The world of cryptocurrency has seen an significant increase in the number of wallets that are hardware on the market in recent years. Each promising to keep digital assets secure and safe. The Ellipal wallet is the latest entrant in this field and is aiming to differentiate itself from its rivals by providing a completely isolated solution. As cryptocurrency usage becomes more mainstream and more commonplace, the need for safe storage of digital assets is becoming increasingly essential. The Ellipal digital wallet device which keeps the private keys to digital assets offline, preventing hackers from stealing the keys remotely.
Ellipal the company that developed the wallet’s hardware is a relatively young player in the market. It raised $55K through an Indiegogo campaign to finance the development of their product. The website of the company and its reviews online claim the hardware wallet as completely secure, but 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 attacker from outside is able to access your private keys. For instance, even if you connect your TREZOR with a compromised computer that is infected with viruses your private keys are still protected and safe.
The Ellipal wallet is distinctive in its design, it is completely unconnected to any computer or network that is, it doesn’t have wired or wireless connectivity. Instead, it communicates through QR codes using cameras on its rear of the. This makes it a highly safe option since it blocks the possibility of a hacker getting access to the private key through a network connection. It’s important to note that this means the Ellipal wallet isn’t so user-friendly as other wallets that are hardware-based that connect to a computer for simple transactions.
The Ellipal wallet costs $149 and is fairly new to the market, meaning that it isn’t battle-tested yet. This is something potential buyers must be aware of when buying this Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers today (TREZOR as well as Ledger) were around for a longer time and have a proven track record of security.
In terms of support for coin, Ellipal wallet supports a limited number of coins. Ellipal wallet is currently able to support only a small number of coins which include Bitcoin, Ethereum, Litecoin and ERC20 tokens. This is less than the coins supported by its competitors, TREZOR and Ledger, which might be a worry for some users. But, the company is working to add support for more coins in the near future.
In conclusion In conclusion, the Ellipal wallet is a fresh player on the market of hardware wallets, promising that it is 100% safe due to its total separation from any network or computer. The company behind it is new, and the product hasn’t been battle-tested as of yet. The Ellipal wallet currently supports a limited number of coins, and its price tag of $149 is on par with its competitors. Although the idea of a fully separated hardware wallet sounds appealing however, you should consider the security and track record measures of other hardware wallets prior to making a decision. In the end, the decision on whether or not the Ellipal product is worthwhile for the price is up to the individual. It’s a very secure option with a unique design but it’s not as convenient for use like other wallets. Additionally, it’s a relatively new product on the market.