The world of cryptocurrency has witnessed a significant rise in the number of hardware wallets available in recent years, all promises that digital assets will be secure and safe. Its Ellipal wallet is a brand new entrant in this field and hopes to differentiate from its rivals by providing an entirely separate solution. As the use of cryptocurrency is becoming more widespread it is becoming more important to secure storage of digital assets is becoming increasingly crucial. It is the Ellipal wallet can be described as a tool which keeps the private keys to digital assets offline and prevents hackers from taking them remotely.
Ellipal, the company behind the wallet’s hardware is a relatively young player in the market. They raised $55K in an Indiegogo campaign to finance the development of their product. The website of the company and its online reviews claim the hardware wallet as completely safe, however it is important to remember that hardware wallets of rival firms like TREZOR and Ledger are also designed in a way that no outside attacker can view your private key. For instance, even if you connect your TREZOR to a compromised computer that has been infected with viruses, your private keys remain secure and safe.
Ellipal is a unique wallet. Ellipal wallet is unique in its design, it is completely disconnected from any network or computer, meaning it has no wired or wireless connectivity. Instead, it communicates through QR codes using an image camera at the rear end. This makes it a highly safe option since it blocks the possibility of hackers getting an access point to your private keys by a network 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, which can be connected to a computer to facilitate transactions.
The Ellipal wallet costs $149 and is fairly new to the market, meaning that it has not been combat-tested to date. This is something prospective buyers must take into consideration when purchasing the Ellipal wallet. As a comparison, both the top hardware wallet manufacturers of today (TREZOR and 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 coin support, the Ellipal wallet supports a limited number of coins that are supported, such as Bitcoin, Ethereum, Litecoin and ERC20 tokens. This is less than the amount of coins supported by its competitors, TREZOR and Ledger, which could be a problem for some users. But, the company is working to provide the support of more coins in the future.
In the end In conclusion, it is clear that the Ellipal wallet is a new player in the market for hardware wallets and promises that it is 100% secure due to its complete isolation from any computer or network. Ellipal is a company that’s relatively new and the product has not been battle-tested yet. The Ellipal wallet is currently compatible with only a few coins and the price of $149 is in line with other wallets. Although the idea of a fully exclusive hardware wallet is appealing but it’s crucial to look at the track record and security measures of other hardware wallets before making a choice. Ultimately, the decision of whether the Ellipal device is well worth the cost is up to the individual. It’s a safe option with an innovative design, however, it’s not as user-friendly for use like other hardware wallets, and it’s an extremely new product available on the market.