The cryptocurrency market has witnessed a significant rise in the number of hardware wallets on the market in recent years. Each claims to keep digital assets secure and safe. Ellipal is one of them. Ellipal wallet is the latest entrant in this field and is aiming to differentiate itself from its rivals by providing an entirely separate solution. As cryptocurrency usage grows more commonplace it is becoming more important to secure the storage and protection of assets is becoming increasingly essential. The Ellipal wallet is a gadget which keeps the private keys to digital assets offline, preventing hackers from stealing them remotely.
Ellipal the company that developed the wallet’s hardware component is a relatively new player in the market. It raised $55K through the course of an Indiegogo campaign to finance its development. The company’s website and online reviews state that their hardware wallet is completely safe, however it is important to note that the hardware wallets of competing companies like TREZOR as well as Ledger are made in a way that no outside attacker can access your private keys. For example, even if it is possible to connect your TREZOR to a compromised computer that is infected with viruses your private keys will remain protected and safe.
The Ellipal wallet is unique in its design. It is completely unconnected to any computer or network that is, it doesn’t have wireless or wired connectivity. Instead, it communicates through QR codes using an image camera at the rear end. This makes it a highly secure option as it eliminates the possibility of hackers getting access to the private key through the network. However, it’s important to remember that this means the Ellipal wallet is not so user-friendly like other wallets on hardware that can be linked to a computer for simple transactions.
The Ellipal wallet retails for $149. It is relatively new to the market, which implies that it isn’t combat-tested to date. This is something that potential buyers must take into consideration when purchasing the Ellipal wallet. In comparison, both leading hardware wallet makers today (TREZOR and Ledger) were around for longer and have a an established track record of security.
In terms of support for coin in terms of coin support, the Ellipal wallet is currently able to support the following coins: a few which include Bitcoin, Ethereum, Litecoin along with ERC20 tokens. This is less than the amount of coins that are supported by its rivals, TREZOR and Ledger, which might be a worry for some buyers. The company is working to provide the support of more coins in the future.
In conclusion it is clear that it is clear that the Ellipal wallet has been a brand new player on the hardware wallet market and promises to be completely secure because of its complete inaccessibility to 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 at $149 is comparable with the other options. Although the concept of a completely separated hardware wallet sounds appealing however, you should consider the security and track record measures of other hardware wallet options before making a choice. The final decision about whether the Ellipal product is worthwhile for the cost is entirely up to the user. It’s a very secure option with a unique design however, it’s not as easy for use like other hardware wallets. It’s also an all-new product available on the market.