The cryptocurrency market has seen an significant increase in the amount of wallets that are hardware on the market in recent years, all promises to keep digital assets safe and secure. Its Ellipal wallet is a new competitor in the field, and hopes to differentiate from its competitors by offering an entirely separate solution. As cryptocurrency usage is becoming more widespread, the need for safe the storage and protection of assets is becoming increasingly important. Ellipal wallet Ellipal digital wallet device which keeps the private keys to digital assets indefinitely and prevents hackers from taking the keys remotely.
Ellipal the company that developed the wallet’s hardware component is a relatively new company on the market. It raised $55K through the course of an Indiegogo campaign to finance its development. The company’s website and online reviews claim the hardware wallet as 100% safe, however it is important to remember that hardware wallets of competing businesses such as TREZOR as well as Ledger are made in a way that no attacker from outside is able to access your private keys. For instance, even if the TREZOR is connected TREZOR to a compromised computer that has been infected with viruses your private keys are still protected and safe.
Its Ellipal wallet is distinctive in its design, it is completely unconnected to any computer or network which means it does not have wireless or wired connectivity. Instead, it transmits QR codes through a camera on the rear end. This makes it an extremely secure option as it eliminates the possibility of hackers having access to the private key through the network. However, it’s worth noting that this also means that the Ellipal wallet isn’t as user-friendly as other hardware wallets that connect to a computer to facilitate transactions.
The Ellipal wallet retails for $149. It is fairly recent to market which implies that it isn’t battle-tested yet. This is something potential buyers must take into consideration when purchasing this Ellipal wallet. As a comparison, both the top hardware wallet manufacturers of today (TREZOR and Ledger) have been in business for a longer time and have a proven track record of security.
Regarding support for coins in terms of coin support, the Ellipal wallet is currently able to support only a small number of coins that are supported, such as Bitcoin, Ethereum, Litecoin, along with ERC20 tokens. This is fewer than the amount of coins that are supported by its rivals, TREZOR and Ledger, which might be a worry for some buyers. The company is working to provide the support of more coins in the future.
In the end it is clear that the Ellipal wallet has been a brand new competitor in the market of hardware wallets and promises to be completely secure due to its complete inaccessibility to any computer or network. Its creators are relatively new, and the product hasn’t been battle-tested yet. The Ellipal wallet currently supports a limited number of coins, and its price tag of $149 is on par with its competitors. While the idea of a completely isolated hardware wallet is intriguing, it’s important to consider the history and security features of other hardware wallets before making a decision. Ultimately, the decision of whether the Ellipal wallet is worth the cost is up to the individual. It’s a very secure option with an innovative design, however, it’s not as easy for use like other wallets. Additionally, it’s an extremely new product on the market.