The cryptocurrency market has seen a significant increase in the number of hardware wallets available in recent years, all promising to keep digital assets secure and safe. Its Ellipal wallet is the latest entry into the market and aims to stand out from its rivals by providing an entirely separate solution. As the use of cryptocurrency grows more commonplace it is becoming more important to secure security for digital asset storage is becoming increasingly essential. It is the Ellipal digital wallet device which keeps the private keys to digital assets off-line and prevents hackers from taking them from a remote location.
Ellipal the company that developed the wallet’s hardware component is a relatively new competitor in the market. It raised $55K through an Indiegogo campaign to help fund research and development for their products. The company’s website as well as online reviews state the hardware wallet as 100% secure, however, it’s important to keep in mind that hardware wallets from rival companies such as TREZOR and Ledger are also designed in a way that no outside attacker can access your private keys. For example, even if the TREZOR is connected TREZOR on a compromised system that has been infected with viruses, your private keys are still safe and secure.
The Ellipal wallet is distinctive in its design, it is completely unconnected to any computer or network which means it does not have wired or wireless connectivity. Instead, it transmits QR codes through an image camera at the rear end. This makes it a highly safe option since it blocks the possibility of hackers gaining an access point to your private keys through the network. It’s important to note that this could mean that the Ellipal wallet isn’t so user-friendly like other wallets on hardware that connect to a computer to facilitate transactions.
The Ellipal wallet is priced at $149. It is fairly recent to market which implies that it isn’t battle-tested yet. This is something prospective buyers must keep in mind when considering buying this Ellipal wallet. Comparatively, both of the leading hardware wallet makers today (TREZOR as well as Ledger) were on the market for longer and have a proven track record of security.
In terms of coin support in terms of coin support, the Ellipal wallet currently supports only a small number of coins that are supported, such as Bitcoin, Ethereum, Litecoin and ERC20 tokens. This is fewer than the number of coins supported by its competitors, TREZOR and Ledger, which could be a problem for some buyers. The company is working to provide more support for coins in the near future.
In the end it is clear that Ellipal wallet is a good choice. Ellipal wallet is a fresh player on the market of hardware wallets that claims to be completely secure due to its complete inaccessibility to any computer or network. Its creators are 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. While the idea of a completely separated hardware wallet sounds appealing, it’s important to consider the security and track record measures 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 up to the individual. It’s a safe option with a unique design however, it’s not as easy for use like other hardware wallets, and it’s an all-new product available on the market.