The world of cryptocurrency has seen an significant rise in the number of hardware wallets on the market in recent years, each promises that digital assets will be secure and safe. The Ellipal wallet is a new entrant in this field and aims to stand out from its rivals by providing an entirely separate solution. As cryptocurrency usage becomes more mainstream it is becoming more important to secure the storage and protection of assets becomes increasingly crucial. The Ellipal digital wallet device that stores the private key to digital assets offline, preventing hackers from stealing the keys remotely.
Ellipal, the company behind the wallet’s hardware component is a relatively young player in the market. They raised $55K in the course of an Indiegogo campaign to help fund research and development for their products. The company’s website and reviews online claim they are completely secure, but it’s important to note that the hardware wallets of competing businesses such as TREZOR and Ledger are made in a way that no outside attacker can see your private keys. For example, even if it is possible to connect your TREZOR to a compromised device which is infected by viruses your private keys remain protected and safe.
The Ellipal wallet is distinctive in its design. It is completely unconnected to any computer or network, meaning it has no wireless or wired connectivity. Instead, it communicates via QR codes using an image camera at the back of the. This makes it a highly safe option since it blocks the possibility of hackers having access to the private key via an internet connection. It’s important to note that this also means that the Ellipal wallet is not as convenient to use as other wallets that are hardware-based that can be linked to a computer to facilitate transactions.
The Ellipal wallet is priced at $149. It is fairly recent to market meaning that it’s not battle-tested yet. This is something that potential buyers should be aware of when purchasing the Ellipal wallet. As a comparison, both the top hardware wallet makers today (TREZOR and Ledger) have been on the market for longer and have an established track record of security.
In terms of coin support, Ellipal wallet supports a limited number of coins. Ellipal wallet currently supports a limited number of coins which include Bitcoin, Ethereum, Litecoin along with ERC20 tokens. This is less than the coins supported by its competitors, TREZOR and Ledger, which could be a problem for some customers. However, the company is working to add support for more coins in the future.
In the end it is clear that it is clear that the Ellipal wallet has been a fresh player in the market of hardware wallets and promises to be 100% secure due to its complete separation from any network or computer. Ellipal is a company that’s relatively new, and the product hasn’t been tested in battle yet. The Ellipal wallet currently supports a limited number of coins and the price of $149 is on par with other wallets. Although the concept of a totally exclusive hardware wallet is appealing however, you should consider the track record and security measures of other wallets prior to making a choice. In the end, the decision on whether or not the Ellipal device is well worth the cost is entirely up to the user. It’s a very secure option with a unique design however, it’s not as easy to use as other hardware wallets, and it’s an extremely new product available on the market.