The cryptocurrency market has seen an significant increase in the number of hardware wallets in recent years, all promises that digital assets will be secure and safe. Ellipal is one of them. Ellipal wallet is the latest entry into the market and hopes to differentiate from the crowd by providing a completely isolated solution. As the use of cryptocurrency becomes more mainstream it is becoming more important to safe the storage and protection of assets is becoming increasingly crucial. Ellipal wallet Ellipal wallet is a gadget that stores the private key to digital assets offline, preventing hackers from stealing the keys from a remote location.
Ellipal, the company behind the wallet’s hardware component, is a relatively new competitor in the market. It raised $55K through an Indiegogo campaign to finance its development. The website of the company and its reviews online claim the hardware wallet as 100% secure, however, it’s important to keep in mind that hardware wallets from rival companies such as TREZOR and Ledger are made in a way that no outside attacker can see your private keys. In the event that, for instance, it is possible to connect your TREZOR to a compromised computer which is infected by viruses Your private keys remain secure and safe.
The Ellipal wallet is unique in its design. It is completely isolated from any computer or network that is, it doesn’t have wireless or wired connectivity. Instead, it communicates through QR codes via a camera on the rear end. This makes it a very secure choice as it removes the possibility of hackers having an access point to your private keys via the network. However, it’s worth noting that this means the Ellipal wallet is not as convenient to use like other wallets on hardware that connect to a computer for simple transactions.
The Ellipal wallet is priced at $149. It is relatively brand new in the marketplace, which means that it isn’t battle-tested yet. This is something potential buyers need to take into consideration when purchasing this Ellipal wallet. In comparison, both leading hardware wallet manufacturers today (TREZOR as well as Ledger) were in business for longer and have a proven track record of security.
Regarding support for coins, Ellipal wallet supports a limited number of coins. Ellipal wallet currently supports a limited number of coins, including Bitcoin, Ethereum, Litecoin, and ERC20 tokens. This is less than the coins supported by its competitors, TREZOR and Ledger, which could be a problem for some customers. The company is working to add the support of more coins in the future.
In conclusion, it is clear that the Ellipal wallet is a brand new competitor in the market of hardware wallets, promising that it is 100% secure because of its complete separation from any computer or network. The company behind it is relatively new and the product has not been battle-tested as of yet. The Ellipal wallet currently supports the use of a small number of coins and the price of $149 is on par with the other options. Although the concept of a fully exclusive hardware wallet is appealing but it’s crucial to look at the security and track record features of other hardware wallets before making a decision. The final decision about whether or not the Ellipal product is worthwhile for the cost is up to the person who buys it. It’s an extremely secure choice with a unique design however, it’s not as easy in use as the other hardware wallets. Additionally, it’s an extremely new product on the market.