The world of cryptocurrency has seen a significant rise in the number of hardware wallets in recent years. Each promises to keep digital assets secure and safe. Ellipal is one of them. Ellipal wallet is the latest competitor in the field, and is aiming to differentiate itself from its competitors by offering an entirely separate solution. As the use of cryptocurrency grows more commonplace, the need for safe the storage and protection of assets becomes more important. Ellipal wallet Ellipal digital wallet device that stores the private key to digital assets offline, preventing hackers from stealing the keys remotely.
Ellipal, the company behind the wallet’s hardware is a relatively young player in the market. They raised $55K in the course of an Indiegogo campaign to help fund the development of their product. The website of the company and its reviews online claim the hardware wallet as completely secure, but it’s important to note that the hardware wallets from rival companies such as TREZOR as well as Ledger are made in a way that no outside attacker can view your private key. For instance, even if it is possible to connect your TREZOR with a compromised device which is infected by viruses, your private keys will remain protected and safe.
The Ellipal wallet is distinctive in its design, it is completely isolated from any computer or network that is, it doesn’t have wireless or wired connectivity. Instead, it communicates via QR codes via an image camera at the rear end. This makes it an extremely secure option as it eliminates the possibility of a hacker getting gain access to private information through an internet connection. It’s important to note that this means the Ellipal wallet is not as convenient to use like other wallets on hardware that can be linked to a computer for easy transactions.
The Ellipal wallet is priced at $149. It is relatively brand new in the marketplace, meaning that it’s not battle-tested yet. This is something potential buyers should take into consideration when purchasing the Ellipal wallet. As a comparison, both the top hardware wallet manufacturers of today (TREZOR and Ledger) were around for longer and have established track records of security.
In terms of support for coin, Ellipal wallet supports a limited number of coins. Ellipal wallet is currently able to support the following coins: a few, including Bitcoin, Ethereum, Litecoin as well as ERC20 tokens. It is lower than the amount of coins that are supported by its rivals, TREZOR and Ledger, which might be a worry for some customers. But, the company is working to provide the support of more coins in the future.
In the end, it is clear that the Ellipal wallet is a brand new player in the hardware wallet market, promising to be 100% secure because of its complete separation from any computer or network. Its creators are new, and the product hasn’t been tested in battle yet. The Ellipal wallet supports only a few coins and the price at $149 is comparable with its competitors. Although the concept of a completely separated hardware wallet sounds appealing however, you should consider the history and security measures of other hardware wallets before making a choice. In the end, the decision on whether the Ellipal device is well worth the cost is up to the individual. It’s a very secure option that has a modern design however, it’s not as easy for use like other hardware wallets, and it’s an extremely new product available on the market.