The cryptocurrency market has seen an significant increase in the amount of hardware wallets available in recent years. Each promises to keep digital assets secure and safe. Its Ellipal wallet is the latest entry into the market and hopes to differentiate from the crowd 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 important. The Ellipal wallet can be described as a tool which keeps the private keys to digital assets off-line and prevents hackers from taking the keys from a remote location.
Ellipal the company that developed the wallet’s hardware is a relatively new player in the market. It raised $55K through an Indiegogo campaign to help fund the development of their product. The company’s website as well as reviews online claim they are completely secure, but it’s important to keep in mind that hardware wallets of competing businesses like TREZOR as well as Ledger are constructed in a manner that no outside attacker can see your private keys. In the event that, for instance, it is possible to connect your TREZOR on a compromised device that is infected with viruses, your private keys remain secure and safe.
The Ellipal wallet is distinctive in its design, it is completely disconnected from any computer or network which means it does not have wireless or wired connectivity. Instead, it communicates through QR codes via a camera on the rear end. This makes it a highly safe option since it blocks the possibility of a hacker gaining an access point to your private keys by an internet connection. However, it’s important to remember that this could mean that the Ellipal wallet isn’t so user-friendly like other wallets on hardware that connect to a computer to facilitate transactions.
The Ellipal wallet is priced at $149. It is fairly recent to market meaning that it’s not combat-tested to date. This is something prospective buyers should keep in mind when considering purchasing this Ellipal wallet. In comparison, both leading hardware wallet manufacturers today (TREZOR and Ledger) were on the market for longer and have proven track record of security.
Regarding support for coins In terms of support for coins, Ellipal wallet supports a limited number of coins. Ellipal wallet is currently able to support a limited number of coins, including Bitcoin, Ethereum, Litecoin, along with ERC20 tokens. This is less than the number of coins supported by its competitors, TREZOR and Ledger, which might be a worry for some customers. However, the company is working to add more support for coins in the near future.
In the end it is clear that Ellipal wallet is a good choice. Ellipal wallet has been a fresh player on the market of hardware wallets that claims to be completely secure due to its complete separation from any network or computer. Ellipal is a company that’s new, and the product hasn’t been battle-tested as of yet. The Ellipal wallet currently supports only a few coins, and its price tag at $149 is comparable with its competitors. While the idea of a totally isolated hardware wallet is intriguing, it’s important to consider the security and track record features of other hardware wallets before making a choice. In the end, the decision on whether the Ellipal device is well worth the cost is entirely up to the user. It’s an extremely secure choice with an innovative design, however, it’s not as easy in use as the other wallets. It’s also a relatively new product on the market.