The cryptocurrency market has witnessed an significant rise in the number of hardware wallets available on the market in recent years, all promising that digital assets will be secure and safe. Ellipal is one of them. Ellipal wallet is the latest entrant in this field and is aiming to differentiate itself from the crowd by providing an unrivalled solution. As the use of cryptocurrency grows more commonplace it is becoming more important to secure the storage and protection of assets is becoming increasingly essential. The Ellipal wallet can be described as a device which keeps the private keys to digital assets off-line to prevent hackers from taking their assets from a remote location.
Ellipal, the company behind the hardware wallet, is a relatively new player in the market. The company raised $55K via an Indiegogo campaign to finance research and development for their products. The company’s website as well as online reviews state they are 100% secure, however, it’s important to note that the hardware wallets from rival businesses such as TREZOR and Ledger are constructed in a manner that no attacker from outside is able to view your private key. For example, even if the TREZOR is connected TREZOR on a compromised computer which is infected by viruses Your private keys are still secure and safe.
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 via QR codes through cameras on its rear end. This makes it a highly secure option as it eliminates the possibility of a hacker gaining an access point to your private keys by a network connection. However, it’s worth noting that this also means that the Ellipal wallet isn’t so user-friendly as other wallets that are hardware-based, which can be connected to a computer for easy transactions.
The Ellipal wallet retails for $149. It is fairly new to the market, which implies that it isn’t combat-tested to date. This is something that potential buyers must keep in mind when considering purchasing this Ellipal wallet. As a comparison, both the top hardware wallet makers today (TREZOR as well as Ledger) have been in business for longer and have established track records of security.
In terms of support for coin, the Ellipal wallet is currently able to support only a small number of coins which include Bitcoin, Ethereum, Litecoin and ERC20 tokens. This is less than the coins supported by its competitors, TREZOR and Ledger, which may be a concern for some customers. The company is working to provide more support for coins in the near future.
In the end, the Ellipal device is an new player on the market of hardware wallets and promises to be completely secure because of its complete isolation from any network or computer. Its creators are relatively new, and the product has not been tested in battle yet. The Ellipal wallet currently supports only a few coins, and its price tag of $149 is in line with its competitors. Although the idea of a fully separated hardware wallet sounds appealing, it’s important to consider the security and track record measures of other hardware wallets prior to making a choice. The final decision about whether the Ellipal product is worthwhile for the cost is entirely up to the user. It’s a very secure option with an innovative design, however, it’s not as easy for use like other hardware wallets. Additionally, it’s a relatively new product available on the market.