The cryptocurrency market has seen a significant rise in the number of wallets that are hardware on the market in recent years, all claims that digital assets will be secure and safe. Its Ellipal wallet is a brand new entry into the market and hopes to differentiate from its competitors by offering an entirely separate solution. As cryptocurrency usage is becoming more widespread and more commonplace, the need for secure the storage and protection of assets becomes more important. It is the Ellipal wallet is a device which keeps the private keys to digital assets off-line and prevents hackers from taking the keys remotely.
Ellipal the company that developed the hardware wallet, is a relatively new competitor in the market. They raised $55K in an Indiegogo campaign to finance its development. The company’s website as well as reviews online claim they are completely secure, however, it’s important to remember that hardware wallets of rival firms like TREZOR as well as Ledger are constructed in a manner that no outside attacker can access your private keys. In the event that, for instance, you connect your TREZOR with a compromised system that is infected with viruses, your private keys will remain secure and safe.
Ellipal is a unique wallet. Ellipal wallet is distinctive in its design, it is completely disconnected from any computer or network that is, it doesn’t have wireless or wired connections. Instead, it communicates through QR codes through an image camera at the rear end. This makes it an extremely secure choice as it removes the possibility of hackers having an access point to your private keys via a network connection. However, it’s important to remember that this could mean that the Ellipal wallet isn’t as convenient to use as other hardware wallets that connect to a computer to facilitate transactions.
The Ellipal wallet costs $149 and is relatively recent to market meaning that it isn’t battle-tested yet. This is something prospective buyers should be aware of when purchasing this Ellipal wallet. In comparison, both leading hardware wallet makers today (TREZOR as well as Ledger) were in business for a longer time and have a proven track record of security.
Regarding support for coins, Ellipal wallet supports a limited number of coins. Ellipal wallet currently supports a limited number of coins that are supported, such as Bitcoin, Ethereum, Litecoin along with ERC20 tokens. It is lower than the amount of coins that are supported by its rivals, TREZOR and Ledger, which might be a worry for some customers. But, the company is currently working on adding more support for coins in the near future.
In the end, Ellipal wallet is a good choice. Ellipal wallet has been a fresh player on the market of hardware wallets, promising to be 100% safe due to its total isolation from any network or computer. The company behind it is relatively new, and the product has not been battle-tested as of yet. The Ellipal wallet currently supports only a few coins and the price of $149 is on par with other wallets. While the idea of a fully separated hardware wallet sounds appealing however, you should consider the track record and security features of other hardware wallet options before making a decision. In the end, the decision on whether the Ellipal product is worthwhile for the price is entirely up to the user. It’s a very secure option with a unique design but it’s not as convenient to use as other wallets. It’s also a relatively new product available on the market.