The cryptocurrency market has seen a significant increase in the amount of hardware wallets on the market in recent years, each promises to keep digital assets safe and secure. 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 it is becoming more important to safe storage of digital assets becomes increasingly crucial. The Ellipal wallet can be described as a device that keeps the private key to digital assets offline, preventing hackers from stealing their assets from a remote location.
Ellipal, the company behind 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 as well as online reviews claim that their hardware wallet is completely safe, however it is important to remember that hardware wallets of rival firms like TREZOR and Ledger are constructed in a manner that no attacker from outside is able to access your private keys. In the event that, for instance, you connect your TREZOR with a compromised computer which is infected by viruses, your private keys are still secure and safe.
Its Ellipal wallet is unique in its design. It is completely disconnected from any computer or network that is, it doesn’t have wired or wireless connectivity. Instead, it transmits QR codes using cameras on its rear end. This makes it an extremely safe option since it blocks the possibility of a hacker gaining access to the private key by a network connection. However, it’s worth noting that this also means that the Ellipal wallet is not as convenient to use as other hardware wallets that connect to a computer for simple transactions.
The Ellipal wallet costs $149 and is relatively brand new in the marketplace, which implies that it has not been tested in battle yet. This is something potential buyers must be aware of when purchasing this Ellipal wallet. As a comparison, both the top hardware wallet manufacturers today (TREZOR as well as Ledger) are around for a longer time 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 that are supported, such as 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 users. However, the company is currently working on adding the support of more coins in the future.
In the end it is clear that the Ellipal device is an fresh player in the market of hardware wallets that claims to be 100% secure because of its complete inaccessibility to any computer or network. Its creators are 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 of $149 is on par with the other options. While the idea of a fully isolated hardware wallet is intriguing however, you should consider the security and track record measures of other wallet options before making a decision. The final decision about whether the Ellipal wallet is worth the price is up to the person who buys it. It’s a very secure option with a unique design but it’s not as convenient in use as the other hardware wallets, and it’s a relatively new product available on the market.