The world of cryptocurrency has witnessed an significant increase in the number of wallets that are hardware on the market in recent years, all promises that digital assets will be secure and safe. The Ellipal wallet is a new competitor in the field, and aims to stand out from its competitors by offering an unrivalled solution. As the use of cryptocurrency becomes more mainstream and more commonplace, the need for secure storage of digital assets becomes more essential. The Ellipal wallet can be described as a device that stores the private key to digital assets off-line and prevents hackers from taking them from a remote location.
Ellipal, the company behind the wallet’s hardware component, is a relatively new competitor in the market. The company raised $55K via an Indiegogo campaign to fund its development. The company’s website as well as online reviews claim they are completely secure, however, it’s important to note that the hardware wallets of competing businesses such as TREZOR and Ledger are also designed in a way that no attacker from outside is able to view your private key. For example, even if it is possible to connect your TREZOR on a compromised system that has been infected with viruses your private keys will remain secure and safe.
Ellipal is a unique wallet. Ellipal wallet is distinctive in its design, it is completely disconnected from any network or computer that is, it doesn’t have wired or wireless connectivity. Instead, it communicates through QR codes via a camera on the rear end. This makes it an extremely secure option as it eliminates the possibility of hackers having an access point to your private keys by the network. It’s important to note that this means the Ellipal wallet is not as convenient to use as other wallets that are hardware-based that connect to a computer to facilitate transactions.
The Ellipal wallet costs $149 and is relatively brand new in the marketplace, which implies that it’s not tested in battle yet. This is something potential buyers should keep in mind when considering purchasing the Ellipal wallet. In comparison, both leading hardware wallet manufacturers of today (TREZOR as well as Ledger) are in business for longer and have an established track record of security.
In terms of support for coin, the Ellipal wallet currently supports a limited number of coins, including Bitcoin, Ethereum, Litecoin along with ERC20 tokens. It is lower than the coins supported by its competitors, TREZOR and Ledger, which could be a problem for some customers. However, the company is currently working on adding more support for coins in the near future.
In conclusion, it is clear that the Ellipal wallet has been a fresh competitor in the hardware wallet market that claims to be completely secure because of its complete separation from any network or computer. Its creators are relatively new and the product hasn’t been battle-tested yet. The Ellipal wallet currently supports the use of a small number of coins, and its price tag of $149 is on par with the other options. Although the concept of a fully isolated hardware wallet is intriguing, it’s important to consider the track record and security measures of other wallet options before making a decision. In the end, the decision on whether the Ellipal device is well worth the cost is up to the individual. It’s a very secure option with an innovative design, but it’s not as convenient in use as the other hardware wallets. It’s also a relatively new product on the market.