The cryptocurrency market has seen a significant increase in the number of wallets that are hardware on the market in recent years, each claims that digital assets will be secure and safe. The Ellipal wallet is a new entrant in this field and is aiming to differentiate itself from its competitors by offering a completely isolated solution. As the use of cryptocurrency grows more commonplace, the need for secure security for digital asset storage is becoming increasingly crucial. Ellipal wallet Ellipal digital wallet tool that stores the private key to digital assets offline, preventing hackers from stealing them remotely.
Ellipal, the company behind the hardware wallet is a relatively young company on the market. The company raised $55K via an Indiegogo campaign to help fund its development. The company’s website and reviews online claim that their hardware wallet is completely secure, but it’s important to keep in mind that hardware wallets of competing companies such as TREZOR and Ledger are constructed in a manner that no outside attacker can access your private keys. In the event that, for instance, the TREZOR is connected TREZOR with a compromised system that is infected with viruses, your private keys will remain safe and secure.
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 highly safe option since it blocks 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 isn’t as convenient to use as other wallets that are hardware-based that connect to a computer to facilitate transactions.
The Ellipal wallet retails for $149. It is relatively new to the market, which implies that it has not been battle-tested yet. This is something prospective buyers need to keep in mind when considering buying the Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers of today (TREZOR and Ledger) are around for longer and have a proven track record of security.
In terms of coin support in terms of coin support, the Ellipal wallet supports the following coins: a few which include Bitcoin, Ethereum, Litecoin as well as ERC20 tokens. It is lower than the number of coins that are supported by its rivals, TREZOR and Ledger, which could be a problem for some buyers. The company is working to provide more support for coins in the near future.
In the end it is clear that the Ellipal wallet is a fresh player in the market of hardware wallets and promises that it is 100% secure due to its complete separation from any computer or network. Its creators are relatively new, and the product has not been tested in battle yet. The Ellipal wallet is currently compatible with only a few coins and its price of $149 is in line with the other options. Although the concept of a totally isolated hardware wallet is intriguing but it’s crucial to look at the track record and security features of other hardware wallet options before making a choice. The final decision about whether the Ellipal device is well worth the cost is entirely up to the user. It’s an extremely secure choice with an innovative design, but it’s not as convenient to use as other hardware wallets. Additionally, it’s an all-new product available on the market.