The cryptocurrency market has witnessed a significant increase in the number of hardware wallets in recent years. Each promises that digital assets will be secure and safe. The Ellipal wallet is a brand new entry into the market and is aiming to differentiate itself from the crowd by providing a completely isolated solution. As cryptocurrency usage becomes more mainstream, the need for safe security for digital asset storage becomes more crucial. The Ellipal wallet can be described as a tool that keeps the private key to digital assets offline, preventing hackers from stealing the keys remotely.
Ellipal the company that developed the hardware wallet, is a relatively new player in the market. They raised $55K in the course of an Indiegogo campaign to fund its development. The company’s website and online reviews claim that their hardware wallet is 100% safe, however it is important to note that the hardware wallets of competing businesses such as TREZOR and Ledger are constructed in a manner that no one outside can access your private keys. For instance, even if you connect your TREZOR on 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 unconnected to any computer or network, meaning it has no wireless or wired connectivity. Instead, it communicates through QR codes using cameras on its rear end. This makes it a very secure option as it eliminates the possibility of hackers gaining an access point to your private keys through an internet connection. However, it’s worth noting that this could mean that the Ellipal wallet is not so user-friendly as other wallets that are hardware-based 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 battle-tested yet. This is something prospective buyers must take into consideration when purchasing the Ellipal wallet. As a comparison, both the top hardware wallet manufacturers of today (TREZOR as well as Ledger) are in business for a longer time and have a established track records of security.
In terms of support for coin, Ellipal wallet supports a limited number of coins. Ellipal wallet is currently able to support the following coins: a few, including Bitcoin, Ethereum, Litecoin, and ERC20 tokens. This is less than the number of coins that are supported by its rivals, TREZOR and Ledger, which may be a concern for some users. However, the company is working to provide the support of more coins in the near future.
In the end, the Ellipal device is an brand new player on the market of hardware wallets that claims to be completely safe due to its total isolation from any computer or network. Ellipal is a company that’s new, and the product hasn’t been tested in battle yet. The Ellipal wallet currently supports the use of a small number of coins, and its price tag of $149 is in line with other wallets. Although the idea of a completely separated hardware wallet sounds appealing, it’s important to consider the track record and security features of other hardware wallets prior to making a choice. The final decision about whether or not the Ellipal product is worthwhile for the price is entirely up to the user. It’s an extremely secure choice with an innovative design, however, it’s not as user-friendly in use as the other hardware wallets, and it’s an all-new product available on the market.