The cryptocurrency market has seen an significant rise in the number of hardware wallets in recent years, all promising to keep digital assets secure and safe. Ellipal is one of them. Ellipal wallet is a new entrant in this field and aims to stand out from its competitors by offering a completely isolated solution. As cryptocurrency usage is becoming more widespread, the need for secure storage of digital assets becomes increasingly essential. The Ellipal wallet can be described as a tool which keeps the private keys to digital assets off-line to prevent hackers from taking them from a remote location.
Ellipal the company that developed the wallet’s hardware is a relatively new competitor in the market. They raised $55K in the course of an Indiegogo campaign to finance the development of their product. The company’s website as well as online reviews claim the hardware wallet as 100% safe, however it is important to note that the hardware wallets of competing companies such as TREZOR and Ledger are also designed in a way that no attacker from outside is able to access your private keys. In the event that, for instance, the TREZOR is connected TREZOR to a compromised computer that has been infected with viruses, your private keys will remain secure and safe.
Its Ellipal wallet is distinctive 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 via QR codes using an image camera at the rear end. This makes it a highly secure choice as it removes the possibility of hackers having an access point to your private keys through a network connection. However, it’s important to remember that this also means that the Ellipal wallet is not as user-friendly like other wallets on hardware, which can be connected to a computer to facilitate transactions.
The Ellipal wallet costs $149 and is fairly new to the market, which means that it has not been combat-tested to date. This is something prospective buyers must keep in mind when considering purchasing the Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers today (TREZOR as well as Ledger) were around for longer and have a established track records of security.
Regarding support for coins, Ellipal wallet supports a limited number of coins. Ellipal wallet is currently able to support the following coins: a few, including Bitcoin, Ethereum, Litecoin, as well as ERC20 tokens. This is less than the amount of coins supported by its competitors, TREZOR and Ledger, which might be a worry for some customers. However, the company is working to add support for more coins in the future.
In the end it is clear that the Ellipal wallet has been a new competitor in the market of hardware wallets, promising to be 100% safe due to its total separation from any computer or network. The company behind it is relatively new and the product has not been battle-tested as of yet. The Ellipal wallet is currently compatible with a limited number of coins and the price at $149 is comparable with its competitors. Although the idea of a fully separated hardware wallet sounds appealing but it’s crucial to look at the history and security measures of other hardware wallets prior to making a decision. Ultimately, the decision of whether or not the Ellipal device is well worth the cost is up to the person who buys it. It’s an extremely secure choice with an innovative design, however, it’s not as user-friendly in use as the other wallets, and it’s an extremely new product on the market.