The world of cryptocurrency has seen an significant increase in the amount of hardware wallets available on the market in recent years, each promises that digital assets will be secure and safe. Its Ellipal wallet is a new entrant in this field and is aiming to differentiate itself from its rivals by providing an entirely separate solution. As cryptocurrency usage grows more commonplace it is becoming more important to secure security for digital asset storage is becoming increasingly crucial. The Ellipal wallet is a device which keeps the private keys to digital assets offline to prevent hackers from taking their assets remotely.
Ellipal, the company behind the wallet’s hardware, is a relatively new player in the market. The company raised $55K via the course of an Indiegogo campaign to fund research and development for their products. The company’s website and online reviews claim that their hardware wallet is 100% secure, but it’s important to note that the hardware wallets of rival firms such as TREZOR and Ledger are made in a way that no attacker from outside is able to access your private keys. For instance, even if you connect your TREZOR with a compromised computer that is infected with viruses, your private keys are still safe and secure.
The Ellipal wallet is unique in its design, it is completely disconnected from any network or computer which means it does not have wireless or wired connectivity. Instead, it communicates via QR codes using an image camera at the back of the. This makes it a very secure option as it eliminates the possibility of hackers gaining an access point to your private keys through the network. However, it’s important to remember that this could mean that the Ellipal wallet isn’t so user-friendly as other wallets that are hardware-based, which can be connected to a computer for easy transactions.
The Ellipal wallet retails for $149. It is fairly recent to market which implies that it isn’t combat-tested to date. This is something prospective buyers must be aware of when buying this Ellipal wallet. In comparison, both leading hardware wallet manufacturers today (TREZOR as well as Ledger) were on the market for longer and have a established track records of security.
In terms of support for coin, Ellipal wallet supports a limited number of coins. Ellipal wallet currently supports a limited number of coins that are supported, such as Bitcoin, Ethereum, Litecoin, as well as ERC20 tokens. It is lower than the coins that are supported by its rivals, TREZOR and Ledger, which might be a worry for some buyers. But, the company is working to add more support for coins in the future.
In conclusion, the Ellipal wallet has been a fresh player in the hardware wallet market and promises to be completely secure due to its complete separation from any computer or network. Its creators are relatively new and the product hasn’t been battle-tested yet. The Ellipal wallet is currently compatible with only a few coins and its 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 track record and security features of other hardware wallets prior to making a decision. The final decision about whether the Ellipal wallet is worth the cost is up to the individual. It’s a very secure option with a unique design however, it’s not as easy to use as other hardware wallets. Additionally, it’s an all-new product available on the market.