The cryptocurrency market has seen an significant increase in the amount of wallets that are hardware in recent years, all promises that digital assets will be secure and safe. Ellipal is one of them. Ellipal wallet is a new entrant in this field and aims to stand out from the crowd by providing an entirely separate solution. As the use of cryptocurrency becomes more mainstream and more commonplace, the need for secure storage of digital assets becomes increasingly crucial. The Ellipal digital wallet tool which keeps the private keys to digital assets offline and prevents hackers from taking them remotely.
Ellipal the company that developed the wallet’s hardware is a relatively new player in the market. The company raised $55K via the course of an Indiegogo campaign to fund its development. The website of the company and its online reviews state that their hardware wallet is 100% safe, however it is important to remember that hardware wallets from rival companies such as TREZOR as well as Ledger are made in a way that no outside attacker can access your private keys. In the event that, for instance, you connect your TREZOR on a compromised system which is infected by viruses, your private keys will remain protected and safe.
The Ellipal wallet is unique in its design, it is completely unconnected to any computer or network which means it does not have wireless or wired connectivity. Instead, it transmits QR codes through an image camera at the rear of the. This makes it a highly secure option as it eliminates the possibility of a hacker getting an access point to your private keys by a network connection. However, it’s important to remember that this also means that the Ellipal wallet is not as convenient to use as other wallets that are hardware-based that connect to a computer for simple transactions.
The Ellipal wallet costs $149 and is relatively new to the market, which means that it isn’t battle-tested yet. This is something potential buyers should be aware of when buying this Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers of today (TREZOR and Ledger) were in business for longer and have a established track records of security.
In terms of coin support, Ellipal wallet supports a limited number of coins. Ellipal wallet is currently able to support only a small number of coins, including Bitcoin, Ethereum, Litecoin, along with ERC20 tokens. It is lower than the coins supported by its competitors, TREZOR and Ledger, which may be a concern for some customers. However, the company is working to provide more support for coins in the future.
In the end it is clear that the Ellipal device is an new competitor in the market of hardware wallets and promises to be 100% secure due to its complete inaccessibility to any computer or network. The company behind it is relatively new and the product has not been battle-tested yet. The Ellipal wallet is currently compatible with the use of a small number of coins and its price of $149 is in line with its competitors. While the idea of a completely isolated hardware wallet is intriguing but it’s crucial to look at the security and track record features of other hardware wallet options before making a decision. The final decision about whether the Ellipal device is well worth the cost is up to the individual. It’s a very secure option with an innovative design, however, it’s not as easy in use as the other hardware wallets. It’s also a relatively new product available on the market.