The cryptocurrency market has seen a significant increase in the amount of wallets that are hardware in recent years, each promising that digital assets will be secure and safe. Its Ellipal wallet is a new competitor in the field, and hopes to differentiate from its rivals by providing an unrivalled solution. As cryptocurrency usage is becoming more widespread and more commonplace, the need for safe security for digital asset storage becomes increasingly essential. Ellipal wallet Ellipal wallet is a device which keeps the private keys to digital assets offline, preventing hackers from stealing the keys remotely.
Ellipal the company that developed the hardware wallet, is a relatively new player in the market. The company raised $55K via an Indiegogo campaign to fund the development of their product. The company’s website and reviews online claim the hardware wallet as 100% secure, but it’s important to remember that hardware wallets of competing businesses like TREZOR as well as Ledger are constructed in a manner that no attacker from outside is able to access your private keys. For instance, even if you connect your TREZOR with a compromised device that is infected with viruses Your private keys remain secure 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 connections. Instead, it transmits QR codes using an image camera at the rear end. This makes it an extremely secure choice as it removes the possibility of hackers getting an access point to your private keys via a network connection. However, it’s worth noting that this could mean that the Ellipal wallet is not as user-friendly as other wallets that are hardware-based that can be linked to a computer for easy transactions.
The Ellipal wallet retails for $149. It is relatively new to the market, meaning that it isn’t tested in battle yet. This is something prospective buyers must take into consideration when buying the Ellipal wallet. Comparatively, both of the leading hardware wallet makers today (TREZOR and Ledger) are around for longer and have a an established track record of security.
Regarding support for coins in terms of coin support, Ellipal wallet supports a limited number of coins. Ellipal wallet supports a limited number of coins which include Bitcoin, Ethereum, Litecoin, as well as ERC20 tokens. This is fewer than the number of coins supported by its competitors, TREZOR and Ledger, which could be a problem for some customers. However, the company is working to provide support for more coins in the near future.
In the end, it is clear that the Ellipal wallet is a new player in the market of hardware wallets that claims to be completely safe due to its total inaccessibility to any network or computer. Its creators are relatively new and the product hasn’t been battle-tested as of yet. The Ellipal wallet currently supports only a few coins and its price of $149 is on par with its competitors. Although the idea of a totally separated hardware wallet sounds appealing, it’s important to consider the security and track record measures of other hardware wallet options before making a decision. Ultimately, the decision of whether or not the Ellipal product is worthwhile for the price is up to the individual. It’s a safe option that has a modern design but it’s not as convenient for use like other hardware wallets. Additionally, it’s an extremely new product available on the market.