The cryptocurrency market has seen a significant rise in the number of wallets that are hardware on the market in recent years. Each claims that digital assets will be safe and secure. The Ellipal wallet is a new entrant in this field and is aiming to differentiate itself from the crowd by providing an entirely separate solution. As the use of cryptocurrency grows more commonplace, the need for secure the storage and protection of assets becomes increasingly essential. The Ellipal wallet is a device which keeps the private keys to digital assets off-line, preventing hackers from stealing their assets remotely.
Ellipal the company that developed the wallet’s hardware is a relatively young company on the market. They raised $55K in the course of an Indiegogo campaign to finance its development. The website of the company and its reviews online claim that their hardware wallet is 100% secure, however, it’s important to remember that hardware wallets from rival businesses such as TREZOR and Ledger are made in a way that no outside attacker can view your private key. For instance, even if the TREZOR is connected TREZOR on a compromised computer which is infected by viruses your private keys are still protected and safe.
Its Ellipal wallet is distinctive in its design. It is completely unconnected to any computer or network that is, it doesn’t have wireless or wired connections. Instead, it communicates via QR codes using a camera on the rear end. This makes it an extremely secure option as it eliminates the possibility of hackers having access to the private key via a network connection. It’s important to note that this means the Ellipal wallet is not as convenient to use as other wallets that are hardware-based that can be linked to a computer for easy transactions.
The Ellipal wallet retails for $149. It is relatively new to the market, which implies that it has not been combat-tested to date. This is something that potential buyers need to take into consideration when buying the Ellipal wallet. In comparison, both leading hardware wallet makers today (TREZOR as well as Ledger) are around for a longer time and have a proven track record of security.
In terms of coin support, Ellipal wallet supports a limited number of coins. Ellipal wallet supports only a small number of coins that are supported, such as Bitcoin, Ethereum, Litecoin as well as ERC20 tokens. It is lower than the amount of coins supported by its competitors, TREZOR and Ledger, which might be a worry for some customers. However, the company is working to add the support of more coins in the future.
In conclusion, it is clear that the Ellipal device is an fresh competitor in the market of hardware wallets and promises to be 100% safe due to its total isolation from any computer or network. Ellipal is a company that’s new and the product hasn’t been battle-tested yet. The Ellipal wallet is currently compatible with only a few coins and its price of $149 is in line with its competitors. Although the idea of a fully exclusive hardware wallet is appealing but it’s crucial to look at the history and security measures of other hardware wallets before making a choice. The final decision about 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 with an innovative design, but it’s not as convenient in use as the other wallets. It’s also an extremely new product available on the market.