The cryptocurrency market has witnessed an significant increase in the number of hardware wallets available on the market in recent years, all promises that digital assets will be safe and secure. The Ellipal wallet is a new entrant in this field and is aiming to differentiate itself from the crowd by providing an entirely separate solution. As cryptocurrency usage is becoming more widespread and more commonplace, the need for safe the storage and protection of assets becomes increasingly essential. The Ellipal wallet can be described as a tool that keeps the private key to digital assets off-line and prevents hackers from taking their assets from a remote location.
Ellipal the company that developed the wallet’s hardware component, is a relatively new competitor in the market. It raised $55K through the course of an Indiegogo campaign to fund the development of their product. The website of the company and its online reviews state the hardware wallet as 100% safe, however it is important to keep in mind that hardware wallets from rival companies like TREZOR as well as Ledger are also designed in a way that no one outside can view your private key. In the event that, for instance, the TREZOR is connected TREZOR with a compromised device which is infected by viruses your private keys are still safe and secure.
The Ellipal wallet is distinctive in its design, it is completely unconnected to any network or computer that is, it doesn’t have wired or wireless connectivity. Instead, it communicates through QR codes using an image camera at the back of the. This makes it a highly secure choice as it removes the possibility of a hacker having an access point to your private keys by the network. It’s important to note that this means the Ellipal wallet isn’t as user-friendly as other wallets that are hardware-based that can be linked to a computer for easy transactions.
The Ellipal wallet is priced at $149. It is fairly new to the market, which means that it’s not combat-tested to date. This is something prospective buyers need to take into consideration when purchasing the Ellipal wallet. As a comparison, both the top hardware wallet manufacturers today (TREZOR and Ledger) were in business for longer and have a established track records of security.
Regarding support for coins, the Ellipal wallet supports a limited number of coins that are supported, such as Bitcoin, Ethereum, Litecoin, and ERC20 tokens. It is lower than the coins supported by its competitors, TREZOR and Ledger, which could be a problem for some buyers. The company is working to add support for more coins in the near future.
In the end, the Ellipal wallet has been a new competitor in the market for hardware wallets that claims 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 as of yet. The Ellipal wallet is currently compatible with a limited number of coins and its price at $149 is comparable with other wallets. Although the concept of a completely isolated hardware wallet is intriguing but it’s crucial to look at the security and track record measures of other wallets before making a decision. In the end, the decision on whether the Ellipal wallet is worth the price is entirely up to the user. It’s a safe option with an innovative design, but it’s not as convenient for use like other wallets. It’s also an extremely new product that’s available.