The cryptocurrency market has witnessed a significant increase in the amount of hardware wallets on the market in recent years. Each promising that digital assets will be safe and secure. The Ellipal wallet is the latest entry into the market and is aiming to differentiate itself from its rivals by providing an entirely separate solution. As cryptocurrency usage becomes more mainstream and more commonplace, the need for secure the storage and protection of assets becomes increasingly crucial. It is the Ellipal wallet can be described as a gadget which keeps the private keys to digital assets indefinitely and prevents hackers from taking the keys remotely.
Ellipal the company that developed the wallet’s hardware component is a relatively new competitor in the market. They raised $55K in the course of an Indiegogo campaign to fund its development. The company’s website and reviews online claim the hardware wallet as completely safe, however it is important to note that the hardware wallets from rival companies like TREZOR and Ledger are made in a way that no outside attacker can access your private keys. In the event that, for instance, you connect your TREZOR to a compromised system that is infected with viruses, your private keys remain protected and safe.
Its 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 via QR codes through an image camera at the rear of the. This makes it a very secure choice as it removes the possibility of hackers gaining gain access to private information through an internet connection. It’s important to note that this also means that the Ellipal wallet is not so user-friendly like other wallets on hardware that connect to a computer for easy transactions.
The Ellipal wallet costs $149 and is fairly recent to market meaning that it has not been battle-tested yet. This is something prospective buyers need to keep in mind when considering buying this Ellipal wallet. Comparatively, both of the leading hardware wallet makers today (TREZOR as well as Ledger) are on the market for a longer time and have a proven track record of security.
In terms of support for coin In terms of support for coins, Ellipal wallet supports a limited number of coins. Ellipal wallet currently supports a limited number of coins, including Bitcoin, Ethereum, Litecoin as well as ERC20 tokens. It is lower than the coins supported by its competitors, TREZOR and Ledger, which could be a problem for some buyers. But, the company is working to add more support for coins in the future.
In the end, it is clear that the Ellipal wallet has been a brand new player in the market of hardware wallets and promises to be 100% safe due to its total separation from any network or computer. The company behind it is relatively new, and the product has not been battle-tested as of yet. The Ellipal wallet is currently compatible with only a few coins and its price of $149 is in line with other wallets. Although the idea of a totally exclusive hardware wallet is appealing, it’s important to consider the history and security features of other hardware wallets before making a decision. The final decision about whether or not the Ellipal device is well worth the price is entirely up to the user. It’s a very secure option with an innovative design, however, it’s not as easy in use as the other hardware wallets, and it’s a relatively new product on the market.