The cryptocurrency market has witnessed a significant rise in the number of hardware wallets on the market in recent years, all promises to keep digital assets safe and secure. Its Ellipal wallet is a brand new entry into the market and is aiming to differentiate itself from the crowd by providing an entirely separate solution. As cryptocurrency usage grows more commonplace it is becoming more important to secure storage of digital assets becomes more important. The Ellipal wallet is a gadget which keeps the private keys to digital assets indefinitely to prevent hackers from taking their assets from a remote location.
Ellipal the company that developed the hardware wallet, is a relatively new competitor in the market. The company raised $55K via an Indiegogo campaign to help fund research and development for their products. The company’s website as well as reviews online claim that their hardware wallet is completely secure, but it’s important to keep in mind that hardware wallets of rival businesses such as TREZOR as well as Ledger are made in a way that no one outside can access your private keys. In the event that, for instance, it is possible to connect your TREZOR to a compromised computer which is infected by viruses your private keys remain secure and safe.
Its Ellipal wallet is distinctive in its design, it is completely disconnected from any network or computer which means it does not have wired or wireless connectivity. Instead, it communicates through QR codes through a camera on the rear end. This makes it an extremely secure option as it eliminates the possibility of hackers getting gain access to private information through a network connection. However, it’s worth noting that this could mean that the Ellipal wallet isn’t as user-friendly as other hardware wallets, which can be connected to a computer to facilitate transactions.
The Ellipal wallet is priced at $149. It is relatively recent to market meaning that it has not been tested in battle yet. This is something potential buyers must be aware of when purchasing this Ellipal wallet. As a comparison, both the top hardware wallet makers today (TREZOR as well as Ledger) are in business for longer and have proven track record of security.
In terms of support for coin, Ellipal wallet supports a limited number of coins. Ellipal wallet is currently able to support a limited number of coins that are supported, such as Bitcoin, Ethereum, Litecoin, and ERC20 tokens. It is lower than the amount of coins that are supported by its rivals, TREZOR and Ledger, which could be a problem for some buyers. But, the company is working to provide support for more coins in the near future.
In the end, it is clear that the Ellipal device is an fresh player in the market for hardware wallets, promising that it is 100% secure because of its complete inaccessibility to any network or computer. Ellipal is a company that’s 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 in line with other wallets. Although the concept of a completely separated hardware wallet sounds appealing but it’s crucial to look at the history and security features of other hardware wallets before making a choice. Ultimately, the decision of whether the Ellipal product is worthwhile for the cost is up to the person who buys it. It’s a safe option with an innovative design, however, it’s not as easy in use as the other wallets, and it’s an all-new product that’s available.