The world of cryptocurrency has seen an significant rise in the number of hardware wallets in recent years. Each claims that digital assets will be secure and safe. Its Ellipal wallet is the latest entry into the market and is aiming to differentiate itself from its rivals by providing an unrivalled solution. As cryptocurrency usage is becoming more widespread it is becoming more important to safe security for digital asset storage becomes increasingly important. The Ellipal wallet can be described as a tool that keeps the private key to digital assets indefinitely and prevents hackers from taking their assets remotely.
Ellipal, the company behind the wallet’s hardware, is a relatively new player in the market. They raised $55K in the course of an Indiegogo campaign to finance research and development for their products. The website of the company and its online reviews state they are 100% secure, however, it’s important to keep in mind that hardware wallets of competing firms such as TREZOR and Ledger are made in a way that no attacker from outside is able to access your private keys. In the event that, for instance, the TREZOR is connected TREZOR with a compromised system that has been infected with viruses your private keys remain secure and safe.
Its Ellipal wallet is distinctive in its design, it is completely isolated from any computer or network, meaning it has no wireless or wired connectivity. Instead, it transmits QR codes via cameras on its rear end. This makes it a highly secure option as it eliminates the possibility of a hacker having an access point to your private keys through a network connection. It’s important to note that this means the Ellipal wallet is not so 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 fairly brand new in the marketplace, which means that it has not been tested in battle yet. This is something that potential buyers must take into consideration when purchasing this Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers today (TREZOR as well as Ledger) are in business for longer and have an established track record of security.
In terms of coin support In terms of support for coins, Ellipal wallet supports a limited number of coins. Ellipal wallet currently supports only a small number of coins, including Bitcoin, Ethereum, Litecoin as well as ERC20 tokens. It is lower than the amount of coins supported by its competitors, TREZOR and Ledger, which may be a concern for some buyers. But, the company is working to add support for more coins in the near future.
In the end, it is clear that the Ellipal wallet is a fresh player in the hardware wallet market, promising to be completely secure due to its complete inaccessibility to any network or computer. Ellipal is a company that’s relatively new, and the product hasn’t been battle-tested as of yet. The Ellipal wallet supports a limited number of coins and its price at $149 is comparable with the other options. Although the concept of a totally isolated hardware wallet is intriguing but it’s crucial to look at the security and track record features of other hardware wallets prior to making a choice. The final decision about whether the Ellipal wallet is worth the cost is up to the individual. It’s a safe option with an innovative design, however, it’s not as user-friendly to use as other hardware wallets. Additionally, it’s a relatively new product available on the market.