal wallet isn’t so user-friendly like other wallets on hardware that connect to a computer for easy transactions.
The Ellipal wallet retails for $149. It is relatively recent to market which means that it’s not combat-tested to date. This is something that potential buyers should be aware of when buying this Ellipal wallet. In comparison, both leading hardware wallet manufacturers today (TREZOR as well as Ledger) have been on the market for a longer time and have a an established track record of security.
In terms of coin support In terms of support for coins, the Ellipal wallet is currently able to support only a small number of coins which include Bitcoin, Ethereum, Litecoin, along with ERC20 tokens. It is lower than the coins that are supported by its rivals, TREZOR and Ledger, which could be a problem for some users. But, the company is working to add more support for coins in the future.
In the end it is clear that the Ellipal wallet has been a brand new player in the market of hardware wallets, promising to be completely secure because of its complete separation from any computer or network. Ellipal is a company that’s new and the product has not been battle-tested as of yet. The Ellipal wallet supports a limited number of coins and its price of $149 is on par with the other options. Although the concept of a totally isolated hardware wallet is intriguing but it’s crucial to look at the history and security measures of other wallets prior to making a decision. In the end, the decision on whether or not the Ellipal product is worthwhile for the cost is up to the individual. It’s a safe option with a unique design however, it’s not as user-friendly to use as other hardware wallets. It’s also a relatively new product that’s available.