The cryptocurrency market has seen a significant increase in the number of hardware wallets on the market in recent years. Each promising to keep digital assets safe and secure. Its Ellipal wallet is a new entry into the market and aims to stand out from its rivals by providing a completely isolated solution. As cryptocurrency usage grows more commonplace, the need for secure storage of digital assets is becoming increasingly essential. It is the Ellipal wallet can be described as a gadget that stores the private key to digital assets offline and prevents hackers from taking them from a remote location.
Ellipal, the company behind the wallet’s hardware component is a relatively new company on the market. The company raised $55K via the course of an Indiegogo campaign to finance its development. The website of the company and its online reviews state they are completely safe, however it is important to note that the hardware wallets of rival businesses like TREZOR and Ledger are also designed in a way that no attacker from outside is able to see your private keys. For example, even if it is possible to connect your TREZOR on a compromised computer which is infected by viruses your private keys remain protected and safe.
The Ellipal wallet is unique in its design. It is completely isolated from any network or computer, meaning it has no wired or wireless connectivity. Instead, it transmits QR codes via a camera on the rear end. This makes it a highly safe option since it blocks the possibility of a hacker gaining gain access to private information by a network connection. It’s important to note that this also means that the Ellipal wallet isn’t as convenient to use as other wallets that are hardware-based, which can be connected to a computer for simple transactions.
The Ellipal wallet is priced at $149. It is fairly recent to market meaning that it has not been combat-tested to date. This is something prospective buyers need to be aware of when purchasing the Ellipal wallet. As a comparison, both the top hardware wallet manufacturers of today (TREZOR and Ledger) are around for longer and have a proven track record of security.
In terms of support for coin, 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 along with 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. But, the company is working to add support for more coins in the future.
In conclusion, it is clear that the Ellipal device is an fresh competitor in the market of hardware wallets and promises to be 100% safe due to its total isolation from any computer or network. Its creators are new and the product hasn’t been battle-tested yet. The Ellipal wallet currently supports a limited number of coins, and its price tag of $149 is in line with other wallets. While the idea of a completely separated hardware wallet sounds appealing, it’s important to consider the security and track record features of other hardware wallets before making a choice. Ultimately, the decision of whether or not the Ellipal product is worthwhile for the cost is entirely up to the user. It’s an extremely secure choice that has a modern design however, it’s not as user-friendly to use as other hardware wallets. It’s also an all-new product on the market.