The cryptocurrency market has witnessed an significant rise in the number of wallets that are hardware on the market in recent years. Each promises that digital assets will be safe and secure. Its Ellipal wallet is a new entrant in this field and aims to stand out from its rivals by providing an entirely separate solution. As the use of cryptocurrency becomes more mainstream and more commonplace, the need for secure security for digital asset storage becomes increasingly important. Ellipal wallet Ellipal digital wallet device that keeps the private key to digital assets offline to prevent hackers from taking them remotely.
Ellipal, the company behind the wallet’s hardware component is a relatively new player in the market. They raised $55K in an Indiegogo campaign to fund its development. The company’s website as well as online reviews state that their hardware wallet is completely safe, however it is important to note that the hardware wallets from rival companies like TREZOR and Ledger are also designed in a way that no attacker from outside is able to view your private key. In the event that, for instance, you connect your TREZOR to a compromised computer that has been infected with viruses, your private keys will remain secure and safe.
The Ellipal wallet is unique in its design, it is completely isolated from any computer or network that is, it doesn’t have wireless or wired connections. Instead, it transmits QR codes using an image camera at the rear end. This makes it a very secure option as it eliminates the possibility of hackers having an access point to your private keys via the network. However, it’s worth noting that this could mean that the Ellipal wallet is not as user-friendly as other hardware wallets that connect to a computer for easy transactions.
The Ellipal wallet costs $149 and is fairly brand new in the marketplace, meaning that it’s not tested in battle yet. This is something prospective buyers need to keep in mind when considering purchasing the Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers of today (TREZOR as well as Ledger) are around for longer and have proven track record of security.
In terms of coin support in terms of coin support, the Ellipal wallet currently supports a limited number of coins, including Bitcoin, Ethereum, Litecoin along with ERC20 tokens. It is lower than the coins that are supported by its rivals, TREZOR and Ledger, which might be a worry for some buyers. But, the company is working to add the support of more coins in the future.
In the end, Ellipal wallet is a good choice. Ellipal device is an new player in the market of hardware wallets, promising to be 100% secure due to its complete inaccessibility to any network or computer. The company behind it is relatively new and the product has not been battle-tested as of yet. The Ellipal wallet currently supports the use of a small number of coins and the price at $149 is comparable with the other options. While the idea of a fully isolated hardware wallet is intriguing however, you should consider the track record and security measures of other hardware wallet options before making a choice. The final decision about whether the Ellipal wallet is worth the price is entirely up to the user. It’s an extremely secure choice with a unique design however, it’s not as easy to use as other hardware wallets, and it’s a relatively new product on the market.