The world of cryptocurrency has witnessed an significant rise in the number of wallets that are hardware on the market in recent years. Each promises that digital assets will be safe and secure. Its Ellipal wallet is a brand new entrant in this field and aims to stand out from its rivals by providing an entirely separate solution. As the use of cryptocurrency grows more commonplace, the need for safe the storage and protection of assets becomes increasingly essential. The Ellipal wallet can be described as a tool that stores the private key to digital assets off-line and prevents hackers from taking them remotely.
Ellipal, the company behind the hardware wallet is a relatively new company on the market. They raised $55K in an Indiegogo campaign to fund its development. The company’s website as well as online reviews claim that their hardware wallet is 100% safe, however it is important to keep in mind that hardware wallets from rival businesses such as TREZOR and Ledger are constructed in a manner that no outside attacker can access your private keys. For example, even if it is possible to connect your TREZOR on a compromised device that is infected with viruses your private keys remain safe and secure.
Its Ellipal wallet is distinctive in its design, it is completely isolated from any network or computer, meaning it has no wireless or wired connectivity. Instead, it communicates via QR codes via an image camera at the rear end. This makes it a highly safe option since it blocks the possibility of hackers gaining an access point to your private keys through an internet connection. However, it’s important to remember that this could mean that the Ellipal wallet is not as user-friendly as other wallets that are hardware-based that can be linked to a computer for easy transactions.
The Ellipal wallet retails for $149. It is fairly recent to market which means that it has not been tested in battle yet. This is something that potential buyers should be aware of when buying the Ellipal wallet. In comparison, both leading hardware wallet manufacturers today (TREZOR and Ledger) were on the market for a longer time and have a established track records of security.
In terms of coin support, the Ellipal wallet currently supports only a small number of coins that are supported, such as Bitcoin, Ethereum, Litecoin, and ERC20 tokens. This is less than the number of coins that are supported by its rivals, TREZOR and Ledger, which might be a worry for some buyers. The company is working to provide more support for coins in the future.
In the end In conclusion, the Ellipal wallet has been a new player on the market for hardware wallets, promising to be completely secure due to its complete separation from any network or computer. The company behind it is new, and the product has not been battle-tested as of yet. The Ellipal wallet currently supports a limited number of coins, and its price tag of $149 is on par with other wallets. Although the concept of a fully exclusive hardware wallet is appealing however, you should consider the history and security features of other hardware wallets prior to making a decision. Ultimately, the decision of whether or not the Ellipal wallet is worth the price is entirely up to the user. It’s a safe option with an innovative design, however, it’s not as user-friendly to use as other wallets. It’s also an all-new product available on the market.