The world of cryptocurrency has witnessed a significant rise in the number of wallets that are hardware on the market in recent years. Each promising that digital assets will be safe and secure. Its Ellipal wallet is a brand new entrant in this field and aims to stand out from its competitors by offering an entirely separate solution. As cryptocurrency usage is becoming more widespread and more commonplace, the need for secure storage of digital assets becomes more crucial. It is the Ellipal digital wallet gadget that keeps the private key to digital assets off-line and prevents hackers from taking the keys remotely.
Ellipal, the company behind the hardware wallet is a relatively young competitor in the market. They raised $55K in the course of an Indiegogo campaign to fund the development of their product. The company’s website as well as online reviews claim they are 100% secure, however, it’s important to remember that hardware wallets of rival firms like TREZOR and Ledger are also designed in a way that no attacker from outside is able to access your private keys. In the event that, for instance, you connect your TREZOR with a compromised system that is infected with viruses your private keys will remain protected and safe.
Its Ellipal wallet is unique in its design, it is completely unconnected to any network or computer that is, it doesn’t have wired or wireless connectivity. Instead, it communicates via QR codes via an image camera at the rear end. This makes it an extremely safe option since it blocks the possibility of a hacker gaining gain access to private information by the network. It’s important to note that this means the Ellipal wallet is not so user-friendly like other wallets on hardware, which can be connected to a computer for simple transactions.
The Ellipal wallet retails for $149. It is fairly new to the market, which implies that it has not been battle-tested yet. This is something that potential buyers need to take into consideration when buying the Ellipal wallet. Comparatively, both of the leading hardware wallet makers today (TREZOR as well as Ledger) were in business for longer and have a proven track record of security.
In terms of support for coin, the Ellipal wallet is currently able to support the following coins: a few, including Bitcoin, Ethereum, Litecoin and ERC20 tokens. This is less than the amount of coins supported by its competitors, TREZOR and Ledger, which may be a concern for some customers. The company is working to provide the support of more coins in the near future.
In the end In conclusion, it is clear that the Ellipal wallet has been a fresh competitor in the market of hardware wallets that claims to be completely safe due to its total isolation from any network or computer. Its creators are relatively new, and the product hasn’t been battle-tested yet. The Ellipal wallet supports the use of a small number of coins and the price at $149 is comparable with the other options. While the idea of a completely isolated hardware wallet is intriguing but it’s crucial to look at the track record and security features of other hardware wallets before making a decision. In the end, the decision on whether or not the Ellipal wallet is worth the cost is entirely up to the user. It’s a safe option with a unique design however, it’s not as easy in use as the other wallets. Additionally, it’s an all-new product that’s available.