The world of cryptocurrency has seen an significant increase in the amount of wallets that are hardware on the market in recent years, all promises to keep digital assets safe and secure. The Ellipal wallet is the latest 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 and more commonplace, the need for secure the storage and protection of assets becomes more crucial. It is the Ellipal wallet can be described as a tool that stores the private key to digital assets off-line and prevents hackers from taking their assets remotely.
Ellipal, the company behind the wallet’s hardware is a relatively new competitor in the market. They raised $55K in an Indiegogo campaign to fund the development of their product. The website of the company and its online reviews claim that their hardware wallet is completely safe, however it is important to note that the hardware wallets from rival businesses like TREZOR and Ledger are also designed in a way that no one outside can see your private keys. In the event that, for instance, it is possible to connect your TREZOR on a compromised system which is infected by viruses, your private keys will remain safe and secure.
Its Ellipal wallet is distinctive in its design. It is completely unconnected to any network or computer which means it does not have wireless or wired connections. Instead, it communicates through QR codes using an image camera at the back of the. This makes it an extremely secure option as it eliminates the possibility of hackers having an access point to your private keys by the network. However, it’s worth noting that this means the Ellipal wallet isn’t as convenient to use like other wallets on hardware that can be linked to a computer for easy transactions.
The Ellipal wallet costs $149 and is fairly recent to market which implies that it has not been combat-tested to date. This is something that potential buyers need to be aware of when purchasing this Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers of today (TREZOR as well as Ledger) were around for longer and have established track records of security.
In terms of coin support in terms of coin support, the Ellipal wallet is currently able to support the following coins: a few which include Bitcoin, Ethereum, Litecoin, as well as ERC20 tokens. It is lower than the amount of coins supported by its competitors, TREZOR and Ledger, which could be a problem for some users. But, the company is working to add the support of more coins in the near future.
In conclusion it is clear that it is clear that the Ellipal wallet has been a new competitor in the market of hardware wallets, promising to be completely secure due to its complete isolation from any network or computer. Ellipal is a company that’s relatively new, and the product hasn’t been battle-tested yet. The Ellipal wallet is currently compatible with a limited number of coins, and its price tag of $149 is on par with other wallets. Although the concept of a fully isolated hardware wallet is intriguing however, you should consider the security and track record measures of other wallet options before making a decision. Ultimately, the decision of whether the Ellipal device is well worth the cost is up to the person who buys it. It’s a very secure option that has a modern design however, it’s not as easy to use as other wallets, and it’s an extremely new product on the market.