The world of cryptocurrency has seen an significant increase in the amount of hardware wallets available in recent years. Each claims to keep digital assets secure and safe. The Ellipal wallet is a new entrant in this field and aims to stand out from its competitors by offering an unrivalled solution. As cryptocurrency usage grows more commonplace, the need for safe the storage and protection of assets becomes more important. The Ellipal wallet is a tool which keeps the private keys to digital assets offline to prevent hackers from taking the keys from a remote location.
Ellipal the company that developed the hardware wallet, is a relatively new player in the market. They raised $55K in an Indiegogo campaign to help fund the development of their product. The company’s website as well as reviews online claim the hardware wallet as 100% secure, however, it’s important to keep in mind that hardware wallets of rival firms like TREZOR and Ledger are constructed in a manner that no attacker from outside is able to see your private keys. For example, even if it is possible to connect your TREZOR to a compromised computer that has been infected with viruses, your private keys remain secure and safe.
The Ellipal wallet is distinctive in its design. It is completely isolated from any computer or network which means it does not have wireless or wired connections. Instead, it transmits QR codes via an image camera at the rear end. This makes it a highly secure option as it eliminates the possibility of hackers gaining gain access to private information via the network. However, it’s important to remember that this also means that the Ellipal wallet is not as user-friendly as other hardware wallets that connect to a computer for simple transactions.
The Ellipal wallet costs $149 and is relatively recent to market which means that it isn’t combat-tested to date. This is something that potential buyers need to take into consideration when purchasing this Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers today (TREZOR as well as Ledger) are on the market for longer and have established track records of security.
Regarding support for coins, the Ellipal wallet is currently able to support the following coins: a few that are supported, such as Bitcoin, Ethereum, Litecoin as well as ERC20 tokens. This is fewer than the amount of coins that are supported by its rivals, TREZOR and Ledger, which could be a problem for some users. However, the company is currently working on adding more support for coins in the near future.
In the end, the Ellipal wallet is a new competitor in the hardware wallet market that claims that it is 100% safe due to its total inaccessibility to any computer or network. Ellipal is a company that’s new and the product has not been tested in battle yet. The Ellipal wallet currently supports a limited number of coins and its price of $149 is on par with the other options. While the idea of a completely isolated hardware wallet is intriguing however, you should consider the security and track record measures of other hardware wallets prior to making a decision. Ultimately, the decision of whether the Ellipal device is well worth the price is up to the individual. It’s a very secure option with a unique design however, it’s not as easy for use like other hardware wallets. Additionally, it’s a relatively new product available on the market.