The cryptocurrency market has witnessed an significant increase in the number of hardware wallets on the market in recent years. Each promising that digital assets will be safe and secure. The Ellipal wallet is a new entry into the market and aims to stand out from the crowd by providing an unrivalled solution. As the use of cryptocurrency becomes more mainstream and more commonplace, the need for secure storage of digital assets becomes increasingly important. The Ellipal wallet can be described as a device which keeps the private keys to digital assets indefinitely, preventing hackers from stealing the keys remotely.
Ellipal, the company behind the hardware wallet is a relatively new player in the market. It raised $55K through an Indiegogo campaign to help fund research and development for their products. The company’s website as well as online reviews claim the hardware wallet as completely safe, however it is important to note that the hardware wallets of competing firms like TREZOR as well as Ledger are also designed in a way that no outside attacker can access your private keys. For instance, even if it is possible to connect your TREZOR on a compromised computer that is infected with viruses, your private keys will remain safe and secure.
Its 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 via QR codes via an image camera at the rear of the. This makes it a highly safe option since it blocks the possibility of a hacker gaining gain access to private information via a network connection. However, it’s important to remember that this means the Ellipal wallet is not as convenient to use like other wallets on hardware that can be linked to a computer for easy transactions.
The Ellipal wallet retails for $149. It is relatively brand new in the marketplace, which means that it has not been battle-tested yet. This is something that potential buyers need to be aware of when purchasing the Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers of today (TREZOR as well as Ledger) have been on the market for longer and have a proven track record of security.
In terms of coin support, the Ellipal wallet currently supports only a small number of coins, including Bitcoin, Ethereum, Litecoin, and ERC20 tokens. This is less than the amount of coins supported by its competitors, TREZOR and Ledger, which may be a concern for some users. However, the company is working to provide support for more coins in the near future.
In conclusion, the Ellipal wallet has been a brand new player on the hardware wallet market and promises that it is 100% safe due to its total separation from any computer or network. Its creators are relatively new and the product hasn’t been battle-tested as of yet. The Ellipal wallet supports a limited number of coins and the price at $149 is comparable with other wallets. Although the concept of a completely exclusive hardware wallet is appealing however, you should consider the track record and security features of other hardware wallets prior to making a decision. Ultimately, the decision of whether or not the Ellipal device is well worth the price is entirely up to the user. It’s a very secure option that has a modern design but it’s not as convenient to use as other hardware wallets, and it’s a relatively new product on the market.