The world of cryptocurrency has witnessed an significant rise in the number of hardware wallets in recent years. Each claims to keep digital assets safe and secure. Its Ellipal wallet is a brand new entry into the market and aims to stand out from its competitors by offering an entirely separate solution. As the use of cryptocurrency becomes more mainstream, the need for secure storage of digital assets becomes increasingly crucial. The Ellipal wallet is a device which keeps the private keys to digital assets offline and prevents hackers from taking them remotely.
Ellipal, the company behind the wallet’s hardware component, is a relatively new company on the market. The company raised $55K via the course of an Indiegogo campaign to help fund the development of their product. The company’s website as well as online reviews state the hardware wallet as completely safe, however it is important to remember that hardware wallets from rival businesses like TREZOR as well as Ledger are constructed in a manner that no outside attacker can access your private keys. For instance, even if it is possible to connect your TREZOR with a compromised computer which is infected by viruses Your private keys are still secure and safe.
The Ellipal wallet is distinctive in its design, it is completely isolated from any network or computer, meaning it has no wireless or wired connections. Instead, it communicates through QR codes through an image camera at the back of the. This makes it a highly secure choice as it removes the possibility of hackers gaining an access point to your private keys by an internet connection. It’s important to note that this means the Ellipal wallet is not so user-friendly like other wallets on hardware, which can be connected to a computer for simple transactions.
The Ellipal wallet costs $149 and is fairly recent to market which means that it isn’t battle-tested yet. This is something that potential buyers need to take into consideration when purchasing this Ellipal wallet. In comparison, both leading hardware wallet manufacturers today (TREZOR as well as Ledger) have been in business for a longer time and have a an established track record of security.
Regarding support for coins, Ellipal wallet supports a limited number of coins. Ellipal wallet supports only a small number of coins, including Bitcoin, Ethereum, Litecoin, as well as ERC20 tokens. This is less than the amount of coins that are supported by its rivals, TREZOR and Ledger, which might be a worry for some customers. But, the company is working to provide support for more coins in the future.
In the end In conclusion, the Ellipal wallet is a fresh competitor in the market for hardware wallets, promising to be completely secure due to its complete inaccessibility to any network or computer. Its creators are relatively new, and the product has not been battle-tested as of yet. The Ellipal wallet supports the use of a small number of coins, and its price tag of $149 is on par with the other options. While the idea of a fully isolated hardware wallet is intriguing, it’s important to consider the history and security measures of other wallets before making a decision. In the end, the decision on whether the Ellipal wallet is worth the cost is entirely up to the user. It’s a very secure option with an innovative design, however, it’s not as easy to use as other hardware wallets. It’s also an extremely new product available on the market.