The cryptocurrency market has witnessed a significant increase in the amount of wallets that are hardware in recent years, each promises to keep digital assets safe and secure. The Ellipal wallet is a brand new competitor in the field, and aims to stand out from its competitors by offering a completely isolated solution. As the use of cryptocurrency becomes more mainstream, the need for secure the storage and protection of assets becomes increasingly crucial. Ellipal wallet Ellipal digital wallet device that keeps the private key to digital assets offline, preventing hackers from stealing the keys from a remote location.
Ellipal, the company behind the hardware wallet, is a relatively new player in the market. They raised $55K in the course of an Indiegogo campaign to fund its development. The website of the company and its online reviews claim they are 100% safe, however it is important to keep in mind that hardware wallets of competing companies such as TREZOR as well as Ledger are constructed in a manner that no outside attacker can access your private keys. For instance, even if you connect your TREZOR on a compromised system that has been infected with viruses your private keys remain secure and safe.
The Ellipal wallet is distinctive in its design. It is completely isolated from any network or computer that is, it doesn’t have wired or wireless connectivity. Instead, it communicates via QR codes via an image camera at the rear of the. This makes it a highly secure option as it eliminates the possibility of a hacker gaining an access point to your private keys by an internet connection. However, it’s worth noting that this also means that the Ellipal wallet is not as user-friendly as other wallets that are hardware-based that connect to a computer to facilitate transactions.
The Ellipal wallet retails for $149. It is relatively brand new in the marketplace, which implies that it isn’t battle-tested yet. This is something that potential buyers need to take into consideration when purchasing this Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers of today (TREZOR and Ledger) have been around for longer and have an established track record of security.
Regarding support for coins, Ellipal wallet supports a limited number of coins. Ellipal wallet currently supports only a small number of coins which include Bitcoin, Ethereum, Litecoin, as well as ERC20 tokens. It is lower than the coins that are supported by its rivals, TREZOR and Ledger, which might be a worry for some customers. The company is working to add the support of more coins in the future.
In the end, it is clear that the Ellipal wallet has been a fresh player on the market of hardware wallets that claims to be 100% secure due to its complete isolation from any computer or network. The company behind it is relatively new, and the product hasn’t been battle-tested yet. The Ellipal wallet is currently compatible with a limited number of coins and the price of $149 is on par with other wallets. Although the idea of a completely isolated hardware wallet is intriguing however, you should consider the security and track record measures of other wallets prior to making a decision. Ultimately, the decision of whether or not the Ellipal device is well worth the price is up to the person who buys it. It’s an extremely secure choice with a unique design however, it’s not as user-friendly in use as the other wallets, and it’s a relatively new product that’s available.