The cryptocurrency market has witnessed a significant increase in the number of hardware wallets available on the market in recent years. Each claims to keep digital assets secure and safe. Ellipal is one of them. Ellipal wallet is a new entrant in this field and hopes to differentiate from its competitors by offering an entirely separate solution. As cryptocurrency usage grows more commonplace and more commonplace, the need for safe storage of digital assets becomes increasingly important. The Ellipal wallet is a device that stores the private key to digital assets off-line to prevent hackers from taking them remotely.
Ellipal, the company behind the hardware wallet is a relatively new player in the market. They raised $55K in an Indiegogo campaign to help fund its development. The company’s website as well as online reviews state that their hardware wallet is 100% secure, however, it’s important to remember that hardware wallets from rival companies like TREZOR as well as Ledger are constructed in a manner that no outside attacker can view your private key. For example, even if you connect your TREZOR to a compromised computer which is infected by viruses Your private keys will remain secure and safe.
Its Ellipal wallet is unique in its design, it is completely disconnected from any network or computer that is, it doesn’t have wireless or wired connectivity. Instead, it communicates through QR codes through an image camera at the rear end. This makes it a very secure option as it eliminates the possibility of hackers having an access point to your private keys through the network. It’s important to note that this also means that the Ellipal wallet isn’t as convenient to use as other hardware wallets that connect to a computer for simple transactions.
The Ellipal wallet costs $149 and is fairly brand new in the marketplace, which means that it’s not combat-tested to date. This is something potential buyers should be aware of when purchasing this Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers today (TREZOR as well as Ledger) have been in business for longer and have a an established track record of security.
Regarding support for coins in terms of coin support, the Ellipal wallet currently supports the following coins: a few that are supported, such as Bitcoin, Ethereum, Litecoin as well as ERC20 tokens. This is less than the number of coins supported by its competitors, TREZOR and Ledger, which may be a concern for some buyers. The company is working to add the support of more coins in the future.
In the end, the Ellipal wallet is a brand new competitor in the market of hardware wallets and promises to be 100% secure because of its complete separation from any computer or network. Ellipal is a company that’s relatively new and the product hasn’t been tested in battle yet. The Ellipal wallet supports the use of a small number of coins and its price of $149 is on par with its competitors. Although the concept of a completely exclusive hardware wallet is appealing however, you should consider the track record and security measures of other hardware wallet options before making a decision. Ultimately, the decision of whether the Ellipal device is well worth the cost is entirely up to the user. It’s an extremely secure choice that has a modern design however, it’s not as user-friendly in use as the other hardware wallets. It’s also an all-new product on the market.