The cryptocurrency market has seen an significant rise in the number of wallets that are hardware in recent years, all promising that digital assets will be secure and safe. The Ellipal wallet is a brand new competitor in the field, and aims to stand out from the crowd by providing a completely isolated solution. As cryptocurrency usage is becoming more widespread, the need for secure storage of digital assets becomes increasingly important. The Ellipal digital wallet device that stores the private key to digital assets offline, preventing hackers from stealing them from a remote location.
Ellipal the company that developed the wallet’s hardware component, is a relatively new player in the market. They raised $55K in the course of an Indiegogo campaign to finance its development. The company’s website and online reviews state the hardware wallet as completely secure, however, it’s important to note that the hardware wallets of rival businesses like TREZOR and Ledger are also designed in a way that no attacker from outside is able to access your private keys. For example, even if you connect your TREZOR on a compromised device which is infected by viruses, your private keys will remain protected and safe.
The Ellipal wallet is unique in its design, it is completely disconnected from any network or computer that is, it doesn’t have wireless or wired connectivity. Instead, it transmits QR codes through an image camera at the rear end. This makes it a very safe option since it blocks the possibility of hackers getting an access point to your private keys via the network. However, it’s important to remember that this could mean that the Ellipal wallet is not as user-friendly like other wallets on hardware that can be linked to a computer for easy transactions.
The Ellipal wallet costs $149 and is fairly recent to market which means that it has not been battle-tested yet. This is something prospective buyers should take into consideration when buying the Ellipal wallet. As a comparison, both the top hardware wallet manufacturers today (TREZOR as well as Ledger) were in business for longer and have established track records of security.
Regarding support for coins in terms of coin support, Ellipal wallet supports a limited number of coins. Ellipal wallet supports a limited number of coins that are supported, such as Bitcoin, Ethereum, Litecoin, and ERC20 tokens. This is less than the number of coins that are supported by its rivals, TREZOR and Ledger, which may be a concern for some buyers. The company is working to provide the support of more coins in the future.
In the end, it is clear that the Ellipal device is an new player in the market for hardware wallets and promises to be completely safe due to its total separation from any network or computer. Its creators are relatively new and the product has not been battle-tested yet. The Ellipal wallet is currently compatible with only a few coins and its price at $149 is comparable with its competitors. Although the concept of a fully isolated hardware wallet is intriguing, it’s important to consider the history and security measures of other wallets prior to making a decision. Ultimately, the decision of whether or not the Ellipal product is worthwhile for the price is up to the person who buys it. It’s a very secure option with a unique design however, it’s not as user-friendly for use like other wallets. It’s also a relatively new product on the market.