The world of cryptocurrency has witnessed a significant increase in the amount of wallets that are hardware in recent years. Each promises that digital assets will be safe and secure. The Ellipal wallet is a brand new entrant in this field and is aiming to differentiate itself from the crowd by providing an entirely separate solution. As cryptocurrency usage is becoming more widespread and more commonplace, the need for secure the storage and protection of assets becomes more important. The Ellipal digital wallet tool that keeps the private key to digital assets offline and prevents hackers from taking the keys from a remote location.
Ellipal the company that developed the hardware wallet is a relatively young player in the market. They raised $55K in the course of an Indiegogo campaign to finance research and development for their products. The company’s website as well as online reviews state that their hardware wallet is 100% secure, however, it’s important to note that the hardware wallets of competing companies such as TREZOR as well as Ledger are made in a way that no attacker from outside is able to access your private keys. For instance, even if it is possible to connect your TREZOR on a compromised system that has been infected with viruses, your private keys will remain safe and secure.
Its Ellipal wallet is unique 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 through QR codes via a camera on the rear end. This makes it an extremely secure option as it eliminates the possibility of hackers getting an access point to your private keys via a network connection. However, it’s important to remember that this could mean that the Ellipal wallet isn’t as convenient to use as other wallets that are hardware-based that can be linked to a computer for simple transactions.
The Ellipal wallet is priced at $149. It is fairly recent to market which means that it has not been battle-tested yet. This is something prospective buyers need to be aware of when buying the Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers today (TREZOR and Ledger) were in business for longer and have a proven track record of security.
Regarding support for coins In terms of support for coins, the Ellipal wallet is currently able to support only a small number of coins, including Bitcoin, Ethereum, Litecoin and ERC20 tokens. This is less than the number of coins supported by its competitors, TREZOR and Ledger, which may be a concern for some users. But, the company is working to provide support for more coins in the near future.
In conclusion, it is clear that the Ellipal wallet has been a fresh competitor in the market of hardware wallets and promises to be 100% secure because of its complete separation from any computer or network. The company behind it is new, and the product has not been tested in battle yet. The Ellipal wallet is currently compatible with only a few coins and the price of $149 is in line with other wallets. While the idea of a completely separated hardware wallet sounds appealing, it’s important to consider the history and security measures of other wallet options before making a decision. The final decision about whether the Ellipal wallet is worth the price is up to the person who buys it. It’s an extremely secure choice with a unique design however, it’s not as easy to use as other wallets. It’s also a relatively new product available on the market.