The cryptocurrency market has witnessed an significant increase in the amount of wallets that are hardware on the market in recent years. Each claims that digital assets will be safe and secure. The Ellipal wallet is a new entrant in this field and aims to stand out from the crowd by providing an unrivalled solution. As cryptocurrency usage becomes more mainstream and more commonplace, the need for secure security for digital asset storage becomes increasingly important. The Ellipal wallet can be described as a tool that stores the private key to digital assets indefinitely to prevent hackers from taking their assets remotely.
Ellipal the company that developed the wallet’s hardware component is a relatively young competitor in the market. The company raised $55K via an Indiegogo campaign to help fund the development of their product. The website of the company and its online reviews claim the hardware wallet as 100% secure, however, it’s important to remember that hardware wallets of competing businesses like TREZOR as well as Ledger are constructed in a manner that no one outside can see your private keys. For instance, even if it is possible to connect your TREZOR with a compromised device which is infected by viruses Your private keys are still protected and safe.
The Ellipal wallet is unique in its design. It is completely isolated from any network or computer which means it does not have wired or wireless connectivity. Instead, it transmits QR codes via cameras on its rear of the. This makes it a highly secure option as it eliminates the possibility of a hacker gaining gain access to private information via the network. However, it’s important to remember that this could mean 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 costs $149 and is relatively recent to market which implies that it has not been tested in battle yet. This is something prospective buyers need to keep in mind when considering buying this Ellipal wallet. As a comparison, both the top hardware wallet manufacturers today (TREZOR as well as Ledger) are around for longer and have a an established track record of security.
Regarding support for coins, Ellipal wallet supports a limited number of coins. Ellipal wallet is currently able to support the following coins: a few, including Bitcoin, Ethereum, Litecoin as well as ERC20 tokens. This is less than the amount of coins supported by its competitors, TREZOR and Ledger, which might be a worry for some customers. The company is working to provide more support for coins in the near future.
In conclusion, it is clear that the Ellipal wallet is a new player in the market of hardware wallets and promises to be 100% secure due to its complete inaccessibility to any computer or network. Its creators are new and the product hasn’t been tested in battle yet. The Ellipal wallet 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 exclusive hardware wallet is appealing but it’s crucial to look at the track record and security measures of other hardware wallets before making a decision. In the end, the decision on whether the Ellipal product is worthwhile for the price is entirely up to the user. It’s a very secure option that has a modern design however, it’s not as user-friendly to use as other hardware wallets. Additionally, it’s an extremely new product that’s available.