The cryptocurrency market has witnessed a significant increase in the amount of hardware wallets on the market in recent years, each claims that digital assets will be secure and safe. The Ellipal wallet is the latest competitor in the field, and is aiming to differentiate itself from its competitors by offering a completely isolated solution. As cryptocurrency usage becomes more mainstream it is becoming more important to secure the storage and protection of assets becomes increasingly important. Ellipal wallet Ellipal wallet can be described as a device that keeps the private key to digital assets indefinitely to prevent hackers from taking the keys 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 fund the development of their product. The company’s website as well as reviews online claim the hardware wallet as 100% safe, however it is important to keep in mind that hardware wallets from rival companies like TREZOR as well as Ledger are made in a way that no outside attacker can access your private keys. In the event that, for instance, you connect your TREZOR to a compromised computer that has been infected with viruses, your private keys remain safe and secure.
The Ellipal wallet is distinctive in its design. It is completely isolated from any network or computer which means it does not have wireless or wired connectivity. Instead, it communicates through QR codes through an image camera at the rear end. This makes it a very secure option as it eliminates the possibility of hackers having access to the private key via a network connection. However, it’s important to remember that this means the Ellipal wallet isn’t so user-friendly as other hardware wallets, which can be connected to a computer for easy transactions.
The Ellipal wallet costs $149 and is relatively recent to market meaning that it isn’t battle-tested yet. This is something prospective buyers need to keep in mind when considering purchasing this Ellipal wallet. As a comparison, both the top hardware wallet manufacturers 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 support for coins, the Ellipal wallet supports only a small number of coins which include Bitcoin, Ethereum, Litecoin, as well as ERC20 tokens. This is fewer than the amount of coins that are supported by its rivals, TREZOR and Ledger, which may be a concern for some users. However, the company is working to provide more support for coins in the future.
In conclusion, the Ellipal wallet has been a brand new competitor in the market for hardware wallets, promising that it is 100% secure due to its complete isolation from any computer or network. Ellipal is a company that’s relatively new, and the product hasn’t been tested in battle yet. The Ellipal wallet is currently compatible with only a few coins and the price of $149 is in line with its competitors. While the idea of a totally isolated hardware wallet is intriguing, it’s important to consider the security and track record measures of other hardware wallet options before making a decision. In the end, the decision on whether the Ellipal wallet is worth the price is up to the person who buys it. It’s a safe option that has a modern design but it’s not as convenient in use as the other wallets. It’s also an all-new product on the market.