The world of cryptocurrency has witnessed a significant increase in the number of hardware wallets on the market in recent years, all promises that digital assets will be safe and secure. Ellipal is one of them. Ellipal wallet is a brand new entrant in this field and hopes to differentiate from the crowd by providing a completely isolated solution. As the use of cryptocurrency grows more commonplace it is becoming more important to secure security for digital asset storage becomes more crucial. It is the Ellipal wallet can be described as a tool that keeps the private key to digital assets offline, preventing hackers from stealing the keys remotely.
Ellipal the company that developed the wallet’s hardware, is a relatively new company on the market. The company raised $55K via the course of an Indiegogo campaign to finance research and development for their products. The company’s website as well as online reviews claim that their hardware wallet is completely secure, but it’s important to remember that hardware wallets of rival businesses like TREZOR and Ledger are made in a way that no attacker from outside is able to access your private keys. For example, even if it is possible to connect your TREZOR with a compromised system that has been infected with viruses your private keys are still protected and safe.
Ellipal is a unique wallet. Ellipal wallet is distinctive in its design, it is completely disconnected from any network or computer which means it does not have wireless or wired connectivity. Instead, it communicates through QR codes via an image camera at the rear end. This makes it an extremely secure option as it eliminates the possibility of a hacker having access to the private key through an internet connection. It’s important to note that this could mean that the Ellipal wallet isn’t as convenient to use as other wallets that are hardware-based, which can be connected to a computer for easy transactions.
The Ellipal wallet costs $149 and is relatively brand new in the marketplace, which implies that it has not been tested in battle yet. This is something potential buyers need to take into consideration when purchasing the Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers of today (TREZOR and Ledger) were on the market 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 is currently able to support the following coins: a few, including Bitcoin, Ethereum, Litecoin, and ERC20 tokens. This is fewer than the coins supported by its competitors, TREZOR and Ledger, which could be a problem for some customers. But, the company is working to provide more support for coins in the future.
In the end 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 network or computer. Ellipal is a company that’s relatively new, and the product hasn’t been battle-tested yet. The Ellipal wallet is currently compatible with a limited number of coins and the price of $149 is in line with other wallets. Although the concept of a fully separated hardware wallet sounds appealing but it’s crucial to look at the security and track record measures of other hardware wallet options before making a choice. In the end, the decision on whether the Ellipal device is well worth the price is entirely up to the user. It’s a safe option with an innovative design, however, it’s not as easy to use as other wallets, and it’s an extremely new product that’s available.