The cryptocurrency market has witnessed an significant increase in the amount of hardware wallets on the market in recent years, all promises to keep digital assets safe and secure. Its Ellipal wallet is a brand new entrant in this field and aims to stand out from its rivals by providing an entirely separate solution. As the use of cryptocurrency becomes more mainstream it is becoming more important to safe storage of digital assets becomes more essential. Ellipal wallet Ellipal wallet can be described as a tool which keeps the private keys to digital assets offline to prevent hackers from taking their assets remotely.
Ellipal the company that developed the hardware wallet is a relatively new player in the market. It raised $55K through an Indiegogo campaign to finance research and development for their products. The company’s website and online reviews claim that their hardware wallet is 100% safe, however it is important to note that the hardware wallets of rival companies like TREZOR and Ledger are constructed in a manner that no one outside can see your private keys. For example, even if the TREZOR is connected TREZOR with a compromised computer which is infected by viruses, your private keys will remain protected and safe.
Its Ellipal wallet is distinctive in its design. It is completely unconnected to any computer or network, meaning it has no wireless or wired connectivity. Instead, it communicates via QR codes via an image camera at the rear end. This makes it a very safe option since it blocks the possibility of a hacker gaining access to the private key via an internet connection. However, it’s important to remember that this means the Ellipal wallet is not as convenient to use like other wallets on hardware that can be linked to a computer to facilitate transactions.
The Ellipal wallet is priced at $149. It is relatively brand new in the marketplace, which implies that it’s not combat-tested to date. This is something that potential buyers need to take into consideration when buying the Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers today (TREZOR as well as Ledger) are on the market for longer and have a an established track record of security.
Regarding support for coins, the Ellipal wallet currently supports only a small number of coins which include Bitcoin, Ethereum, Litecoin along with ERC20 tokens. This is less than the number of coins that are supported by its rivals, TREZOR and Ledger, which might be a worry for some users. The company is working to provide the support of more coins in the near future.
In conclusion it is clear that the Ellipal wallet is a fresh player on the market of hardware wallets that claims to be 100% safe due to its total isolation from any computer or network. 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 the price of $149 is on par with other wallets. Although the concept of a completely isolated hardware wallet is intriguing but it’s crucial to look at the security and track record measures of other wallets before making a choice. Ultimately, the decision of whether the Ellipal device is well worth the price is up to the individual. It’s a safe option that has a modern design but it’s not as convenient for use like other hardware wallets, and it’s a relatively new product that’s available.