The cryptocurrency market has witnessed a significant increase in the number of hardware wallets available in recent years, all promises to keep digital assets safe and secure. Its Ellipal wallet is a new entrant in this field and hopes to differentiate from its competitors by offering a completely isolated solution. As the use of cryptocurrency becomes more mainstream, the need for secure the storage and protection of assets becomes more crucial. The Ellipal wallet can be described as a device that keeps the private key to digital assets off-line, preventing hackers from stealing their assets remotely.
Ellipal the company that developed the wallet’s hardware, is a relatively new company on the market. They raised $55K in an Indiegogo campaign to finance its development. The company’s website as well as reviews online claim they are completely safe, however it is important to note that the hardware wallets from rival companies like TREZOR as well as Ledger are made in a way that no attacker from outside is able to access your private keys. In the event that, for instance, the TREZOR is connected TREZOR to a compromised device that is infected with viruses your private keys are still secure and safe.
The Ellipal wallet is unique in its design. It is completely unconnected to any computer or network which means it does not have wired or wireless connectivity. Instead, it communicates through QR codes through an image camera at the rear end. This makes it a highly secure option as it eliminates the possibility of hackers gaining access to the private key by the network. However, it’s worth noting that this means the Ellipal wallet isn’t so user-friendly like other wallets on hardware that can be linked to a computer to facilitate transactions.
The Ellipal wallet retails for $149. It is relatively brand new in the marketplace, which means that it has not been combat-tested to date. This is something that potential buyers need to take into consideration when buying the Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers of today (TREZOR as well as Ledger) were around for longer and have an established track record of security.
In terms of coin support in terms of coin support, Ellipal wallet supports a limited number of coins. Ellipal wallet supports the following coins: a few which include Bitcoin, Ethereum, Litecoin along with ERC20 tokens. This is less than the coins supported by its competitors, TREZOR and Ledger, which could be a problem for some buyers. The company is working to provide the support of more coins in the future.
In conclusion In conclusion, it is clear that the Ellipal wallet is a new player in the market of hardware wallets and promises to be completely secure due to its complete inaccessibility to any computer or network. Its creators are relatively new, and the product hasn’t been battle-tested as of yet. The Ellipal wallet is currently compatible with a limited number of coins and the price of $149 is in line with its competitors. Although the concept of a fully exclusive hardware wallet is appealing, it’s important to consider the track record and security measures of other hardware wallet options before making a decision. Ultimately, the decision of whether the Ellipal device is well worth the price is up to the individual. It’s a very secure option that has a modern design but it’s not as convenient in use as the other wallets. Additionally, it’s a relatively new product available on the market.