The cryptocurrency market has witnessed a significant increase in the amount 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 competitor in the field, and aims to stand out from its rivals by providing an unrivalled solution. As the use of cryptocurrency becomes more mainstream, the need for secure storage of digital assets is becoming increasingly crucial. It is the Ellipal wallet can be described as a tool which keeps the private keys to digital assets off-line, preventing hackers from stealing their assets remotely.
Ellipal the company that developed the wallet’s hardware component is a relatively young player in the market. It raised $55K through an Indiegogo campaign to help fund the development of their product. The company’s website as well as online reviews claim the hardware wallet as completely secure, but it’s important to note that the hardware wallets of competing businesses like TREZOR and Ledger are made in a way that no attacker from outside is able to view your private key. For instance, even if you connect your TREZOR with a compromised device that is infected with viruses your private keys remain safe and secure.
Its Ellipal wallet is distinctive in its design. It is completely isolated from any computer or network which means it does not have wireless or wired connections. Instead, it communicates via QR codes via cameras on its rear end. This makes it an extremely safe option since it blocks the possibility of hackers having gain access to private information via an internet connection. It’s important to note that this also means that the Ellipal wallet is not as user-friendly as other wallets that are hardware-based that connect to a computer for easy transactions.
The Ellipal wallet costs $149 and is fairly new to the market, which implies that it’s not tested in battle yet. This is something that potential buyers need to be aware of when buying the Ellipal wallet. In comparison, both leading hardware wallet manufacturers of today (TREZOR as well as Ledger) have been around for a longer time and have a established track records of security.
Regarding support for coins, Ellipal wallet supports a limited number of coins. Ellipal wallet is currently able to support only a small number of coins, including Bitcoin, Ethereum, Litecoin and ERC20 tokens. It is lower than the coins that are supported by its rivals, TREZOR and Ledger, which could be a problem for some buyers. But, the company is working to add support for more coins in the near future.
In conclusion it is clear that the Ellipal wallet has been a brand new competitor in the market of hardware wallets, promising that it is 100% secure due to its complete inaccessibility to any computer or network. Ellipal is a company that’s relatively new, and the product hasn’t been battle-tested as of yet. The Ellipal wallet is currently compatible with the use of a small number of coins, and its price tag of $149 is on par with its competitors. While the idea of a completely exclusive hardware wallet is appealing, it’s important to consider the security and track record measures of other wallets prior to making a decision. Ultimately, the decision of whether the Ellipal device is well worth the cost is up to the individual. It’s a safe option with a unique design but it’s not as convenient for use like other wallets. It’s also an extremely new product on the market.