The cryptocurrency market has witnessed a significant increase in the amount of wallets that are hardware in recent years, all promises to keep digital assets safe and secure. Ellipal is one of them. Ellipal wallet is a brand new entry into the market and aims to stand out from its rivals by providing a completely isolated solution. As the use of cryptocurrency is becoming more widespread it is becoming more important to safe storage of digital assets becomes more essential. It is the Ellipal wallet is a device that stores the private key to digital assets offline to prevent hackers from taking them from a remote location.
Ellipal, the company behind the wallet’s hardware component is a relatively young player in the market. It raised $55K through the course of an Indiegogo campaign to fund its development. The company’s website as well as reviews online claim that their hardware wallet is 100% secure, however, it’s important to keep in mind that hardware wallets of rival businesses such as 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 on a compromised device which is infected by viruses your private keys are still safe and secure.
Its Ellipal wallet is distinctive in its design. It is completely disconnected from any computer or network which means it does not have wireless or wired connections. Instead, it communicates through QR codes via cameras on its rear end. This makes it an extremely secure option as it eliminates the possibility of hackers gaining access to the private key through the network. However, it’s worth noting that this also means that the Ellipal wallet isn’t so user-friendly as other wallets that are hardware-based that can be linked to a computer to facilitate transactions.
The Ellipal wallet costs $149 and is fairly new to the market, which means that it isn’t tested in battle yet. This is something potential buyers should take into consideration when buying the Ellipal wallet. In comparison, both leading hardware wallet makers today (TREZOR and Ledger) have been around for longer and have an established track record of security.
In terms of coin support In terms of support for coins, Ellipal wallet supports a limited number of coins. Ellipal wallet supports only a small number of coins, including Bitcoin, Ethereum, Litecoin and ERC20 tokens. It is lower than the amount of coins supported by its competitors, TREZOR and Ledger, which may be a concern for some customers. However, the company is working to add more support for coins in the near future.
In the end, Ellipal wallet is a good choice. Ellipal wallet is a brand new player in the market for hardware wallets and promises that it is 100% safe due to its total inaccessibility to any computer or network. The company behind it is new, and the product hasn’t been battle-tested as of yet. The Ellipal wallet currently supports the use of a small number of coins, and its price tag of $149 is on par with other wallets. While the idea of a fully isolated hardware wallet is intriguing but it’s crucial to look at the security and track record features of other hardware wallet options before making a decision. Ultimately, the decision of whether the Ellipal device is well worth the cost is entirely up to the user. It’s a safe option with a unique design however, it’s not as user-friendly to use as other hardware wallets. It’s also an all-new product that’s available.