The cryptocurrency market has witnessed an significant increase in the amount of hardware wallets available in recent years. Each promises that digital assets will be safe and secure. Ellipal is one of them. Ellipal wallet is a brand new entry into the market and is aiming to differentiate itself from its rivals by providing an unrivalled solution. As cryptocurrency usage is becoming more widespread it is becoming more important to safe security for digital asset storage becomes increasingly important. The Ellipal digital wallet tool that stores the private key to digital assets off-line, preventing hackers from stealing them from a remote location.
Ellipal, the company behind the hardware wallet is a relatively young player in the market. They raised $55K in an Indiegogo campaign to help fund the development of their product. The company’s website as well as online reviews state they are completely safe, however it is important to keep in mind that hardware wallets of competing companies like TREZOR as well as Ledger are constructed in a manner that no outside attacker can access your private keys. For instance, even if you connect your TREZOR on a compromised device which is infected by viruses, your private keys will remain protected and safe.
Its Ellipal wallet is unique in its design. It is completely isolated 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 a hacker gaining an access point to your private keys through an internet connection. However, it’s important to remember that this also means that the Ellipal wallet is not as convenient to use like other wallets on hardware, which can be connected to a computer to facilitate transactions.
The Ellipal wallet is priced at $149. It is relatively recent to market which implies that it’s not combat-tested to date. This is something potential buyers must be aware of when buying this Ellipal wallet. Comparatively, both of the leading hardware wallet makers today (TREZOR as well as Ledger) have been around for longer and have established track records of security.
In terms of coin support in terms of coin support, the Ellipal wallet supports only a small number of coins, including Bitcoin, Ethereum, Litecoin as well as ERC20 tokens. This is fewer than the coins that are supported by its rivals, TREZOR and Ledger, which could be a problem for some customers. But, the company is working to add more support for coins in the future.
In the end, it is clear that the Ellipal wallet has been a brand new player on the hardware wallet market that claims to be 100% secure because of its complete separation from any network or computer. The company behind it is new and the product has not been battle-tested as of yet. The Ellipal wallet currently supports only a few coins and its price of $149 is in line with other wallets. Although the idea of a totally exclusive hardware wallet is appealing however, you should consider the history and security measures of other hardware wallets before making a choice. Ultimately, the decision of whether the Ellipal device is well worth the price is up to the individual. It’s an extremely secure choice with an innovative design, but it’s not as convenient for use like other hardware wallets. Additionally, it’s an all-new product available on the market.