The world of cryptocurrency has seen an significant increase in the number of hardware wallets available in recent years, all claims to keep digital assets secure and safe. Ellipal is one of them. Ellipal wallet is a brand new competitor in the field, and is aiming to differentiate itself from the crowd by providing an unrivalled solution. As cryptocurrency usage grows more commonplace, the need for safe security for digital asset storage becomes increasingly important. The Ellipal digital wallet tool that stores the private key to digital assets off-line to prevent hackers from taking their assets remotely.
Ellipal, the company behind the wallet’s hardware is a relatively young competitor in the market. It raised $55K through an Indiegogo campaign to finance research and development for their products. The company’s website as well as reviews online claim the hardware wallet as completely secure, but it’s important to keep in mind that hardware wallets from rival companies such as TREZOR and Ledger are also designed in a way that no outside attacker can access your private keys. For instance, even if you connect your TREZOR with a compromised computer that has been infected with viruses your private keys are still safe and secure.
The Ellipal wallet is unique in its design. It is completely isolated from any network or computer, meaning it has no wireless or wired connectivity. Instead, it communicates through QR codes using a camera on the rear end. This makes it a very secure choice as it removes the possibility of a hacker having an access point to your private keys by the network. However, it’s important to remember that this could mean that the Ellipal wallet isn’t as convenient to use as other wallets that are hardware-based that connect to a computer to facilitate transactions.
The Ellipal wallet costs $149 and is fairly recent to market meaning that it isn’t tested in battle yet. This is something that potential buyers should be aware of when buying this Ellipal wallet. Comparatively, both of the leading hardware wallet makers today (TREZOR and Ledger) have been in business for longer and have a proven track record of security.
In terms of support for coin in terms of coin support, 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, along with ERC20 tokens. It is lower than the number of coins that are supported by its rivals, TREZOR and Ledger, which may be a concern for some users. However, the company is working to add the support of more coins in the future.
In the end In conclusion, it is clear that the Ellipal wallet is a new competitor in the market for hardware wallets and promises to be 100% safe due to its total separation from 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 only a few coins and the price at $149 is comparable with its competitors. Although the idea of a completely isolated hardware wallet is intriguing, it’s important to consider the security and track record measures of other hardware wallets before making a decision. Ultimately, the decision of whether the Ellipal device is well worth the cost is entirely up to the user. It’s an extremely secure choice with a unique design however, it’s not as easy for use like other hardware wallets. It’s also an extremely new product that’s available.