The world of cryptocurrency has seen a significant increase in the number of hardware wallets available on the market in recent years, each promises that digital assets will be safe and secure. The Ellipal wallet is a brand new entrant in this field and is aiming to differentiate itself from its rivals by providing an entirely separate solution. As cryptocurrency usage grows more commonplace it is becoming more important to secure 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 offline and prevents hackers from taking the keys remotely.
Ellipal, the company behind the wallet’s hardware is a relatively new competitor in the market. It raised $55K through the course of an Indiegogo campaign to fund its development. The company’s website and online reviews claim the hardware wallet as 100% safe, however it is important to keep in mind that hardware wallets of competing firms like TREZOR as well as Ledger are also designed in a way that no outside attacker can view your private key. For example, even if it is possible to connect your TREZOR on a compromised device that has been infected with viruses your private keys are still protected and safe.
The Ellipal wallet is unique in its design, it is completely unconnected to any computer or network that is, it doesn’t have wireless or wired connectivity. Instead, it transmits QR codes through a camera on the rear of the. This makes it a highly secure option as it eliminates the possibility of hackers gaining access to the private key by a network connection. However, it’s worth noting that this also means that the Ellipal wallet isn’t as convenient to use as other wallets that are hardware-based that can be linked to a computer to facilitate transactions.
The Ellipal wallet retails for $149. It is relatively recent to market which means that it isn’t battle-tested yet. This is something that potential buyers need to be aware of when purchasing this Ellipal wallet. Comparatively, both of the leading hardware wallet makers today (TREZOR as well as Ledger) are on the market for longer and have a an established track record of security.
In terms of support for coin In terms of support for coins, Ellipal wallet supports a limited number of coins. Ellipal wallet currently supports the following coins: a few that are supported, such as Bitcoin, Ethereum, Litecoin as well as ERC20 tokens. This is fewer than the number of coins supported by its competitors, TREZOR and Ledger, which may be a concern for some customers. The company is currently working on adding support for more coins in the near future.
In the end it is clear that the Ellipal wallet is a new player on the market of hardware wallets that claims to be 100% secure due to its complete inaccessibility to any network or computer. Ellipal is a company that’s new and the product has not been battle-tested yet. The Ellipal wallet supports a limited number of coins and its price of $149 is in line with its competitors. Although the concept of a completely exclusive hardware wallet is appealing however, you should consider the history and security measures of other wallet options before making a choice. Ultimately, the decision of whether or not the Ellipal wallet is worth the cost is entirely up to the user. It’s a safe option with a unique design but it’s not as convenient for use like other hardware wallets. It’s also a relatively new product that’s available.