The cryptocurrency market has witnessed an significant rise in the number of hardware wallets on the market in recent years, each promising that digital assets will be secure and safe. The Ellipal wallet is a new entrant in this field and aims to stand out from the crowd by providing an unrivalled solution. As cryptocurrency usage is becoming more widespread, the need for safe storage of digital assets is becoming increasingly crucial. The Ellipal digital wallet device that keeps the private key to digital assets off-line to prevent hackers from taking them from a remote location.
Ellipal the company that developed the wallet’s hardware component, is a relatively new competitor in the market. The company raised $55K via the course of an Indiegogo campaign to help fund research and development for their products. The company’s website and reviews online claim they are 100% secure, however, it’s important to note that the hardware wallets of rival firms like TREZOR as well as Ledger are made in a way that no outside attacker can view your private key. For instance, even if it is possible to connect your TREZOR on a compromised system which is infected by viruses, your private keys remain protected and safe.
Its Ellipal wallet is unique in its design. It is completely unconnected to any computer or network which means it does not have wireless or wired connections. Instead, it communicates through QR codes using cameras on its rear end. This makes it a highly secure choice as it removes the possibility of hackers getting an access point to your private keys by the network. 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, which can be connected to a computer to facilitate transactions.
The Ellipal wallet retails for $149. It is relatively brand new in the marketplace, meaning that it has not been battle-tested yet. This is something that potential buyers need to take into consideration when buying the Ellipal wallet. In comparison, both leading hardware wallet manufacturers of today (TREZOR and Ledger) were on the market for a longer time and have a an established track record of security.
Regarding support for coins In terms of support for coins, Ellipal wallet supports a limited number of coins. Ellipal wallet is currently able to support only a small number of coins, including Bitcoin, Ethereum, Litecoin, and ERC20 tokens. It is lower than the coins supported by its competitors, TREZOR and Ledger, which may be a concern for some customers. But, 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 device is an fresh player in the hardware wallet market, promising to be 100% safe due to its total inaccessibility to any computer or network. Its creators are relatively new, and the product hasn’t been tested in battle yet. The Ellipal wallet supports the use of a small number of coins, and its price tag of $149 is in line with its competitors. Although the concept of a fully separated hardware wallet sounds appealing but it’s crucial to look at the track record and security features of other hardware wallet options before making a choice. The final decision about whether or not the Ellipal product is worthwhile for the cost is up to the person who buys it. It’s a very secure option with a unique design but it’s not as convenient in use as the other hardware wallets. Additionally, it’s a relatively new product that’s available.