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 safe and secure. The Ellipal wallet is a brand new entrant in this field and aims to stand out from its rivals by providing an entirely separate solution. As cryptocurrency usage is becoming more widespread, the need for safe storage of digital assets becomes more crucial. It is the Ellipal wallet is a tool that keeps the private key to digital assets indefinitely, preventing hackers from stealing them remotely.
Ellipal, the company behind the hardware wallet, is a relatively new competitor in the market. They raised $55K in an Indiegogo campaign to help fund research and development for their products. The company’s website and online reviews claim they are 100% secure, however, it’s important to keep in mind that hardware wallets from rival firms such as TREZOR as well as Ledger are made in a way that no outside attacker can access your private keys. For example, even if you connect your TREZOR on a compromised system that is infected with viruses your private keys remain secure and safe.
The Ellipal wallet is distinctive in its design, it is completely isolated from any network or computer which means it does not have wired or wireless connectivity. Instead, it communicates via QR codes using an image camera at the rear end. This makes it an extremely safe option since it blocks the possibility of hackers getting gain access to private information through the network. However, it’s worth noting that this means the Ellipal wallet isn’t as convenient to use like other wallets on hardware that connect to a computer for simple transactions.
The Ellipal wallet retails for $149. It is relatively recent to market which means that it’s not tested in battle yet. This is something that potential buyers should take into consideration when purchasing this Ellipal wallet. In comparison, both leading hardware wallet makers today (TREZOR and Ledger) are on the market for a longer time and have a established track records of security.
Regarding support for coins in terms of coin support, 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 fewer than the amount of coins that are supported by its rivals, TREZOR and Ledger, which might be a worry for some users. But, the company is currently working on adding the support of more coins in the near future.
In the end, it is clear that the Ellipal wallet is a new competitor in the market of hardware wallets that claims to be 100% secure because of its complete separation from any computer or network. Its creators are relatively new and the product hasn’t been battle-tested as of yet. The Ellipal wallet supports only a few coins, and its price tag at $149 is comparable with other wallets. Although the concept of a fully separated hardware wallet sounds appealing, it’s important to consider the security and track record features of other hardware wallets before making a decision. Ultimately, the decision of whether or not the Ellipal device is well worth the cost is up to the individual. It’s a safe option with a unique design but it’s not as convenient in use as the other hardware wallets. It’s also an extremely new product that’s available.