The cryptocurrency market has witnessed a 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. Ellipal is one of them. Ellipal wallet is a brand new entry into the market and aims to stand out from its competitors by offering an unrivalled solution. As cryptocurrency usage becomes more mainstream, the need for secure security for digital asset storage becomes more crucial. It is the Ellipal digital wallet device which keeps the private keys to digital assets off-line, preventing hackers from stealing their assets remotely.
Ellipal the company that developed the wallet’s hardware component is a relatively young company on the market. It raised $55K through an Indiegogo campaign to help fund its development. The company’s website as well as online reviews state they are 100% secure, but it’s important to remember that hardware wallets of rival firms like TREZOR as well as Ledger are made in a way that no outside attacker can view your private key. For instance, even if it is possible to connect your TREZOR to a compromised system which is infected by viruses your private keys are still protected and safe.
The Ellipal wallet is unique in its design. It is completely disconnected from any network or computer which means it does not have wired or wireless connectivity. Instead, it communicates through QR codes using a camera on the rear of the. This makes it a highly safe option since it blocks the possibility of a hacker having access to the private key by the network. However, it’s worth noting that this means the Ellipal wallet isn’t so user-friendly like other wallets on hardware that can be linked to a computer for easy transactions.
The Ellipal wallet retails for $149. It is relatively new to the market, which implies that it isn’t battle-tested yet. This is something potential buyers must keep in mind when considering buying this Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers of today (TREZOR and Ledger) are in business for longer and have a established track records of security.
Regarding support for coins, Ellipal wallet supports a limited number of coins. Ellipal wallet supports only a small number of coins which include Bitcoin, Ethereum, Litecoin, as well as ERC20 tokens. This is less than the coins supported by its competitors, TREZOR and Ledger, which could be a problem for some buyers. But, the company is working to provide more support for coins in the near future.
In the end In conclusion, it is clear that the Ellipal wallet has been a fresh player on the market of hardware wallets, promising that it is 100% safe due to its total isolation from any network or computer. The company behind it is new and the product has not been tested in battle yet. The Ellipal wallet is currently compatible with a limited number of coins, and its price tag at $149 is comparable with the other options. Although the concept of a totally separated hardware wallet sounds appealing but it’s crucial to look at the history and security features of other hardware wallets before making a decision. Ultimately, the decision of whether the Ellipal product is worthwhile for the cost is entirely up to the user. It’s a very secure option with a unique design however, it’s not as user-friendly to use as other hardware wallets. It’s also an all-new product that’s available.