The cryptocurrency market has witnessed an significant rise in the number of hardware wallets in recent years. Each promising to keep digital assets secure and safe. Ellipal is one of them. Ellipal wallet is a brand new competitor in the field, and hopes to differentiate from the crowd by providing an unrivalled solution. As cryptocurrency usage becomes more mainstream, the need for safe the storage and protection of assets is becoming increasingly important. It is the Ellipal wallet is a tool that keeps the private key to digital assets off-line, preventing hackers from stealing the keys from a remote location.
Ellipal, the company behind the wallet’s hardware component, is a relatively new company on the market. It raised $55K through an Indiegogo campaign to fund its development. The company’s website as well as online reviews claim they are completely secure, however, it’s important to note that the hardware wallets of competing companies such as TREZOR as well as Ledger are also designed in a way that no outside attacker can see your private keys. In the event that, for instance, you connect your TREZOR to a compromised system that has been infected with viruses your private keys remain secure and safe.
The Ellipal wallet is distinctive in its design. It is completely unconnected to any network or computer, meaning it has no wired or wireless connectivity. Instead, it transmits QR codes through an image camera at the rear end. This makes it a very safe option since it blocks the possibility of hackers getting gain access to private information via an internet connection. However, it’s important to remember that this could mean that the Ellipal wallet isn’t so user-friendly like other wallets on hardware that can be linked to a computer for simple transactions.
The Ellipal wallet retails for $149. It is relatively new to the market, which implies that it isn’t tested in battle yet. This is something potential buyers need to take into consideration when buying the Ellipal wallet. Comparatively, both of the leading hardware wallet makers today (TREZOR as well as Ledger) have been in business for longer and have a established track records of security.
Regarding support for coins in terms of coin support, the Ellipal wallet supports only a small number of coins which include Bitcoin, Ethereum, Litecoin, and ERC20 tokens. It is lower than the number of coins supported by its competitors, TREZOR and Ledger, which could be a problem for some buyers. But, the company is currently working on adding the support of more coins in the near future.
In conclusion, the Ellipal wallet has been a brand new competitor in the hardware wallet market, promising to be completely safe due to its total inaccessibility to any computer or network. Its creators are new and the product hasn’t been battle-tested yet. The Ellipal wallet currently supports a limited number of coins and its price of $149 is on par with its competitors. While the idea of a completely separated hardware wallet sounds appealing however, you should consider the security and track record features of other hardware wallets before making a decision. The final decision about whether or not the Ellipal wallet is worth the cost is entirely up to the user. It’s an extremely secure choice that has a modern design however, it’s not as easy in use as the other wallets. It’s also an all-new product available on the market.