The cryptocurrency market has witnessed a significant increase in the amount of hardware wallets available in recent years, all claims to keep digital assets safe and secure. Ellipal is one of them. Ellipal wallet is a new competitor in the field, and is aiming to differentiate itself from the crowd by providing an entirely separate solution. As the use of cryptocurrency is becoming more widespread it is becoming more important to secure the storage and protection of assets is becoming increasingly important. The Ellipal digital wallet tool which keeps the private keys to digital assets indefinitely, preventing hackers from stealing their assets from a remote location.
Ellipal the company that developed the wallet’s hardware component, is a relatively new competitor in the market. The company raised $55K via the course of an Indiegogo campaign to finance the development of their product. The website of the company and its reviews online claim they are 100% safe, however it is important to remember that hardware wallets of rival businesses like TREZOR as well as Ledger are constructed in a manner that no one outside can view your private key. In the event that, for instance, it is possible to connect your TREZOR on a compromised system that has been infected with viruses Your private keys will remain protected and safe.
The Ellipal wallet is distinctive in its design. It is completely disconnected 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 back of the. This makes it an extremely secure option as it eliminates the possibility of a hacker getting access to the private key via a network connection. However, it’s worth noting that this means the Ellipal wallet is not so user-friendly as other wallets that are hardware-based that connect to a computer for simple transactions.
The Ellipal wallet is priced at $149. It is relatively new to the market, which means that it’s not combat-tested to date. This is something prospective buyers need to be aware of when buying the Ellipal wallet. In comparison, both leading hardware wallet manufacturers today (TREZOR as well as Ledger) are on the market for longer and have established track records 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. It is lower than the amount of coins that are supported by its rivals, TREZOR and Ledger, which could be a problem for some customers. The company is working to add more support for coins in the near future.
In the end, it is clear that the Ellipal wallet has been a new player in the hardware wallet market, promising to be completely secure because of its complete isolation from any network or computer. Its creators are relatively new and the product hasn’t been battle-tested as of yet. The Ellipal wallet is currently compatible with the use of a small number of coins and the price of $149 is in line with its competitors. Although the concept of a totally exclusive hardware wallet is appealing however, you should consider the history and security measures of other wallets prior to making a choice. Ultimately, the decision of whether or not the Ellipal wallet is worth the price is up to the person who buys it. It’s a safe option with an innovative design, however, it’s not as user-friendly for use like other wallets. Additionally, it’s a relatively new product on the market.