The world of cryptocurrency has seen a significant increase in the number of hardware wallets in recent years, all promising that digital assets will be safe and secure. The Ellipal wallet is a brand new competitor in the field, and hopes to differentiate from the crowd by providing a completely isolated solution. As cryptocurrency usage grows more commonplace it is becoming more important to secure storage of digital assets becomes more essential. The Ellipal wallet can be described as a gadget which keeps the private keys to digital assets offline and prevents hackers from taking their assets from a remote location.
Ellipal the company that developed the wallet’s hardware component is a relatively young player in the market. It raised $55K through the course of an Indiegogo campaign to fund research and development for their products. The website of the company and its reviews online claim that their hardware wallet is completely secure, however, it’s important to keep in mind that hardware wallets of competing businesses such as TREZOR and Ledger are also designed in a way that no outside attacker can access your private keys. For example, even if you connect your TREZOR on a compromised system which is infected by viruses your private keys remain safe and secure.
The Ellipal wallet is distinctive in its design, it is completely unconnected to any computer or network, meaning it has no wireless or wired connections. Instead, it communicates via QR codes using an image camera at the rear end. This makes it a very safe option since it blocks the possibility of hackers getting gain access to private information through an internet connection. However, it’s worth noting that this also means that the Ellipal wallet isn’t as user-friendly as other wallets that are hardware-based, which can be connected to a computer to facilitate transactions.
The Ellipal wallet retails for $149. It is fairly recent to market which implies that it isn’t tested in battle yet. This is something potential buyers should keep in mind when considering purchasing this Ellipal wallet. As a comparison, both the top hardware wallet manufacturers of today (TREZOR and Ledger) have been in business for longer and have established track records of security.
In terms of coin support In terms of support for coins, the Ellipal wallet is currently able to support the following coins: a few which include Bitcoin, Ethereum, Litecoin, as well as ERC20 tokens. It is lower than the coins supported by its competitors, TREZOR and Ledger, which may be a concern for some users. The company is working to provide more support for coins in the near future.
In conclusion, the Ellipal wallet is a brand new player in the market for hardware wallets that claims that it is 100% secure due to its complete separation from any network or computer. The company behind it is new and the product hasn’t been battle-tested yet. The Ellipal wallet is currently compatible with only a few coins, and its price tag of $149 is on par with other wallets. Although the concept of a fully isolated hardware wallet is intriguing but it’s crucial to look at the track record and security features of other hardware wallets before making a choice. In the end, the decision on whether or not the Ellipal device is well worth the price is up to the individual. It’s a very secure option with an innovative design, but it’s not as convenient in use as the other hardware wallets. Additionally, it’s an extremely new product that’s available.