The world of cryptocurrency has seen a significant increase in the amount of hardware wallets on the market in recent years, all claims to keep digital assets safe and secure. Ellipal is one of them. Ellipal wallet is the latest entry into the market and hopes to differentiate from its rivals by providing an entirely separate solution. As cryptocurrency usage becomes more mainstream, the need for safe security for digital asset storage becomes increasingly crucial. It is the Ellipal wallet can be described as a gadget which keeps the private keys to digital assets off-line and prevents hackers from taking their assets remotely.
Ellipal, the company behind the wallet’s hardware component, 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 secure, however, it’s important to remember that hardware wallets from rival businesses like TREZOR and Ledger are constructed in a manner that no attacker from outside is able to access your private keys. For instance, even if it is possible to connect your TREZOR to a compromised computer which is infected by viruses your private keys remain safe and secure.
The Ellipal wallet is unique in its design. It is completely disconnected from any computer or network which means it does not have wireless or wired connectivity. Instead, it transmits QR codes via an image camera at the rear end. This makes it a highly safe option since it blocks the possibility of hackers getting an access point to your private keys via an internet connection. It’s important to note that this means the Ellipal wallet isn’t as convenient to use 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 recent to market which implies that it’s not combat-tested to date. This is something that potential buyers need to take into consideration when buying the Ellipal wallet. As a comparison, both the top hardware wallet manufacturers today (TREZOR and Ledger) have been in business for a longer time and have a established track records of security.
Regarding support for coins in terms of coin support, the Ellipal wallet supports the following coins: a few, including Bitcoin, Ethereum, Litecoin along with ERC20 tokens. This is fewer than the coins that are supported by its rivals, TREZOR and Ledger, which may be a concern for some users. The company is working to add the support of more coins in the near future.
In the end, the Ellipal wallet is a brand new competitor in the market for hardware wallets, promising to be completely safe due to its total inaccessibility to any network or computer. The company behind it is new, and the product has not been battle-tested yet. The Ellipal wallet is currently compatible with only a few coins, and its price tag at $149 is comparable with its competitors. While the idea of a totally isolated hardware wallet is intriguing however, you should consider the track record and security measures of other hardware wallets prior to making a choice. The final decision about whether the Ellipal device is well worth the price is up to the person who buys it. It’s a very secure option with a unique design however, it’s not as easy in use as the other wallets. It’s also an extremely new product available on the market.