The world of cryptocurrency has seen an significant rise in the number of hardware wallets in recent years, all promises that digital assets will be safe and secure. Its Ellipal wallet is a brand new entrant in this field and aims to stand out from its competitors by offering a completely isolated solution. As the use of cryptocurrency becomes more mainstream it is becoming more important to secure storage of digital assets becomes increasingly essential. The Ellipal wallet is a tool which keeps the private keys to digital assets off-line and prevents hackers from taking their assets from a remote location.
Ellipal the company that developed the wallet’s hardware is a relatively new player in the market. It raised $55K through the course of an Indiegogo campaign to finance the development of their product. The company’s website as well as online reviews state that their hardware wallet is completely secure, but it’s important to note that the hardware wallets of competing businesses such as TREZOR as well as Ledger are also designed in a way that no outside attacker can view your private key. In the event that, for instance, you connect your TREZOR on a compromised device that has been infected with viruses Your private keys are still protected and safe.
The Ellipal wallet is unique in its design. It is completely unconnected to any network or computer, meaning it has no wired or wireless connectivity. Instead, it communicates through QR codes using a camera on the rear end. This makes it a very secure choice as it removes the possibility of a hacker having an access point to your private keys through an internet connection. However, it’s important to remember that this could mean that the Ellipal wallet isn’t as user-friendly like other wallets on hardware that can be linked to a computer for easy transactions.
The Ellipal wallet costs $149 and is relatively recent to market meaning that it isn’t battle-tested yet. This is something that potential buyers need to be aware of when buying the Ellipal wallet. Comparatively, both of the leading hardware wallet makers today (TREZOR as well as Ledger) are on the market for longer and have a established track records of security.
In terms of coin support, Ellipal wallet supports a limited number of coins. Ellipal wallet currently supports only a small number of coins that are supported, such as Bitcoin, Ethereum, Litecoin along with ERC20 tokens. It is lower than the coins that are supported by its rivals, TREZOR and Ledger, which could be a problem for some users. The company is working to add the support of more coins in the future.
In conclusion, it is clear that the Ellipal device is an new competitor in the market for hardware wallets and promises that it is 100% secure due to its complete inaccessibility to any computer or network. Its creators are new and the product has not been tested in battle yet. The Ellipal wallet currently supports a limited number of coins, and its price tag of $149 is in line with its competitors. Although the idea of a completely isolated hardware wallet is intriguing, it’s important to consider the history and security measures of other wallets prior to making a decision. In the end, the decision on whether the Ellipal device is well worth the cost is up to the person who buys it. It’s an extremely secure choice that has a modern design however, it’s not as easy in use as the other wallets, and it’s an all-new product on the market.