The cryptocurrency market has seen a significant increase in the number of wallets that are hardware in recent years, each claims that digital assets will be secure and safe. Its Ellipal wallet is a brand new entrant in this field and is aiming to differentiate itself from its competitors by offering a completely isolated solution. As the use of cryptocurrency becomes more mainstream it is becoming more important to secure security for digital asset storage becomes more important. Ellipal wallet Ellipal digital wallet gadget which keeps the private keys to digital assets off-line, preventing hackers from stealing them from a remote location.
Ellipal, the company behind the hardware wallet is a relatively young player in the market. They raised $55K in the course of an Indiegogo campaign to fund research and development for their products. The company’s website as well as reviews online claim the hardware wallet as 100% secure, however, it’s important to keep in mind that hardware wallets of competing companies like TREZOR as well as Ledger are also designed in a way that no one outside can view your private key. In the event that, for instance, you connect your TREZOR on a compromised system which is infected by viruses, your private keys will remain protected and safe.
Ellipal is a unique wallet. Ellipal wallet is distinctive 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 using a camera on the rear end. This makes it a highly safe option since it blocks the possibility of a hacker getting access to the private key through the network. However, it’s worth noting that this means the Ellipal wallet isn’t as convenient to use as other wallets that are hardware-based that connect to a computer for simple transactions.
The Ellipal wallet is priced at $149. It is relatively new to the market, meaning that it isn’t tested in battle yet. This is something that potential buyers must be aware of when buying the Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers today (TREZOR as well as Ledger) have been around for longer and have established track records of security.
Regarding support for coins, Ellipal wallet supports a limited number of coins. Ellipal wallet currently supports the following coins: a few which include Bitcoin, Ethereum, Litecoin, and 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 buyers. But, the company is working to add the support of more coins in the future.
In the end, it is clear that the Ellipal wallet is a fresh player on the hardware wallet market that claims to be completely secure due to its complete inaccessibility to any network or computer. Ellipal is a company that’s new and the product has not been battle-tested as of yet. The Ellipal wallet supports only a few coins and its price at $149 is comparable with its competitors. Although the concept of a completely separated hardware wallet sounds appealing but it’s crucial to look at the history and security measures of other wallets before making a choice. The final decision about whether or not the Ellipal device is well worth the cost is entirely up to the user. It’s a safe option with an innovative design, however, it’s not as easy in use as the other wallets. It’s also an extremely new product on the market.