The world of cryptocurrency has witnessed an significant rise in the number of hardware wallets available on the market in recent years, all promises to keep digital assets safe and secure. Its Ellipal wallet is a brand new entrant in this field and is aiming to differentiate itself from its rivals by providing an unrivalled solution. As the use of cryptocurrency becomes more mainstream and more commonplace, the need for secure storage of digital assets is becoming increasingly crucial. It is the Ellipal digital wallet device which keeps the private keys to digital assets offline to prevent hackers from taking them remotely.
Ellipal the company that developed the wallet’s hardware is a relatively young competitor in the market. It raised $55K through an Indiegogo campaign to fund research and development for their products. The company’s website and reviews online claim the hardware wallet as 100% safe, however it is important to note that the hardware wallets from rival businesses such as TREZOR and Ledger are made in a way that no outside attacker can view your private key. In the event that, for instance, it is possible to connect your TREZOR to a compromised device which is infected by viruses Your private keys are still safe and secure.
Its Ellipal wallet is distinctive in its design. It is completely disconnected from any computer or network which means it does not have wired or wireless connectivity. Instead, it communicates through QR codes using a camera on the rear end. This makes it a very secure choice as it removes the possibility of hackers getting gain access to private information by the network. However, it’s worth noting that this could mean that the Ellipal wallet is not as user-friendly as other hardware wallets, which can be connected to a computer to facilitate transactions.
The Ellipal wallet retails for $149. It is relatively new to the market, which means that it’s not battle-tested yet. This is something prospective buyers must take into consideration when purchasing this Ellipal wallet. As a comparison, both the top hardware wallet makers today (TREZOR as well as Ledger) were on the market for a longer time and have a an established 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 the following coins: a few which include Bitcoin, Ethereum, Litecoin, along with ERC20 tokens. This is fewer than the coins that are supported by its rivals, TREZOR and Ledger, which may be a concern for some customers. But, the company is working to provide the support of more coins in the future.
In the end, the Ellipal wallet has been a new player in the hardware wallet market, promising to be completely secure due to its complete inaccessibility to any network or computer. Ellipal is a company that’s relatively new and the product hasn’t been battle-tested yet. The Ellipal wallet currently supports a limited number of coins and its price of $149 is on par with other wallets. Although the idea of a fully separated hardware wallet sounds appealing but it’s crucial to look at the security and track record measures of other hardware wallets prior to making a decision. In the end, the decision on whether or not the Ellipal device is well worth the cost is up to the person who buys it. It’s a safe option that has a modern design but it’s not as convenient in use as the other hardware wallets. It’s also an extremely new product on the market.