The cryptocurrency market has seen an significant increase in the amount of wallets that are hardware on the market in recent years, all claims to keep digital assets secure and safe. Its Ellipal wallet is the latest entry into the market and hopes to differentiate from its rivals by providing a completely isolated solution. As cryptocurrency usage grows more commonplace it is becoming more important to safe storage of digital assets becomes increasingly essential. It is the Ellipal wallet can be described as a device which keeps the private keys to digital assets off-line, preventing hackers from stealing the keys from a remote location.
Ellipal the company that developed the hardware wallet is a relatively young company on the market. It raised $55K through an Indiegogo campaign to finance research and development for their products. The company’s website and online reviews state that their hardware wallet is completely secure, but it’s important to remember that hardware wallets of competing firms like TREZOR and Ledger are made in a way that no outside attacker can view your private key. In the event that, for instance, you connect your TREZOR to a compromised system that is infected with viruses your private keys will remain secure and safe.
The Ellipal wallet is unique in its design. It is completely isolated from any network or computer that is, it doesn’t have wireless or wired connections. Instead, it communicates through QR codes through a camera on the rear end. This makes it a very secure option as it eliminates the possibility of a hacker gaining access to the private key by an internet connection. It’s important to note that this could mean that the Ellipal wallet is not so user-friendly as other wallets that are hardware-based that can be linked to a computer for simple transactions.
The Ellipal wallet retails for $149. It is fairly brand new in the marketplace, which implies that it has not been tested in battle yet. This is something that potential buyers must take into consideration when buying this Ellipal wallet. In comparison, both leading hardware wallet manufacturers of today (TREZOR as well as Ledger) are in business for longer and have a an established track record of security.
Regarding support for coins, the Ellipal wallet currently supports only a small number of coins, including Bitcoin, Ethereum, Litecoin as well as ERC20 tokens. It is lower than the amount of coins that are supported by its rivals, TREZOR and Ledger, which could be a problem for some customers. But, the company is working to provide more support for coins in the future.
In the end In conclusion, Ellipal wallet is a good choice. Ellipal wallet has been a brand new player on the market of hardware wallets, promising to be completely secure due to its complete inaccessibility to any computer or network. The company behind it is relatively new and the product hasn’t been battle-tested yet. The Ellipal wallet is currently compatible with a limited number of coins and its price at $149 is comparable with its competitors. While the idea of a totally exclusive hardware wallet is appealing however, you should consider the security and track record measures of other wallet options before making a choice. Ultimately, the decision of whether or not the Ellipal wallet is worth the price is entirely up to the user. It’s a very secure option with an innovative design, however, it’s not as easy to use as other wallets, and it’s an extremely new product available on the market.