The cryptocurrency market has seen an significant rise in the number of hardware wallets in recent years. Each promises that digital assets will be safe and secure. Its Ellipal wallet is the latest competitor in the field, and is aiming to differentiate itself from the crowd by providing an entirely separate solution. As the use of cryptocurrency grows more commonplace, the need for safe storage of digital assets becomes more essential. Ellipal wallet Ellipal wallet is a device that keeps the private key to digital assets off-line and prevents hackers from taking their assets from a remote location.
Ellipal, the company behind the wallet’s hardware, is a relatively new company on the market. The company raised $55K via an Indiegogo campaign to finance the development of their product. The company’s website and online reviews claim the hardware wallet as 100% safe, however it is important to remember that hardware wallets of rival businesses like TREZOR as well as Ledger are made in a way that no attacker from outside is able to view your private key. For instance, even if it is possible to connect your TREZOR with a compromised computer which is infected by viruses Your private keys are still protected and safe.
The Ellipal wallet is unique in its design, it is completely unconnected to any computer or network which means it does not have wireless or wired connections. Instead, it communicates through QR codes through an image camera at the back of the. This makes it a highly secure option as it eliminates the possibility of hackers gaining an access point to your private keys through a network connection. It’s important to note that this also means that the Ellipal wallet is not as user-friendly as other hardware wallets that can be linked to a computer for easy transactions.
The Ellipal wallet costs $149 and is relatively recent to market meaning that it’s not battle-tested yet. This is something prospective buyers must be aware of when buying Ellipal. Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers of today (TREZOR as well as Ledger) are on the market for longer and have a proven track record of security.
Regarding support for coins, 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 coins that are supported by its rivals, TREZOR and Ledger, which could be a problem for some buyers. However, the company is working to add more support for coins in the near future.
In the end, Ellipal wallet is a good choice. Ellipal wallet has been a new competitor in the hardware wallet market and promises that it is 100% secure because of its complete inaccessibility to any network or computer. Its creators are new and the product hasn’t been tested in battle yet. The Ellipal wallet is currently compatible with the use of a small number of coins and its price of $149 is on par with the other options. While the idea of a totally separated hardware wallet sounds appealing but it’s crucial to look at the track record and security measures of other hardware wallet options before making a choice. Ultimately, the decision of whether the Ellipal device is well worth the cost is up to the individual. It’s a safe option with an innovative design, but it’s not as convenient for use like other hardware wallets. It’s also an extremely new product on the market.