The cryptocurrency market has seen a significant increase in the amount of wallets that are hardware in recent years, all promises that digital assets will be secure and safe. Ellipal is one of them. Ellipal wallet is the latest competitor in the field, and is aiming to differentiate itself from its competitors by offering a completely isolated solution. As the use of cryptocurrency grows more commonplace it is becoming more important to safe storage of digital assets becomes increasingly essential. Ellipal wallet Ellipal wallet is a gadget which keeps the private keys to digital assets offline, preventing hackers from stealing them from a remote location.
Ellipal, the company behind the wallet’s hardware component is a relatively young player in the market. The company raised $55K via the course of an Indiegogo campaign to fund the development of their product. The company’s website and online reviews state that their hardware wallet is 100% safe, however it is important to keep in mind that hardware wallets of rival businesses such as TREZOR and Ledger are also designed in a way that no one outside can access your private keys. In the event that, for instance, you connect your TREZOR on a compromised computer which is infected by viruses, your private keys remain safe and secure.
The Ellipal wallet is distinctive in its design, it is completely isolated from any network or computer 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 option as it eliminates the possibility of a hacker gaining gain access to private information through an internet connection. It’s important to note that this also means that the Ellipal wallet is not as user-friendly like other wallets on hardware that connect to a computer to facilitate transactions.
The Ellipal wallet is priced at $149. It is relatively recent to market which means that it’s not combat-tested to date. This is something that potential buyers should be aware of when purchasing the Ellipal wallet. Comparatively, both of the leading hardware wallet makers today (TREZOR as well as Ledger) were around 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 along with ERC20 tokens. This is less than the coins that are supported by its rivals, TREZOR and Ledger, which could be a problem for some customers. However, the company is working to provide more support for coins in the near future.
In conclusion, Ellipal wallet is a good choice. Ellipal device is an new player on the hardware wallet market and promises that it is 100% secure because of its complete separation from any network or computer. The company behind it is new, and the product has not been battle-tested yet. The Ellipal wallet supports only a few coins and the price at $149 is comparable with its competitors. Although the concept of a totally exclusive hardware wallet is appealing but it’s crucial to look at the track record and security measures of other wallets prior to making a decision. The final decision about whether the Ellipal product is worthwhile for the price is up to the person who buys it. It’s a very secure option with an innovative design, but it’s not as convenient in use as the other hardware wallets, and it’s a relatively new product that’s available.