The world of cryptocurrency has witnessed a significant increase in the number of hardware wallets on the market in recent years, each claims to keep digital assets secure and safe. Ellipal is one of them. Ellipal wallet is a new entrant in this field and hopes to differentiate from its competitors by offering an entirely separate solution. As the use of cryptocurrency becomes more mainstream and more commonplace, the need for secure security for digital asset storage is becoming increasingly essential. It is the Ellipal digital wallet tool that keeps the private key to digital assets offline to prevent hackers from taking the keys from a remote location.
Ellipal, the company behind the wallet’s hardware 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 as well as online reviews claim the hardware wallet as completely secure, however, it’s important to note that the hardware wallets of rival firms like TREZOR as well as Ledger are made in a way that no one outside can view your private key. For example, even if the TREZOR is connected TREZOR with a compromised device that has been infected with viruses Your private keys are still safe and secure.
Its 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 through cameras on its rear end. This makes it a very secure option as it eliminates the possibility of hackers having gain access to private information via the network. However, it’s worth noting that this means the Ellipal wallet isn’t as convenient to use as other hardware wallets, which can be connected to a computer to facilitate transactions.
The Ellipal wallet costs $149 and is fairly recent to market which implies that it has not been tested in battle yet. This is something prospective buyers should be aware of when purchasing this Ellipal wallet. Comparatively, both of the leading hardware wallet makers today (TREZOR and Ledger) have been around for longer and have an established track record of security.
In terms of support for coin, Ellipal wallet supports a limited number of coins. Ellipal wallet currently supports only a small number of coins which include Bitcoin, Ethereum, Litecoin as well as ERC20 tokens. It is lower than the number of coins that are supported by its rivals, TREZOR and Ledger, which might be a worry for some customers. But, the company is working to provide more support for coins in the future.
In conclusion, it is clear that the Ellipal device is an brand new competitor in the hardware wallet market, promising to be 100% safe due to its total inaccessibility to any network or computer. The company behind it is relatively new, and the product hasn’t been battle-tested yet. The Ellipal wallet supports only a few coins, and its price tag at $149 is comparable with the other options. While the idea of a fully isolated hardware wallet is intriguing, it’s important to consider the track record and security measures of other hardware wallets before making a choice. The final decision about whether the Ellipal product is worthwhile for the price is up to the individual. It’s a safe option with a unique design however, it’s not as user-friendly for use like other wallets, and it’s an all-new product that’s available.