The cryptocurrency market has witnessed a significant increase in the number of hardware wallets available on the market in recent years, all promising to keep digital assets secure and safe. Its Ellipal wallet is the latest entrant in this field and hopes to differentiate from its competitors by offering an unrivalled solution. As the use of cryptocurrency becomes more mainstream, the need for secure security for digital asset storage is becoming increasingly crucial. Ellipal wallet Ellipal wallet can be described as a tool which keeps the private keys to digital assets offline to prevent hackers from taking them from a remote location.
Ellipal, the company behind the hardware wallet is a relatively new player in the market. They raised $55K in the course of an Indiegogo campaign to finance research and development for their products. The website of the company and its online reviews state they are 100% secure, however, it’s important to remember that hardware wallets of competing companies such as TREZOR as well as Ledger are constructed in a manner that no outside attacker can view your private key. For example, even if it is possible to connect your TREZOR on a compromised system that is infected with viruses, your private keys are still protected and safe.
The Ellipal wallet is distinctive in its design, it is completely isolated from any computer or network that is, it doesn’t have wired or wireless connectivity. Instead, it communicates through QR codes through an image camera at the rear of the. This makes it a very secure choice as it removes the possibility of a hacker getting gain access to private information by an internet connection. It’s important to note that this also means that the Ellipal wallet is not as convenient to use like other wallets on hardware, which can be connected to a computer for easy transactions.
The Ellipal wallet costs $149 and is fairly brand new in the marketplace, meaning that it has not been tested in battle yet. This is something prospective buyers must keep in mind when considering purchasing this Ellipal wallet. As a comparison, both the top hardware wallet manufacturers today (TREZOR and Ledger) are on the market for longer and have a proven track record of security.
Regarding support for coins In terms of support for coins, the Ellipal wallet supports the following coins: a few 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 could be a problem for some customers. However, the company is working to provide more support for coins in the near future.
In the end it is clear that the Ellipal wallet has been a new competitor in the market of hardware wallets, promising to be completely secure because of its complete isolation from any computer or network. The company behind it is relatively new, and the product has not been tested in battle yet. The Ellipal wallet currently supports a limited number of coins, and its price tag of $149 is in line with the other options. While the idea of a fully separated hardware wallet sounds appealing but it’s crucial to look at the track record and security measures of other wallet options before making a decision. Ultimately, the decision of whether or not the Ellipal device is well worth the cost is entirely up to the user. It’s a safe option with an innovative design, but it’s not as convenient in use as the other wallets. It’s also an extremely new product on the market.