The world of cryptocurrency has witnessed an significant increase in the amount of hardware wallets available on the market in recent years, all promises that digital assets will be secure and safe. Its Ellipal wallet is a new entry into the market and is aiming to differentiate itself from the crowd by providing an entirely separate solution. As cryptocurrency usage becomes more mainstream, the need for secure security for digital asset storage becomes more crucial. It is the Ellipal digital wallet tool which keeps the private keys to digital assets offline, preventing hackers from stealing the keys from a remote location.
Ellipal, the company behind the wallet’s hardware is a relatively new competitor in the market. It raised $55K through an Indiegogo campaign to finance research and development for their products. The website of the company and its reviews online claim that their hardware wallet is completely safe, however it is important to note that the hardware wallets of competing companies such as TREZOR and Ledger are constructed in a manner that no attacker from outside is able to view your private key. For example, even if it is possible to connect your TREZOR to a compromised system that is infected with viruses Your private keys remain secure and safe.
Its Ellipal wallet is distinctive in its design, it is completely unconnected to any computer or network which means it does not have wired or wireless connectivity. Instead, it communicates through QR codes via an image camera at the rear end. This makes it a highly secure option as it eliminates the possibility of hackers getting gain access to private information by the network. However, it’s worth noting that this also means that the Ellipal wallet is not so user-friendly as other wallets that are hardware-based that can be linked to a computer for easy transactions.
The Ellipal wallet retails for $149. It is fairly new to the market, meaning that it’s not combat-tested to date. This is something potential buyers must take into consideration when buying Ellipal. Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers of today (TREZOR as well as Ledger) have been around for longer and have established track records of security.
In terms of coin support In terms of support for coins, Ellipal wallet supports a limited number of coins. Ellipal wallet currently supports only a small number of coins that are supported, such as Bitcoin, Ethereum, Litecoin, as well as ERC20 tokens. This is fewer than the amount of coins supported by its competitors, TREZOR and Ledger, which might be a worry for some customers. The company is currently working on adding more support for coins in the near future.
In the end it is clear that the Ellipal wallet has been a fresh player on the market for hardware wallets that claims to be 100% secure due to its complete inaccessibility to any network or computer. Its creators are relatively new and the product hasn’t been tested in battle yet. The Ellipal wallet supports a limited number of coins, and its price tag of $149 is on par with the other options. Although the idea of a completely separated hardware wallet sounds appealing but it’s crucial to look at the security and track record measures of other wallets before making a decision. Ultimately, the decision of whether the Ellipal product is worthwhile for the price is up to the person who buys it. It’s a very secure option with an innovative design, however, it’s not as user-friendly to use as other hardware wallets. It’s also an extremely new product available on the market.