The cryptocurrency market has seen an significant increase in the amount of hardware wallets available in recent years, each promising that digital assets will be safe and secure. Ellipal is one of them. Ellipal wallet is a brand 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 it is becoming more important to secure storage of digital assets becomes more crucial. It is the Ellipal wallet is a device that stores the private key to digital assets off-line and prevents hackers from taking the keys from a remote location.
Ellipal the company that developed the wallet’s hardware, is a relatively new competitor in the market. The company raised $55K via an Indiegogo campaign to finance research and development for their products. The company’s website and online reviews claim they are completely secure, however, it’s important to keep in mind that hardware wallets from rival businesses such as TREZOR as well as Ledger are made in a way that no one outside can access your private keys. For example, even if the TREZOR is connected TREZOR to a compromised system that is infected with viruses your private keys will remain secure and safe.
Its Ellipal wallet is distinctive in its design, it is completely isolated from any network or computer which means it does not have wireless or wired connections. Instead, it transmits QR codes using an image camera at the rear end. This makes it an extremely secure choice as it removes the possibility of hackers having gain access to private information via a network connection. However, it’s worth noting that this could mean that the Ellipal wallet isn’t so user-friendly as other hardware wallets that connect to a computer for simple transactions.
The Ellipal wallet retails for $149. It is fairly new to the market, which implies that it isn’t battle-tested yet. This is something prospective buyers must keep in mind when considering purchasing this Ellipal wallet. As a comparison, both the top hardware wallet makers today (TREZOR as well as Ledger) were on the market for a longer time and have a an established track record of security.
In terms of support for coin In terms of support for coins, the Ellipal wallet currently supports only a small number of coins that are supported, such as Bitcoin, Ethereum, Litecoin, along with ERC20 tokens. This is less than the number of coins supported by its competitors, TREZOR and Ledger, which might be a worry for some customers. The company is working to add more support for coins in the near future.
In the end it is clear that it is clear that the Ellipal wallet has been a fresh player in the hardware wallet market, promising to be completely secure because of its complete inaccessibility to any computer or network. Ellipal is a company that’s relatively new and the product has not been battle-tested yet. The Ellipal wallet currently supports a limited number of coins, and its price tag of $149 is on par with other wallets. While the idea of a fully separated hardware wallet sounds appealing but it’s crucial to look at the history and security measures of other hardware wallets before making a decision. In the end, the decision on whether or not the Ellipal product is worthwhile for the price is entirely up to the user. It’s a safe option with a unique design but it’s not as convenient in use as the other wallets. Additionally, it’s a relatively new product available on the market.