The cryptocurrency market has witnessed an significant rise in the number of hardware wallets in recent years, all claims that digital assets will be secure and safe. Ellipal is one of them. Ellipal wallet is the latest entry into the market and aims to stand out from the crowd by providing an entirely separate solution. As the use of cryptocurrency grows more commonplace, the need for safe security for digital asset storage becomes more essential. The Ellipal wallet can be described as a tool that keeps the private key to digital assets offline and prevents hackers from taking their assets from a remote location.
Ellipal, the company behind the hardware wallet, is a relatively new company on the market. They raised $55K in an Indiegogo campaign to finance the development of their product. The company’s website and reviews online claim that their hardware wallet is 100% secure, however, it’s important to remember that hardware wallets of rival businesses like TREZOR and Ledger are also designed in a way that no attacker from outside is able to see your private keys. In the event that, for instance, it is possible to connect your TREZOR to a compromised system which is infected by viruses your private keys remain secure and safe.
Its Ellipal wallet is distinctive in its design. It is completely unconnected to any network or computer that is, it doesn’t have wireless or wired connectivity. Instead, it communicates via QR codes through an image camera at the back of the. This makes it a highly safe option since it blocks the possibility of hackers getting an access point to your private keys through a network connection. It’s important to note that this could mean that the Ellipal wallet is not as user-friendly as other hardware wallets, which can be connected to a computer for simple transactions.
The Ellipal wallet retails for $149. It is relatively new to the market, meaning that it has not been tested in battle yet. This is something prospective buyers need to keep in mind when considering purchasing this Ellipal wallet. In comparison, both leading hardware wallet manufacturers today (TREZOR as well as Ledger) were on the market for longer and have established track records of security.
Regarding support for coins in terms of coin support, the Ellipal wallet currently supports a limited number of coins that are supported, such as Bitcoin, Ethereum, Litecoin as well as ERC20 tokens. This is fewer than the number of coins supported by its competitors, TREZOR and Ledger, which might be a worry for some buyers. However, the company is working to add support for more coins in the near future.
In the end In conclusion, it is clear that the Ellipal wallet has been a new player on the market for hardware wallets, promising to be 100% secure because of its complete inaccessibility to any network or computer. Its creators are new, and the product has not been battle-tested yet. The Ellipal wallet is currently compatible with a limited number of coins and its price at $149 is comparable with the other options. Although the concept of a totally exclusive hardware wallet is appealing, it’s important to consider the security and track record measures of other wallets prior to making a decision. In the end, the decision on whether or not the Ellipal wallet is worth the cost is entirely up to the user. It’s a safe option with a unique design but it’s not as convenient to use as other hardware wallets. Additionally, it’s an extremely new product that’s available.