The cryptocurrency market has seen an significant increase in the amount of wallets that are hardware in recent years, all claims that digital assets will be safe and secure. Its Ellipal wallet is a new entrant in this field and aims to stand out from the crowd by providing an entirely separate solution. As cryptocurrency usage grows more commonplace, the need for safe storage of digital assets becomes more important. The Ellipal digital wallet tool that stores the private key to digital assets off-line, preventing hackers from stealing the keys from a remote location.
Ellipal the company that developed the wallet’s hardware is a relatively young competitor in the market. They raised $55K in an Indiegogo campaign to fund the development of their product. The website of the company and its online reviews claim the hardware wallet as completely secure, however, it’s important to keep in mind that hardware wallets of rival companies such as TREZOR and Ledger are also designed in a way that no outside attacker can see your private keys. In the event that, for instance, it is possible to connect your TREZOR with a compromised system that is infected with viruses, your private keys are still protected and safe.
The Ellipal wallet is unique in its design. It is completely disconnected from any computer or network which means it does not have wired or wireless connectivity. Instead, it communicates through QR codes through cameras on its rear end. This makes it an extremely safe option since it blocks the possibility of a hacker gaining gain access to private information via an internet connection. It’s important to note that this means the Ellipal wallet isn’t so user-friendly like other wallets on hardware that connect to a computer for simple transactions.
The Ellipal wallet retails for $149. It is fairly brand new in the marketplace, which implies that it’s not battle-tested yet. This is something that potential buyers should take into consideration when purchasing this Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers of today (TREZOR as well as Ledger) have been in business for longer and have an established track record of security.
In terms of coin support In terms of support for coins, Ellipal wallet supports a limited number of coins. Ellipal wallet supports a limited number of coins, including Bitcoin, Ethereum, Litecoin along with ERC20 tokens. This is less than the number of coins that are supported by its rivals, TREZOR and Ledger, which might be a worry for some buyers. But, the company is working to provide the support of more coins in the near future.
In the end it is clear that Ellipal wallet is a good choice. Ellipal wallet has been a new competitor in the market of hardware wallets, promising to be 100% secure because of its complete inaccessibility to any network or computer. Its creators are relatively new, and the product hasn’t been tested in battle yet. The Ellipal wallet currently supports the use of a small number of coins and its price of $149 is in line with the other options. Although the idea of a totally exclusive hardware wallet is appealing however, you should consider the track record and security measures of other hardware wallets prior to making a choice. Ultimately, the decision of whether the Ellipal wallet is worth the cost is up to the person who buys it. It’s an extremely secure choice 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.