The cryptocurrency market has witnessed an significant increase in the number of hardware wallets in recent years, all promises that digital assets will be safe and secure. Ellipal is one of them. Ellipal wallet is a brand new entry into the market and is aiming to differentiate itself from the crowd by providing an entirely separate solution. As the use of cryptocurrency grows more commonplace it is becoming more important to secure security for digital asset storage is becoming increasingly crucial. The Ellipal wallet is a tool that stores the private key to digital assets offline to prevent hackers from taking the keys remotely.
Ellipal, the company behind the wallet’s hardware, is a relatively new player in the market. The company raised $55K via the course of an Indiegogo campaign to fund the development of their product. The company’s website and online reviews claim they are completely secure, however, it’s important to keep in mind that hardware wallets of competing firms like TREZOR and Ledger are made in a way that no attacker from outside is able to view your private key. In the event that, for instance, the TREZOR is connected TREZOR on a compromised computer that has been infected with viruses Your private keys remain protected and safe.
Its Ellipal wallet is distinctive in its design, it is completely disconnected from any network or computer that is, it doesn’t have wireless or wired connections. Instead, it transmits QR codes through an image camera at the rear of the. This makes it a highly safe option since it blocks the possibility of hackers gaining gain access to private information through a network connection. However, it’s worth noting that this also means that the Ellipal wallet isn’t as user-friendly as other wallets that are hardware-based that can be linked to a computer for simple transactions.
The Ellipal wallet retails for $149. It is fairly brand new in the marketplace, meaning that it has not been combat-tested to date. This is something that potential buyers should be aware of when purchasing the Ellipal wallet. As a comparison, both the top hardware wallet manufacturers today (TREZOR as well as Ledger) are on the market for a longer time 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 coins that are supported by its rivals, TREZOR and Ledger, which could be a problem for some buyers. However, the company is working to provide the support of more coins in the future.
In the end, the Ellipal wallet is a fresh player on the market of hardware wallets and promises to be completely secure due to its complete separation from any network or computer. The company behind it is new and the product has not been battle-tested as of yet. The Ellipal wallet is currently compatible with the use of a small number of coins and its price of $149 is in line with its competitors. Although the idea of a totally separated hardware wallet sounds appealing however, you should consider the security and track record measures of other hardware wallets before making a decision. The final decision about whether the Ellipal product is worthwhile for the price is up to the individual. It’s a safe option with a unique design however, it’s not as user-friendly in use as the other hardware wallets, and it’s an all-new product on the market.