The cryptocurrency market has witnessed an significant increase in the number of hardware wallets available in recent years, each claims that digital assets will be safe and secure. The Ellipal wallet is the latest entry into the market and hopes to differentiate from its competitors by offering an entirely separate solution. As the use of cryptocurrency grows more commonplace it is becoming more important to safe security for digital asset storage is becoming increasingly essential. The Ellipal digital wallet gadget that stores the private key to digital assets off-line to prevent hackers from taking them from a remote location.
Ellipal the company that developed the wallet’s hardware component is a relatively new player in the market. The company raised $55K via an Indiegogo campaign to fund research and development for their products. The website of the company and its online reviews claim they are 100% secure, however, it’s important to keep in mind that hardware wallets of competing firms such as TREZOR as well as Ledger are constructed in a manner that no one outside can access your private keys. In the event that, for instance, the TREZOR is connected TREZOR with a compromised computer that is infected with viruses your private keys remain protected and safe.
Its Ellipal wallet is unique in its design. It is completely unconnected to any computer or network which means it does not have wired or wireless connectivity. Instead, it transmits QR codes via an image camera at the rear of the. This makes it an extremely secure choice as it removes the possibility of a hacker gaining access to the private key through a network connection. It’s important to note that this also means that the Ellipal wallet is not as user-friendly as other wallets that are hardware-based that connect to a computer to facilitate transactions.
The Ellipal wallet is priced at $149. It is fairly new to the market, which implies that it’s not combat-tested to date. This is something prospective buyers must be aware of when buying this Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers of today (TREZOR as well as Ledger) are in business for longer and have a established track records of security.
In terms of coin support in terms of coin support, the Ellipal wallet currently supports a limited number of coins which include Bitcoin, Ethereum, Litecoin along with ERC20 tokens. This is fewer than the number of 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 future.
In conclusion, it is clear that the Ellipal wallet is a new player on the hardware wallet market, promising to be completely safe due to its total inaccessibility to any computer or network. Its creators are relatively new and the product has not been battle-tested yet. The Ellipal wallet currently supports only a few coins, and its price tag at $149 is comparable with its competitors. Although the idea of a completely separated hardware wallet sounds appealing however, you should consider the security and track record measures of other hardware wallets prior to making a choice. In the end, the decision on whether or not the Ellipal device is well worth 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 a relatively new product that’s available.