The cryptocurrency market has witnessed a significant increase in the amount of wallets that are hardware in recent years, each claims that digital assets will be secure and safe. Ellipal is one of them. Ellipal wallet is a new competitor in the field, and aims to stand out from its rivals by providing a completely isolated solution. As cryptocurrency usage becomes more mainstream and more commonplace, the need for secure storage of digital assets becomes increasingly essential. The Ellipal wallet can be described as a device that keeps the private key to digital assets off-line, preventing hackers from stealing their assets from a remote location.
Ellipal, the company behind the wallet’s hardware component is a relatively young company on the market. The company raised $55K via an Indiegogo campaign to fund its development. The company’s website and online reviews state they are 100% safe, however it is important to keep in mind that hardware wallets of rival businesses such as TREZOR and 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 system that is infected with viruses, your private keys are still safe and secure.
Ellipal is a unique wallet. Ellipal wallet is unique in its design, it is completely isolated from any network or computer, meaning it has no wired or wireless connectivity. Instead, it communicates via QR codes via an image camera at the rear of the. This makes it a highly safe option since it blocks the possibility of a hacker gaining access to the private key through a network connection. However, it’s worth noting 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 easy transactions.
The Ellipal wallet costs $149 and is relatively brand new in the marketplace, meaning that it has not been tested in battle yet. This is something potential buyers need to be aware of when buying the Ellipal wallet. In comparison, both leading hardware wallet manufacturers today (TREZOR and Ledger) have been around for longer and have a an established track record of security.
In terms of coin support In terms of support for coins, the Ellipal wallet supports a limited number of coins which include Bitcoin, Ethereum, Litecoin along with ERC20 tokens. This is fewer than the coins that are supported by its rivals, TREZOR and Ledger, which could be a problem for some users. However, the company is working to provide the support of more coins in the near future.
In the end, Ellipal wallet is a good choice. Ellipal device is an fresh competitor in the market for hardware wallets that claims to be 100% safe due to its total separation from any computer or network. Its creators are relatively new and the product has not been battle-tested yet. The Ellipal wallet currently supports only a few coins and its price at $149 is comparable with the other options. Although the concept of a fully exclusive hardware wallet is appealing however, you should consider the security and track record measures of other hardware wallet options before making a choice. Ultimately, the decision of whether or not the Ellipal wallet is worth the price is up to the individual. It’s a very secure option with an innovative design, however, it’s not as easy to use as other wallets. It’s also a relatively new product on the market.