The cryptocurrency market has seen a significant increase in the amount of hardware wallets available in recent years, each promises to keep digital assets safe and secure. The Ellipal wallet is a new entry into the market and is aiming to differentiate itself from its competitors by offering an entirely separate solution. As the use of cryptocurrency is becoming more widespread it is becoming more important to safe storage of digital assets becomes increasingly essential. It is the Ellipal wallet is a device which keeps the private keys to digital assets offline and prevents hackers from taking their assets from a remote location.
Ellipal, the company behind the wallet’s hardware component is a relatively new player in the market. It raised $55K through the course of an Indiegogo campaign to finance research and development for their products. The company’s website and reviews online claim that their hardware wallet is completely safe, however it is important to remember that hardware wallets of competing businesses such as TREZOR as well as Ledger are constructed in a manner that no attacker from outside is able to view your private key. For instance, even if you connect your TREZOR to a compromised computer that is infected with viruses, your private keys will remain protected and safe.
Its Ellipal wallet is unique in its design. It is completely disconnected from any network or computer, meaning it has no wireless or wired connectivity. Instead, it communicates via QR codes using an image camera at the rear end. This makes it a very secure choice as it removes the possibility of a hacker getting access to the private key via the network. However, it’s important to remember that this also means that the Ellipal wallet is not so user-friendly as other hardware wallets that connect to a computer for easy transactions.
The Ellipal wallet is priced at $149. It is fairly new to the market, which means that it has not been tested in battle yet. This is something that potential buyers need to be aware of when purchasing the Ellipal wallet. As a comparison, both the top hardware wallet makers today (TREZOR as well as Ledger) are around for a longer time and have a established track records of security.
Regarding support for coins in terms of coin support, the Ellipal wallet supports only a small number of coins, including Bitcoin, Ethereum, Litecoin, as well as ERC20 tokens. This is less than the coins supported by its competitors, TREZOR and Ledger, which may be a concern for some buyers. The company is working to provide the support of more coins in the near future.
In conclusion, it is clear that the Ellipal wallet is a brand new player on the market of hardware wallets, promising to be 100% secure due to its complete inaccessibility to any computer or network. The company behind it is relatively new and the product hasn’t been battle-tested yet. The Ellipal wallet supports a limited number of coins, and its price tag of $149 is in line with its competitors. Although the concept of a fully separated hardware wallet sounds appealing but it’s crucial to look at the security and track record measures of other wallets prior to making a decision. Ultimately, the decision of whether or not the Ellipal wallet is worth the cost is up to the individual. It’s an extremely secure choice with a unique design however, it’s not as user-friendly for use like other hardware wallets, and it’s an extremely new product available on the market.