The cryptocurrency market has witnessed a significant increase in the number of hardware wallets on the market in recent years, each claims to keep digital assets safe and secure. Ellipal is one of them. Ellipal wallet is the latest competitor in the field, and is aiming to differentiate itself from its rivals by providing an entirely separate solution. As the use of cryptocurrency becomes more mainstream and more commonplace, the need for secure storage of digital assets becomes increasingly important. The Ellipal digital wallet gadget which keeps the private keys to digital assets indefinitely to prevent hackers from taking the keys from a remote location.
Ellipal, the company behind the wallet’s hardware is a relatively new company on the market. The company raised $55K via the course of an Indiegogo campaign to help fund research and development for their products. The company’s website and online reviews claim the hardware wallet as completely safe, however it is important to note that the hardware wallets from rival businesses such as TREZOR as well as Ledger are constructed in a manner that no attacker from outside is able to access your private keys. In the event that, for instance, the TREZOR is connected TREZOR to a compromised device that has been infected with viruses your private keys are still protected and safe.
Its Ellipal wallet is unique 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 via an image camera at the rear end. This makes it a very safe option since it blocks the possibility of hackers gaining an access point to your private keys through a network connection. However, it’s worth noting that this also means that the Ellipal wallet isn’t as convenient to use as other hardware wallets, which can be connected to a computer to facilitate transactions.
The Ellipal wallet retails for $149. It is fairly new to the market, meaning that it’s not battle-tested yet. This is something potential buyers should take into consideration when purchasing this Ellipal wallet. In comparison, both 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 support for coin In terms of support for coins, the Ellipal wallet currently supports only a small number of coins which include Bitcoin, Ethereum, Litecoin and ERC20 tokens. This is fewer than the amount of coins supported by its competitors, TREZOR and Ledger, which could be a problem for some customers. But, the company is working to provide support for more coins in the future.
In the end it is clear that it is clear that the Ellipal device is an new competitor in the market for hardware wallets and promises that it is 100% secure because of its complete isolation from any network or computer. Its creators are new and the product hasn’t been battle-tested as of yet. The Ellipal wallet supports a limited number of coins and its price at $149 is comparable with its competitors. Although the idea of a fully exclusive hardware wallet is appealing, it’s important to consider the track record and security measures of other wallets prior to making a choice. In the end, the decision on whether the Ellipal wallet is worth 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 in use as the other hardware wallets. Additionally, it’s an extremely new product that’s available.