The world of cryptocurrency has seen a significant increase in the amount of hardware wallets available in recent years, each claims to keep digital assets secure and safe. Its Ellipal wallet is the latest entry into the market and hopes to differentiate from its rivals by providing a completely isolated solution. As the use of cryptocurrency becomes more mainstream and more commonplace, the need for safe security for digital asset storage is becoming increasingly essential. The Ellipal digital wallet tool that keeps the private key to digital assets off-line, preventing hackers from stealing them from a remote location.
Ellipal the company that developed the wallet’s hardware component, is a relatively new player in the market. It raised $55K through the course of an Indiegogo campaign to help fund research and development for their products. The website of the company and its online reviews claim they are completely secure, but it’s important to note that the hardware wallets of rival firms like TREZOR as well as Ledger are constructed in a manner that no attacker from outside is able to access your private keys. For example, even if you connect your TREZOR with a compromised device that has been infected with viruses Your private keys remain protected and safe.
Its Ellipal wallet is unique 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 cameras on its rear end. This makes it a very safe option since it blocks the possibility of hackers getting an access point to your private keys by a network connection. However, it’s important to remember that this could mean that the Ellipal wallet is not so user-friendly like other wallets on hardware that connect to a computer to facilitate transactions.
The Ellipal wallet costs $149 and is fairly new to the market, which means that it’s not battle-tested yet. This is something prospective buyers should be aware of when purchasing this Ellipal wallet. In comparison, both leading hardware wallet makers today (TREZOR as well as Ledger) have been around for longer and have a an established track record of security.
Regarding support for coins, the Ellipal wallet supports the following coins: a few that are supported, such as Bitcoin, Ethereum, Litecoin along with ERC20 tokens. This is fewer than the number of coins supported by its competitors, TREZOR and Ledger, which might be a worry for some customers. However, the company is currently working on adding the support of more coins in the near future.
In conclusion, the Ellipal device is an new competitor in the market of hardware wallets, promising to be 100% secure due to its complete separation from any network or computer. The company behind it is new and the product hasn’t been battle-tested as of 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, it’s important to consider the history and security measures of other wallet options before making a decision. In the end, the decision on whether the Ellipal product is worthwhile for the price is entirely up to the user. It’s a very secure option that has a modern design however, it’s not as easy to use as other hardware wallets. It’s also an extremely new product that’s available.