The cryptocurrency market has seen a significant increase in the amount of hardware wallets available on the market in recent years. Each promising that digital assets will be safe and secure. Its Ellipal wallet is a new entry into the market and aims to stand out from its rivals by providing a completely isolated solution. As the use of cryptocurrency becomes more mainstream and more commonplace, the need for secure the storage and protection of assets becomes more important. The Ellipal digital wallet tool which keeps the private keys to digital assets indefinitely to prevent hackers from taking them from a remote location.
Ellipal the company that developed the hardware wallet is a relatively new player in the market. The company raised $55K via an Indiegogo campaign to fund the development of their product. The website of the company and its online reviews claim the hardware wallet as 100% safe, however it is important to note that the hardware wallets from rival firms such as TREZOR as well as Ledger are also designed in a way that no one outside can view your private key. For example, even if it is possible to connect your TREZOR on a compromised computer which is infected by viruses, your private keys remain secure and safe.
Its Ellipal wallet is distinctive in its design. It is completely disconnected from any network or computer which means it does not have wireless or wired connections. Instead, it communicates through QR codes through a camera on the rear end. This makes it an extremely secure option as it eliminates the possibility of hackers getting gain access to private information through an internet connection. It’s important to note that this means the Ellipal wallet is not so user-friendly as other wallets that are hardware-based that connect to a computer for easy transactions.
The Ellipal wallet costs $149 and is fairly brand new in the marketplace, which implies that it isn’t combat-tested to date. This is something potential buyers need to be aware of when buying this Ellipal wallet. In comparison, both leading hardware wallet makers today (TREZOR as well as Ledger) have been in business for longer and have proven track record of security.
Regarding support for coins 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 supported by its competitors, TREZOR and Ledger, which might be a worry for some users. The company is currently working on adding more support for coins in the future.
In conclusion, it is clear that the Ellipal wallet has been a brand new player on the market of hardware wallets that claims to be 100% safe due to its total isolation from any computer or network. The company behind it is new, and the product hasn’t been tested in battle yet. The Ellipal wallet supports a limited number of coins, and its price tag at $149 is comparable with its competitors. Although the idea of a totally exclusive hardware wallet is appealing but it’s crucial to look at the security and track record features of other hardware wallet options before making a decision. Ultimately, the decision of whether the Ellipal wallet is worth the price is up to the person who buys it. It’s a safe option with an innovative design, however, it’s not as easy in use as the other hardware wallets. Additionally, it’s a relatively new product available on the market.