The cryptocurrency market has witnessed an significant increase in the amount of wallets that are hardware on the market in recent years. Each claims to keep digital assets secure and safe. Ellipal is one of them. Ellipal wallet is the latest competitor in the field, and hopes to differentiate from its rivals by providing an entirely separate solution. As the use of cryptocurrency is becoming more widespread, the need for secure security for digital asset storage is becoming increasingly important. The Ellipal wallet can be described as a gadget that stores the private key to digital assets indefinitely, preventing hackers from stealing them from a remote location.
Ellipal the company that developed the wallet’s hardware component is a relatively young player in the market. The company raised $55K via an Indiegogo campaign to finance its development. The company’s website as well as online reviews claim they are 100% safe, however it is important to remember that hardware wallets from rival businesses like TREZOR and Ledger are made in a way that no outside attacker can access your private keys. For instance, even if it is possible to connect your TREZOR to a compromised device that is infected with viruses, your private keys will remain secure and safe.
Ellipal is a unique wallet. 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 connectivity. Instead, it communicates via QR codes through a camera on the rear end. This makes it a very secure choice as it removes the possibility of hackers getting an access point to your private keys by an internet connection. However, it’s worth noting that this means the Ellipal wallet is not as user-friendly as other hardware wallets that can be linked to a computer for simple transactions.
The Ellipal wallet costs $149 and is relatively brand new in the marketplace, which implies that it has not been combat-tested to date. This is something prospective buyers need to take into consideration when purchasing the Ellipal wallet. In comparison, both leading hardware wallet manufacturers of today (TREZOR and Ledger) have been around for a longer time and have a proven track record of security.
In terms of coin support in terms of coin support, the Ellipal wallet currently supports the following coins: a few that are supported, such as Bitcoin, Ethereum, Litecoin, as well as ERC20 tokens. It is lower than the number of coins supported by its competitors, TREZOR and Ledger, which could be a problem for some customers. But, the company is working to provide the support of more coins in the near future.
In the end it is clear that Ellipal wallet is a good choice. Ellipal wallet has been a brand new competitor in the market for hardware wallets that claims to be 100% secure because of its complete isolation from any computer or network. Its creators are new, and the product hasn’t been battle-tested yet. The Ellipal wallet currently supports the use of a small number of coins, and its price tag of $149 is on par with its competitors. Although the idea of a fully isolated hardware wallet is intriguing but it’s crucial to look at the security and track record measures of other hardware wallets prior to making a decision. In the end, the decision on whether or not the Ellipal device is well worth the cost is up to the person who buys it. It’s a safe option with an innovative design, however, it’s not as user-friendly for use like other wallets. Additionally, it’s a relatively new product on the market.