The world of cryptocurrency has witnessed an significant increase in the amount of wallets that are hardware in recent years, all claims that digital assets will be secure and safe. Its Ellipal wallet is a brand new entry into the market and is aiming to differentiate itself from its competitors by offering an unrivalled solution. As cryptocurrency usage grows more commonplace, the need for secure the storage and protection of assets is becoming increasingly essential. The Ellipal digital wallet device that keeps the private key to digital assets offline to prevent hackers from taking them remotely.
Ellipal the company that developed the hardware wallet, is a relatively new company on the market. They raised $55K in the course of an Indiegogo campaign to finance research and development for their products. The company’s website and reviews online claim that their hardware wallet is 100% safe, however it is important to keep in mind that hardware wallets of competing firms like TREZOR and Ledger are constructed in a manner that no one outside can access your private keys. For example, even if you connect your TREZOR with a compromised computer that is infected with viruses your private keys are still secure and safe.
Ellipal is a unique wallet. Ellipal wallet is distinctive in its design. It is completely disconnected from any network or computer which means it does not have wireless or wired connections. Instead, it communicates through QR codes using an image camera at the rear end. This makes it a very secure choice as it removes the possibility of hackers getting access to the private key via an internet connection. It’s important to note that this could mean that the Ellipal wallet is not as convenient to use like other wallets on hardware that can be linked to a computer to facilitate transactions.
The Ellipal wallet retails for $149. It is relatively recent to market which implies that it has not been combat-tested to date. This is something potential buyers need to take into consideration when buying this Ellipal wallet. In comparison, both leading hardware wallet manufacturers today (TREZOR as well as Ledger) are in business for longer and have a proven track record of security.
Regarding support for coins in terms of coin support, the Ellipal wallet currently supports a limited number of coins, including Bitcoin, Ethereum, Litecoin, and ERC20 tokens. This is fewer than the number of coins that are supported by its rivals, TREZOR and Ledger, which could be a problem for some customers. However, the company is currently working on adding the support of more coins in the near future.
In conclusion it is clear that the Ellipal wallet is a new competitor in the hardware wallet market and promises that it is 100% safe due to its total inaccessibility to any network or computer. The company behind it is relatively new, and the product has not been battle-tested yet. The Ellipal wallet currently supports a limited number of coins and the price of $149 is on par with the other options. While the idea of a completely separated hardware wallet sounds appealing however, you should consider the security and track record features of other hardware wallets prior to making a choice. Ultimately, the decision of whether or not the Ellipal product is worthwhile for the price is up to the person who buys it. It’s a safe option with a unique design however, it’s not as user-friendly to use as other wallets. Additionally, it’s a relatively new product that’s available.