The cryptocurrency market has seen an significant increase in the amount of wallets that are hardware in recent years, all claims that digital assets will be secure and safe. Ellipal is one of them. Ellipal wallet is a new entry into the market and is aiming to differentiate itself from its rivals by providing an unrivalled solution. As cryptocurrency usage becomes more mainstream, the need for secure security for digital asset storage becomes more essential. The Ellipal wallet can be described as a device that stores the private key to digital assets off-line to prevent hackers from taking them from a remote location.
Ellipal the company that developed the hardware wallet is a relatively young player in the market. The company raised $55K via an Indiegogo campaign to help fund research and development for their products. The website of the company and its online reviews state the hardware wallet as completely secure, however, it’s important to remember that hardware wallets from rival businesses such as TREZOR and Ledger are constructed in a manner that no one outside can view your private key. For example, even if the TREZOR is connected TREZOR to a compromised system which is infected by viruses Your private keys are still secure and safe.
Ellipal is a unique wallet. Ellipal wallet is distinctive in its design. It is completely isolated from any network or computer which means it does not have wireless or wired connections. Instead, it communicates through QR codes via an image camera at the rear end. This makes it a very safe option since it blocks the possibility of a hacker getting an access point to your private keys via the network. It’s important to note that this also means that the Ellipal wallet isn’t as user-friendly as other hardware wallets, which can be connected to a computer for simple transactions.
The Ellipal wallet retails for $149. It is fairly new to the market, meaning that it isn’t combat-tested to date. This is something prospective buyers need to take into consideration when buying this Ellipal wallet. As a comparison, both the top hardware wallet manufacturers today (TREZOR as well as Ledger) were in business 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 which include Bitcoin, Ethereum, Litecoin as well as ERC20 tokens. It is lower than the coins supported by its competitors, TREZOR and Ledger, which might be a worry for some buyers. The company is working to provide more support for coins in the future.
In the end, the Ellipal wallet is a new player in the market of hardware wallets, promising that it is 100% secure because of its complete separation from any computer or network. The company behind it is relatively new, and the product hasn’t been tested in battle yet. The Ellipal wallet currently supports the use of a small number of coins and the price at $149 is comparable with other wallets. Although the idea of a completely isolated hardware wallet is intriguing however, you should consider the history and security measures of other hardware wallet options before making a decision. In the end, the decision on whether or not the Ellipal wallet is worth the cost 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 a relatively new product that’s available.