The world of cryptocurrency has witnessed an significant increase in the number of hardware wallets available on the market in recent years. Each claims that digital assets will be safe and secure. Ellipal is one of them. Ellipal wallet is the latest entrant in this field and is aiming to differentiate itself from its rivals by providing an entirely separate solution. As cryptocurrency usage becomes more mainstream and more commonplace, the need for secure the storage and protection of assets is becoming increasingly essential. The Ellipal digital wallet device that stores the private key to digital assets offline to prevent hackers from taking them from a remote location.
Ellipal the company that developed the wallet’s hardware component is a relatively young competitor in the market. They raised $55K in the course of an Indiegogo campaign to fund research and development for their products. The company’s website as well as online reviews state they are 100% safe, however it is important to remember that hardware wallets from rival firms such as TREZOR and Ledger are constructed in a manner that no one outside can access your private keys. In the event that, for instance, you connect your TREZOR on a compromised computer which is infected by viruses Your private keys are still protected and safe.
The Ellipal wallet is unique in its design, it is completely disconnected from any computer or network that is, it doesn’t have wired or wireless connectivity. Instead, it communicates via QR codes through a camera on the rear end. This makes it an extremely secure choice as it removes the possibility of hackers gaining gain access to private information via the network. However, it’s worth noting that this means the Ellipal wallet is not as convenient to use like other wallets on hardware, which can be connected to a computer for simple transactions.
The Ellipal wallet retails for $149. It is fairly recent to market which means that it has not been combat-tested to date. This is something potential buyers should keep in mind when considering purchasing the Ellipal wallet. In comparison, both leading hardware wallet makers today (TREZOR as well as Ledger) were on the market for longer and have proven track record of security.
In terms of coin support in terms of coin support, the Ellipal wallet supports only a small number of coins which include Bitcoin, Ethereum, Litecoin as well as ERC20 tokens. This is fewer than the number of coins that are supported by its rivals, TREZOR and Ledger, which could be a problem for some users. However, the company is working to add more support for coins in the future.
In the end it is clear that it is clear that the Ellipal wallet has been a fresh player in the market for hardware wallets and promises to be 100% secure due to its complete inaccessibility to any network or computer. The company behind it is new and the product hasn’t been battle-tested yet. The Ellipal wallet is currently compatible with only a few coins and the price at $149 is comparable with the other options. Although the idea of a totally exclusive hardware wallet is appealing but it’s crucial to look at the track record and security measures of other hardware wallets prior to making a decision. The final decision about whether the Ellipal product is worthwhile for the cost is up to the person who buys it. It’s a safe option with a unique design however, it’s not as user-friendly for use like other wallets. Additionally, it’s a relatively new product that’s available.