The cryptocurrency market has seen an significant rise in the number of hardware wallets on the market in recent years. Each claims that digital assets will be safe and secure. Its Ellipal wallet is a brand new entry into the market and aims to stand out from its competitors by offering an entirely separate solution. As cryptocurrency usage is becoming more widespread it is becoming more important to safe storage of digital assets becomes increasingly essential. It is the Ellipal digital wallet tool which keeps the private keys to digital assets indefinitely to prevent hackers from taking the keys from a remote location.
Ellipal, the company behind the wallet’s hardware, is a relatively new competitor in the market. It raised $55K through the course of an Indiegogo campaign to finance the development of their product. The website of the company and its online reviews claim the hardware wallet as 100% safe, however it is important to remember that hardware wallets from rival companies such as TREZOR and Ledger are constructed in a manner that no one outside can view your private key. For instance, even if it is possible to connect your TREZOR to a compromised device which is infected by viruses your private keys will remain safe and secure.
The Ellipal wallet is unique in its design. It is completely unconnected to any computer or network, meaning it has no wired or wireless connectivity. Instead, it communicates through QR codes through an image camera at the rear end. This makes it a very secure option as it eliminates the possibility of a hacker having access to the private key by a network connection. It’s important to note that this also means that the Ellipal wallet isn’t as user-friendly like other wallets on hardware that can be linked to a computer to facilitate transactions.
The Ellipal wallet is priced at $149. It is relatively recent to market meaning that it isn’t battle-tested yet. This is something potential buyers need to take into consideration when buying this Ellipal wallet. As a comparison, both the top hardware wallet manufacturers of today (TREZOR as well as Ledger) have been on the market for a longer time and have a proven track record of security.
Regarding support for coins In terms of support for coins, Ellipal wallet supports a limited number of coins. Ellipal wallet currently supports only a small number of coins which include Bitcoin, Ethereum, Litecoin and ERC20 tokens. This is less than the number of coins supported by its competitors, TREZOR and Ledger, which could be a problem for some customers. However, the company is currently working on adding support for more coins in the near future.
In conclusion In conclusion, the Ellipal device is an brand new player on the market for hardware wallets that claims that it is 100% safe due to its total inaccessibility to any computer or network. 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 at $149 is comparable with its competitors. While the idea of a completely separated hardware wallet sounds appealing but it’s crucial to look at the history and security features of other hardware wallets before making a decision. In the end, the decision on whether or not the Ellipal wallet is worth the price is up to the individual. It’s a safe option with an innovative design, however, it’s not as easy for use like other hardware wallets, and it’s an all-new product available on the market.