The world of cryptocurrency has witnessed a significant increase in the amount of wallets that are hardware on the market in recent years, all promising to keep digital assets safe and secure. The Ellipal wallet is the latest competitor in the field, and is aiming to differentiate itself from its competitors by offering an unrivalled solution. As cryptocurrency usage is becoming more widespread, the need for safe storage of digital assets becomes increasingly important. It is the Ellipal wallet can be described as a tool that stores the private key to digital assets indefinitely and prevents hackers from taking the keys from a remote location.
Ellipal the company that developed the wallet’s hardware is a relatively young player in the market. It raised $55K through the course of an Indiegogo campaign to help fund research and development for their products. The company’s website as well as online reviews state they are 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 one outside can access your private keys. In the event that, for instance, it is possible to connect your TREZOR with a compromised computer that has been infected with viruses your private keys will remain protected and safe.
The Ellipal wallet is distinctive in its design, it is completely isolated from any network or computer that is, it doesn’t have wireless or wired connections. Instead, it communicates via QR codes through a camera on the back of the. This makes it an extremely secure option as it eliminates the possibility of a hacker having an access point to your private keys by the network. It’s important to note that this could mean that the Ellipal wallet isn’t as user-friendly as other wallets that are hardware-based that connect to a computer for easy transactions.
The Ellipal wallet retails for $149. It is relatively brand new in the marketplace, which implies that it’s not battle-tested yet. This is something prospective buyers must keep in mind when considering buying the Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers of today (TREZOR and Ledger) were around for longer and have an established track record of security.
In terms of coin support in terms of coin support, the Ellipal wallet currently 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 might be a worry for some users. However, the company is working to add more support for coins in the future.
In the end, the Ellipal wallet has been a brand new player on the market for hardware wallets and promises to be completely secure because of its complete isolation from any computer or network. The company behind it is relatively new and the product hasn’t been battle-tested yet. The Ellipal wallet currently supports a limited number of coins and its price of $149 is on par with other wallets. Although the concept of a completely isolated hardware wallet is intriguing, 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 product is worthwhile for the cost is entirely up to the user. It’s an extremely secure choice with a unique design but it’s not as convenient in use as the other wallets, and it’s a relatively new product available on the market.