The world of cryptocurrency has witnessed an significant increase in the amount of wallets that are hardware on the market in recent years. Each promises that digital assets will be secure and safe. Ellipal is one of them. Ellipal wallet is the latest entry into the market and aims to stand out from its rivals by providing an unrivalled solution. As cryptocurrency usage is becoming more widespread and more commonplace, the need for secure the storage and protection of assets is becoming increasingly important. Ellipal wallet Ellipal digital wallet device that stores the private key to digital assets offline, preventing hackers from stealing them remotely.
Ellipal, the company behind the wallet’s hardware component is a relatively new company on the market. It raised $55K through the course of an Indiegogo campaign to help fund its development. The website of the company and its online reviews state they are 100% safe, however it is important to remember that hardware wallets of rival firms such as TREZOR and Ledger are also designed in a way that no outside attacker can see your private keys. For example, even if you connect your TREZOR on a compromised device which is infected by viruses Your private keys remain secure and safe.
The Ellipal wallet is unique in its design. It is completely isolated from any network or computer that is, it doesn’t have wireless or wired connections. Instead, it communicates through QR codes using an image camera at the rear end. This makes it a very safe option since it blocks the possibility of a hacker having gain access to private information by a network connection. However, it’s important to remember that this also means that the Ellipal wallet is not as user-friendly like other wallets on hardware that connect to a computer to facilitate transactions.
The Ellipal wallet costs $149 and is relatively recent to market which means that it has not been battle-tested yet. This is something prospective buyers need to be aware of when buying this Ellipal wallet. As a comparison, both the top hardware wallet manufacturers of today (TREZOR and Ledger) are on the market for a longer time and have a an established track record of security.
In terms of coin support In terms of support for coins, the Ellipal wallet currently supports a limited number of coins that are supported, such as Bitcoin, Ethereum, Litecoin and ERC20 tokens. This is less than the number of coins that are supported by its rivals, TREZOR and Ledger, which may be a concern for some buyers. The company is working to add support for more coins in the future.
In conclusion it is clear that the Ellipal device is an new competitor in the hardware wallet market and promises to be 100% secure due to its complete separation from any computer or network. Its creators are new, and the product hasn’t been battle-tested as of yet. The Ellipal wallet currently supports the use of a small number of coins, and its price tag at $149 is comparable with its competitors. Although the concept of a fully isolated hardware wallet is intriguing but it’s crucial to look at the history and security measures of other wallets before making a choice. In the end, the decision on whether or not the Ellipal product is worthwhile for the price is up to the individual. It’s a very secure option with a unique design but it’s not as convenient for use like other wallets, and it’s a relatively new product on the market.