The world of cryptocurrency has witnessed an significant increase in the number of hardware wallets available in recent years, all promises that digital assets will be secure and safe. Ellipal is one of them. Ellipal wallet is the latest competitor in the field, and hopes to differentiate from its rivals by providing an entirely separate solution. As the use of cryptocurrency grows more commonplace, the need for secure security for digital asset storage is becoming increasingly important. The Ellipal wallet is a tool that stores the private key to digital assets off-line and prevents hackers from taking their assets remotely.
Ellipal the company that developed the wallet’s hardware component is a relatively young company on the market. They raised $55K in the course of an Indiegogo campaign to finance its development. The website of the company and its reviews online claim they are completely secure, but it’s 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 one outside can view your private key. In the event that, for instance, you connect your TREZOR on a compromised system which is infected by viruses your private keys will remain safe and secure.
Its Ellipal wallet is distinctive in its design. It is completely disconnected from any computer or network which means it does not have wireless or wired connections. Instead, it communicates via QR codes using an image camera at the rear end. This makes it a very secure option as it eliminates the possibility of a hacker gaining access to the private key via the network. However, it’s important to remember that this means the Ellipal wallet isn’t as convenient to use as other hardware wallets that can be linked to a computer for simple transactions.
The Ellipal wallet costs $149 and is relatively new to the market, meaning that it’s not combat-tested to date. This is something potential buyers should be aware of when buying the Ellipal wallet. As a comparison, both the top hardware wallet makers today (TREZOR as well as Ledger) have been in business for longer and have established track records of security.
In terms of support for coin in terms of coin support, the Ellipal wallet currently supports the following coins: a few, including Bitcoin, Ethereum, Litecoin, and ERC20 tokens. This is fewer than the amount of coins supported by its competitors, TREZOR and Ledger, which may be a concern for some customers. The company is working to provide support for more coins in the near future.
In the end, it is clear that the Ellipal device is an fresh competitor in the hardware wallet market 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 tested in battle yet. The Ellipal wallet is currently compatible with only a few coins and the price at $149 is comparable with its competitors. While the idea of a completely separated hardware wallet sounds appealing however, you should consider the track record and security measures of other wallets prior to making a decision. The final decision about whether or not the Ellipal device is well worth the price is up to the individual. It’s a safe option with a unique design however, it’s not as user-friendly in use as the other hardware wallets. It’s also an extremely new product that’s available.