The cryptocurrency market has seen an significant rise in the number of hardware wallets available in recent years. Each promises to keep digital assets safe and secure. Its Ellipal wallet is the latest entrant in this field and is aiming to differentiate itself from its rivals by providing an unrivalled solution. As the use of cryptocurrency is becoming more widespread it is becoming more important to secure security for digital asset storage is becoming increasingly important. It is the Ellipal wallet can be described as a tool that stores the private key to digital assets offline and prevents hackers from taking the keys from a remote location.
Ellipal, the company behind the wallet’s hardware component is a relatively young competitor in the market. They raised $55K in an Indiegogo campaign to help fund its development. The company’s website and reviews online claim that their hardware wallet is completely safe, however it is important to note that the hardware wallets of competing businesses like TREZOR as well as Ledger are made in a way that no one outside can access your private keys. For instance, even if it is possible to connect your TREZOR on a compromised device that has been infected with viruses your private keys remain safe and secure.
The Ellipal wallet is unique in its design, it is completely disconnected from any computer or network that is, it doesn’t have wireless or wired connectivity. Instead, it communicates through QR codes through an image camera at the rear of the. This makes it a very secure choice as it removes the possibility of hackers gaining an access point to your private keys via an internet connection. However, it’s important to remember that this means the Ellipal wallet isn’t so user-friendly as other wallets that are hardware-based, which can be connected to a computer to facilitate transactions.
The Ellipal wallet is priced at $149. It is fairly recent to market which implies that it’s not combat-tested to date. This is something potential buyers need to be aware of when buying the Ellipal wallet. In comparison, both leading hardware wallet manufacturers of today (TREZOR and Ledger) have been on the market for longer and have a established track records of security.
In terms of coin support in terms of coin support, Ellipal wallet supports a limited number of coins. Ellipal wallet currently supports the following coins: a few that are supported, such as Bitcoin, Ethereum, Litecoin, and ERC20 tokens. This is less than the number of coins supported by its competitors, TREZOR and Ledger, which may be a concern for some users. However, the company is currently working on adding the support of more coins in the near future.
In the end it is clear that the Ellipal wallet has been a brand new player on the market of hardware wallets and promises to be completely safe due to its total isolation from any computer or network. The company behind it is relatively new and the product has not been battle-tested yet. The Ellipal wallet is currently compatible with a limited number of coins, and its price tag at $149 is comparable with other wallets. Although the idea of a fully separated hardware wallet sounds appealing, it’s important to consider the history and security measures of other hardware wallets 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 very secure option that has a modern design however, it’s not as easy to use as other hardware wallets, and it’s an extremely new product that’s available.