The cryptocurrency market has witnessed an significant increase in the amount of hardware wallets available on the market in recent years, all promises that digital assets will be secure and safe. Ellipal is one of them. Ellipal wallet is the latest entrant in this field and hopes to differentiate from the crowd by providing a completely isolated solution. As cryptocurrency usage grows more commonplace and more commonplace, the need for safe storage of digital assets becomes more crucial. The Ellipal digital wallet device which keeps the private keys to digital assets off-line, preventing hackers from stealing them from a remote location.
Ellipal the company that developed the wallet’s hardware is a relatively new player in the market. They raised $55K in an Indiegogo campaign to fund its development. The website of the company and its online reviews state that their hardware wallet is 100% secure, but it’s important to note that the hardware wallets of rival businesses such as TREZOR and Ledger are constructed in a manner that no one outside can access your private keys. In the event that, for instance, you connect your TREZOR with a compromised device that is infected with viruses your private keys will 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 connectivity. Instead, it transmits QR codes through an image camera at the rear end. This makes it a highly secure choice as it removes the possibility of hackers gaining gain access to private information via the network. However, it’s important to remember that this means the Ellipal wallet is not so user-friendly as other wallets that are hardware-based, which can be connected to a computer for simple transactions.
The Ellipal wallet costs $149 and is relatively recent to market meaning that it has not been battle-tested yet. This is something potential buyers must be aware of when buying this Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers of today (TREZOR and Ledger) were on the market for longer and have a an established track record of security.
In terms of coin support, the Ellipal wallet supports only a small number of coins, including Bitcoin, Ethereum, Litecoin, along with ERC20 tokens. This is fewer than the coins that are supported by its rivals, TREZOR and Ledger, which might be a worry for some customers. However, the company is currently working on adding more support for coins in the future.
In conclusion, it is clear that the Ellipal wallet is a new player in the hardware wallet market that claims to be completely secure due to its complete separation from any network or computer. Ellipal is a company that’s relatively new and the product hasn’t been battle-tested as of yet. The Ellipal wallet is currently compatible with the use of a small number of coins, and its price tag of $149 is on par with the other options. Although the idea of a fully exclusive hardware wallet is 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 the Ellipal product is worthwhile for the cost is up to the person who buys it. It’s a safe option with a unique design however, it’s not as user-friendly to use as other hardware wallets. Additionally, it’s an extremely new product on the market.