The cryptocurrency market has seen a significant increase in the amount of wallets that are hardware on the market in recent years, all promising that digital assets will be safe and secure. Ellipal is one of them. Ellipal wallet is a new competitor in the field, and hopes to differentiate from the crowd by providing an entirely separate solution. As cryptocurrency usage grows more commonplace, the need for safe security for digital asset storage becomes increasingly important. The Ellipal wallet can be described as a gadget that keeps the private key to digital assets indefinitely to prevent hackers from taking their assets remotely.
Ellipal, the company behind the wallet’s hardware is a relatively young player in the market. It raised $55K through an Indiegogo campaign to help fund the development of their product. The company’s website and online reviews claim they are completely secure, however, it’s important to note that the hardware wallets of competing companies such as TREZOR as well as Ledger are constructed in a manner that no one outside can view your private key. For example, even if it is possible to connect your TREZOR to a compromised computer which is infected by viruses Your private keys are still protected and safe.
Its Ellipal wallet is unique in its design, it is completely unconnected to any network or computer, meaning it has no wired or wireless connectivity. Instead, it communicates through QR codes via cameras on its rear end. This makes it a highly secure option as it eliminates the possibility of hackers getting access to the private key by the network. However, it’s important to remember that this also means that the Ellipal wallet isn’t as convenient to use as other wallets that are hardware-based that can be linked to a computer for simple transactions.
The Ellipal wallet costs $149 and is relatively brand new in the marketplace, which means that it’s not tested in battle yet. This is something that potential buyers need to be aware of when purchasing this Ellipal wallet. Comparatively, both of the leading hardware wallet makers today (TREZOR and Ledger) were on the market for longer and have a established track records of security.
In terms of coin support, the Ellipal wallet is currently able to support the following coins: a few that are supported, such as Bitcoin, Ethereum, Litecoin, along with ERC20 tokens. It is lower than the coins that are supported by its rivals, TREZOR and Ledger, which may be a concern for some buyers. The company is currently working on adding support for more coins in the near future.
In conclusion In conclusion, the Ellipal wallet has been a brand new competitor in the market for hardware wallets, promising that it is 100% secure because of its complete isolation from any network or computer. The company behind it is new, and the product hasn’t been battle-tested yet. The Ellipal wallet supports the use of a small number of coins and its price of $149 is on par with other wallets. While the idea of a totally exclusive hardware wallet is appealing but it’s crucial to look at the history and security features of other hardware wallets before making a decision. The final decision about whether or not the Ellipal product is worthwhile for the price is entirely up to the user. It’s a very secure option with a unique design however, it’s not as user-friendly in use as the other hardware wallets. Additionally, it’s a relatively new product on the market.