The world of cryptocurrency has witnessed a significant increase in the amount of wallets that are hardware on the market in recent years. Each promises that digital assets will be secure and safe. The Ellipal wallet is a brand new entrant in this field and aims to stand out from its rivals by providing a completely isolated solution. As the use of cryptocurrency becomes more mainstream, the need for secure the storage and protection of assets is becoming increasingly essential. It is the Ellipal wallet can be described as a device that keeps the private key to digital assets offline, preventing hackers from stealing them from a remote location.
Ellipal the company that developed the hardware wallet is a relatively new player in the market. They raised $55K in the course of an Indiegogo campaign to finance research and development for their products. The company’s website and online reviews claim the hardware wallet as completely safe, however it is important to keep in mind that hardware wallets of rival companies like 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 that is infected with viruses, your private keys are still secure and safe.
The Ellipal wallet is unique in its design. It is completely isolated from any network or computer that is, it doesn’t have wired or wireless connectivity. Instead, it communicates through QR codes through a camera on the rear end. This makes it a highly safe option since it blocks the possibility of a hacker getting access to the private key via an internet connection. It’s important to note that this also means that the Ellipal wallet is not so user-friendly like other wallets on hardware that can be linked to a computer to facilitate transactions.
The Ellipal wallet retails for $149. It is fairly new to the market, which implies that it has not been tested in battle yet. This is something that potential buyers should take into consideration when buying the Ellipal wallet. As a comparison, both the top hardware wallet manufacturers today (TREZOR as well as Ledger) were on the market for longer and have a proven track record of security.
In terms of support for coin in terms of coin support, Ellipal wallet supports a limited number of coins. Ellipal wallet supports only a small number of coins which include Bitcoin, Ethereum, Litecoin, and ERC20 tokens. It is lower than the number of coins supported by its competitors, TREZOR and Ledger, which could be a problem for some buyers. However, the company is currently working on adding the support of more coins in the future.
In the end In conclusion, it is clear that the Ellipal wallet has been a fresh competitor in the market of hardware wallets that claims that it is 100% secure because of its complete inaccessibility to any computer or network. Its creators are new and the product hasn’t been battle-tested yet. The Ellipal wallet currently supports only a few coins and its price of $149 is in line with its competitors. Although the concept of a fully separated hardware wallet sounds appealing however, you should consider the track record and security features of other hardware wallets prior to making a decision. In the end, the decision on whether or not the Ellipal wallet is worth the price is entirely up to the user. It’s an extremely secure choice with an innovative design, however, it’s not as easy for use like other wallets. It’s also an extremely new product available on the market.