The cryptocurrency market has witnessed an significant rise in the number of hardware wallets on the market in recent years. Each promises to keep digital assets safe and secure. The Ellipal wallet is a brand new entrant in this field and aims to stand out 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 crucial. It is the Ellipal wallet is a tool that stores the private key to digital assets offline to prevent hackers from taking their assets from a remote location.
Ellipal the company that developed the wallet’s hardware component, is a relatively new competitor in the market. It raised $55K through the course of an Indiegogo campaign to fund research and development for their products. The website of the company and its online reviews state the hardware wallet as completely secure, but it’s important to keep in mind that hardware wallets from rival businesses such as TREZOR and Ledger are constructed in a manner that no attacker from outside is able to see your private keys. In the event that, for instance, you connect your TREZOR to a compromised computer that has been infected with viruses, your private keys are still protected and safe.
The Ellipal wallet is distinctive in its design. It is completely unconnected to any network or computer, meaning it has no wireless or wired connections. Instead, it communicates through QR codes using an image camera at the rear end. This makes it a very safe option since it blocks the possibility of hackers having gain access to private information via a network connection. However, it’s important to remember that this could mean that the Ellipal wallet isn’t so user-friendly as other wallets that are hardware-based that connect to a computer to facilitate transactions.
The Ellipal wallet retails for $149. It is fairly new to the market, meaning that it isn’t battle-tested yet. This is something potential buyers need to keep in mind when considering purchasing the Ellipal wallet. As a comparison, both the top hardware wallet makers today (TREZOR and Ledger) were on the market for longer and have proven track record of security.
In terms of coin support In terms of 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, along with ERC20 tokens. This is less than the coins supported by its competitors, TREZOR and Ledger, which might be a worry for some customers. The company is working to provide support for more coins in the future.
In the end it is clear that Ellipal wallet is a good choice. Ellipal wallet has been a new competitor in the market for hardware wallets that claims to be 100% secure due to its complete inaccessibility to any computer or network. Its creators are relatively new and the product hasn’t been tested in battle yet. The Ellipal wallet currently supports the use of a small number of coins and the price at $149 is comparable with the other options. While the idea of a totally exclusive hardware wallet is appealing but it’s crucial to look at the track record and security measures of other hardware wallet options before making a decision. Ultimately, the decision of whether the Ellipal device is well worth the price is up to the individual. It’s a safe option with a unique design but it’s not as convenient in use as the other hardware wallets, and it’s an extremely new product on the market.