The cryptocurrency market has seen a significant increase in the number of hardware wallets available in recent years. Each promises that digital assets will be secure and safe. Its Ellipal wallet is a new competitor in the field, and hopes to differentiate from its competitors by offering an unrivalled solution. As the use of cryptocurrency is becoming more widespread and more commonplace, the need for safe storage of digital assets is becoming increasingly crucial. Ellipal wallet Ellipal wallet can be described as a tool that stores the private key to digital assets offline, preventing hackers from stealing them from a remote location.
Ellipal, the company behind the wallet’s hardware component is a relatively new player in the market. It raised $55K through an Indiegogo campaign to finance research and development for their products. The company’s website as well as reviews online claim that their hardware wallet is 100% safe, however it is important to keep in mind that hardware wallets of rival companies like TREZOR and Ledger are constructed in a manner that no attacker from outside is able to view your private key. In the event that, for instance, you connect your TREZOR with a compromised computer that is infected with viruses Your private keys are still protected and safe.
Its Ellipal wallet is distinctive in its design. It is completely isolated from any network or computer that is, it doesn’t have wireless or wired connectivity. Instead, it communicates via QR codes using cameras on its rear end. This makes it an extremely secure choice as it removes the possibility of hackers gaining an access point to your private keys through an internet connection. However, it’s worth noting that this also means that the Ellipal wallet isn’t so user-friendly as other wallets that are hardware-based that can be linked to a computer for easy transactions.
The Ellipal wallet retails for $149. It is fairly new to the market, which means that it has not been battle-tested yet. This is something potential buyers must be aware of when purchasing the Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers today (TREZOR and Ledger) are in business for a longer time and have a established track records of security.
In terms of coin support in terms of coin support, the Ellipal wallet is currently able to support only a small number of coins, including Bitcoin, Ethereum, Litecoin, and ERC20 tokens. It is lower than the coins that are supported by its rivals, TREZOR and Ledger, which could be a problem for some customers. The company is working to add support for more coins in the near future.
In the end, the Ellipal device is an new player on the hardware wallet market that claims to be completely safe due to its total isolation from any computer or network. The company behind it is relatively new, and the product hasn’t been battle-tested as of yet. The Ellipal wallet is currently compatible with the use of a small number of coins and its price at $149 is comparable with other wallets. Although the idea of a fully isolated hardware wallet is intriguing but it’s crucial to look at the history and security features of other hardware wallet options before making a decision. The final decision about whether or not the Ellipal wallet is worth the price is entirely up to the user. It’s an extremely secure choice with an innovative design, however, it’s not as easy for use like other hardware wallets. Additionally, it’s an all-new product available on the market.