The world of cryptocurrency has seen a significant increase 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 new competitor in the field, and is aiming to differentiate itself from its competitors by offering an entirely separate solution. As the use of cryptocurrency is becoming more widespread and more commonplace, the need for secure the storage and protection of assets becomes more important. It is the Ellipal digital wallet tool which keeps the private keys to digital assets offline, preventing hackers from stealing their assets remotely.
Ellipal, the company behind the wallet’s hardware component is a relatively new competitor in the market. It raised $55K through the course of an Indiegogo campaign to help fund research and development for their products. The company’s website and online reviews claim the hardware wallet as completely safe, however it is important to note that the hardware wallets of rival firms such as TREZOR as well as Ledger are also designed in a way that no attacker from outside is able to see your private keys. 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 will remain protected and safe.
The Ellipal wallet is distinctive in its design, it is completely unconnected to any network or computer which means it does not have wireless or wired connections. Instead, it communicates via QR codes via cameras on its rear end. This makes it a very secure option as it eliminates the possibility of a hacker gaining access to the private key through a network connection. However, it’s worth noting that this also means that the Ellipal wallet isn’t as convenient to use as other wallets that are hardware-based that connect to a computer to facilitate transactions.
The Ellipal wallet retails for $149. It is fairly new to the market, meaning that it has not been combat-tested to date. This is something potential buyers need to be aware of when buying the 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.
In terms of support for coin in terms of coin support, 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 amount of coins that are supported by its rivals, TREZOR and Ledger, which might be a worry for some users. The company is working to add more support for coins in the near future.
In the end In conclusion, it is clear that the Ellipal device is an new competitor in the hardware wallet market that claims to be 100% secure due to its complete isolation from any network or computer. The company behind it is relatively new, and the product hasn’t been battle-tested yet. The Ellipal wallet supports only a few coins and its price at $149 is comparable with its competitors. Although the concept of a totally separated hardware wallet sounds appealing, it’s important to consider the history and security features of other hardware wallet options before making a decision. Ultimately, the decision of whether or not the Ellipal wallet is 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 for use like other hardware wallets. It’s also an extremely new product on the market.