The world of cryptocurrency has witnessed an significant increase in the number of wallets that are hardware on the market in recent years, each promising to keep digital assets secure and safe. Its Ellipal wallet is a new entry into the market and is aiming to differentiate itself from its rivals by providing an unrivalled solution. As the use of cryptocurrency becomes more mainstream and more commonplace, the need for secure security for digital asset storage becomes increasingly important. The Ellipal wallet is a tool which keeps the private keys to digital assets off-line to prevent hackers from taking their assets remotely.
Ellipal, the company behind the wallet’s hardware, is a relatively new player in the market. It raised $55K through an Indiegogo campaign to fund the development of their product. The company’s website as well as reviews online claim the hardware wallet as 100% secure, but it’s important to keep in mind that hardware wallets of rival companies such as TREZOR and Ledger are also designed in a way that no outside attacker can view your private key. For example, even if you connect your TREZOR with a compromised device that has been infected with viruses, your private keys are still protected and safe.
Its 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 connections. Instead, it transmits QR codes via an image camera at the rear end. This makes it an extremely secure option as it eliminates the possibility of hackers gaining an access point to your private keys via a network connection. However, it’s worth noting that this could mean that the Ellipal wallet is not as user-friendly 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 relatively brand new in the marketplace, meaning that it’s not battle-tested yet. This is something that potential buyers need to keep in mind when considering purchasing the Ellipal wallet. In comparison, both leading hardware wallet manufacturers of today (TREZOR and Ledger) were around for longer and have a proven track record of security.
In terms of coin support, Ellipal wallet supports a limited number of coins. Ellipal wallet currently supports the following coins: a few, including Bitcoin, Ethereum, Litecoin and ERC20 tokens. This is fewer than the coins that are supported by its rivals, TREZOR and Ledger, which might be a worry for some customers. However, the company is working to provide more support for coins in the near future.
In conclusion, it is clear that the Ellipal device is an fresh competitor in the hardware wallet market and promises to be completely secure due to 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 supports a limited number of coins, and its price tag at $149 is comparable with the other options. Although the idea of a totally separated hardware wallet sounds appealing but it’s crucial to look at the track record and security measures of other wallets prior to making a choice. Ultimately, the decision of whether the Ellipal product is worthwhile for the cost is up to the person who buys it. It’s a very secure option that has a modern design however, it’s not as easy for use like other wallets. It’s also an extremely new product available on the market.