The cryptocurrency market has seen an significant rise in the number of wallets that are hardware in recent years, all claims that digital assets will be secure and safe. Ellipal is one of them. Ellipal wallet is a brand new competitor in the field, and hopes to differentiate from its competitors by offering an entirely separate solution. As cryptocurrency usage is becoming more widespread, the need for secure storage of digital assets becomes more crucial. The Ellipal digital wallet gadget that keeps the private key to digital assets indefinitely, preventing hackers from stealing the keys from a remote location.
Ellipal, the company behind the wallet’s hardware component is a relatively new competitor in the market. The company raised $55K via the course of an Indiegogo campaign to fund its development. The website of the company and its online reviews state they are completely secure, but it’s important to remember that hardware wallets of competing companies like TREZOR and Ledger are also designed in a way that no attacker from outside is able to see your private keys. For instance, even if you connect your TREZOR to a compromised system that has been infected with viruses your private keys are still protected and safe.
The Ellipal wallet is distinctive in its design. It is completely disconnected from any network or computer which means it does not have wired or wireless connectivity. Instead, it transmits QR codes through cameras on its rear of the. This makes it a highly secure choice as it removes the possibility of hackers having an access point to your private keys via a network connection. However, it’s worth noting that this also means that the Ellipal wallet isn’t as user-friendly as other hardware wallets, which can be connected to a computer for simple transactions.
The Ellipal wallet retails for $149. It is fairly recent to market which implies that it isn’t battle-tested yet. This is something that potential buyers must be aware of when buying this Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers today (TREZOR as well as Ledger) have been in business for longer and have a an established track record of security.
Regarding support for coins, the Ellipal wallet supports only a small number of coins that are supported, such as Bitcoin, Ethereum, Litecoin, along with ERC20 tokens. This is less than the amount of coins supported by its competitors, TREZOR and Ledger, which might be a worry for some users. But, the company is working to add the support of more coins in the near future.
In conclusion, the Ellipal device is an fresh player on the market for hardware wallets, promising that it is 100% secure due to its complete isolation from any computer or network. Its creators are relatively new and the product has not been battle-tested as of yet. The Ellipal wallet supports only a few coins, and its price tag of $149 is on par with its competitors. Although the concept of a completely exclusive hardware wallet is appealing, it’s important to consider the history and security features of other hardware wallet options before making a decision. In the end, the decision on whether or not the Ellipal wallet is worth the cost is up to the person who buys it. It’s a very secure option with a unique design but it’s not as convenient for use like other wallets. Additionally, it’s an all-new product on the market.