The cryptocurrency market has witnessed a significant increase in the number of hardware wallets available in recent years, each promising to keep digital assets secure and safe. Ellipal is one of them. Ellipal wallet is the latest competitor in the field, and hopes to differentiate from its rivals by providing an entirely separate solution. As the use of cryptocurrency grows more commonplace, the need for secure storage of digital assets becomes increasingly crucial. The Ellipal wallet can be described as a tool which keeps the private keys to digital assets indefinitely, preventing hackers from stealing their assets from a remote location.
Ellipal the company that developed the hardware wallet is a relatively young competitor in the market. It raised $55K through an Indiegogo campaign to fund research and development for their products. The company’s website and online reviews claim the hardware wallet as 100% safe, however it is important to keep in mind that hardware wallets of rival firms like TREZOR and Ledger are constructed in a manner that no outside attacker can view your private key. For example, even if the TREZOR is connected TREZOR on a compromised system that is infected with viruses, your private keys will remain protected and safe.
The Ellipal wallet is distinctive in its design, it is completely isolated from any network or computer that is, it doesn’t have wireless or wired connections. 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 getting access to the private key by an internet connection. However, it’s worth noting that this could mean that the Ellipal wallet isn’t so user-friendly as other wallets that are hardware-based that can be linked to a computer to facilitate transactions.
The Ellipal wallet is priced at $149. It is fairly brand new in the marketplace, which implies that it’s not tested in battle yet. This is something that potential buyers need to keep in mind when considering buying the Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers today (TREZOR as well as Ledger) have been on the market for longer and have a an established track record of security.
In terms of support for coin in terms of coin support, the Ellipal wallet is currently able to support a limited number of coins which include Bitcoin, Ethereum, Litecoin, and ERC20 tokens. This is fewer than the amount of coins that are supported by its rivals, TREZOR and Ledger, which might be a worry for some buyers. The company is currently working on adding support for more coins in the near future.
In the end it is clear that the Ellipal wallet has been a new competitor in the hardware wallet market that claims that it is 100% secure because of its complete isolation from any computer or network. Its creators are new and the product hasn’t been battle-tested as of yet. The Ellipal wallet currently supports the use of a small number of coins, and its price tag of $149 is on par with the other options. While the idea of a completely separated hardware wallet sounds appealing but it’s crucial to look at the track record and security features of other hardware wallet options before making a decision. The final decision about whether or not the Ellipal wallet is worth the price is up to the individual. It’s an extremely secure choice 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.