The world of cryptocurrency has witnessed a significant rise in the number of hardware wallets on the market in recent years, all promises to keep digital assets secure and safe. Its Ellipal wallet is a brand new entry into the market and hopes to differentiate from its competitors by offering an entirely separate solution. As cryptocurrency usage becomes more mainstream, the need for secure storage of digital assets becomes increasingly crucial. It is the Ellipal digital wallet device which keeps the private keys to digital assets offline, preventing hackers from stealing the keys from a remote location.
Ellipal, the company behind the hardware wallet is a relatively young player in 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 secure, but it’s important to remember that hardware wallets from rival firms such as TREZOR and Ledger are constructed in a manner that no attacker from outside is able to view your private key. For example, even if you connect your TREZOR to a compromised computer that has been infected with viruses Your private keys will remain secure and safe.
The Ellipal wallet is distinctive in its design, it is completely disconnected from any computer or network which means it does not have wireless or wired connectivity. Instead, it communicates through QR codes through a camera on the rear of the. This makes it a highly secure choice as it removes the possibility of a hacker gaining access to the private key through 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, which can be connected to a computer to facilitate transactions.
The Ellipal wallet costs $149 and is fairly recent to market which implies that it’s not battle-tested yet. This is something that potential buyers need to take into consideration when purchasing this Ellipal wallet. In comparison, both leading hardware wallet manufacturers today (TREZOR and Ledger) were around for longer and have proven track record of security.
Regarding support for coins, the Ellipal wallet supports only a small number of coins, including Bitcoin, Ethereum, Litecoin and ERC20 tokens. This is fewer than the coins supported by its competitors, TREZOR and Ledger, which could be a problem for some customers. The company is currently working on adding support for more coins in the near future.
In the end it is clear that the Ellipal wallet is a new competitor in the hardware wallet market and promises to be 100% safe due to its total inaccessibility to any computer or network. Its creators are relatively new, and the product hasn’t been battle-tested as of yet. The Ellipal wallet supports a limited number of coins and the price of $149 is in line with its competitors. While the idea of a totally isolated hardware wallet is intriguing however, you should consider the security and track record features of other hardware wallet options before making a decision. The final decision about whether or not the Ellipal wallet is worth the price 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. Additionally, it’s an extremely new product available on the market.