The world of cryptocurrency has witnessed an significant rise in the number of hardware wallets in recent years, all claims to keep digital assets secure and safe. Its Ellipal wallet is the latest entry into the market and aims to stand out from its rivals by providing an unrivalled solution. As the use of cryptocurrency becomes more mainstream, the need for safe the storage and protection of assets is becoming increasingly essential. The Ellipal wallet can be described as a device that stores the private key to digital assets off-line to prevent hackers from taking their assets from a remote location.
Ellipal the company that developed the wallet’s hardware is a relatively new 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 and online reviews state the hardware wallet as 100% safe, however it is important to remember that hardware wallets of rival companies like TREZOR and Ledger are made in a way that no outside attacker can access your private keys. In the event that, for instance, it is possible to connect your TREZOR with a compromised system that is infected with viruses your private keys will remain secure 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 wired or wireless connectivity. Instead, it transmits QR codes via cameras on its rear of the. This makes it an extremely secure option as it eliminates the possibility of hackers getting an access point to your private keys by a network connection. However, it’s worth noting that this could mean that the Ellipal wallet is not so user-friendly as other hardware wallets that can be linked to a computer for simple transactions.
The Ellipal wallet retails for $149. It is relatively brand new in the marketplace, meaning that it’s not battle-tested yet. This is something potential buyers must keep in mind when considering purchasing this Ellipal wallet. Comparatively, both of the leading hardware wallet makers today (TREZOR as well as Ledger) were in business for longer and have proven track record of security.
Regarding support for coins, the Ellipal wallet supports only a small number of coins which include Bitcoin, Ethereum, Litecoin, as well as ERC20 tokens. It is lower than the coins supported by its competitors, TREZOR and Ledger, which could be a problem for some buyers. But, the company is working to provide the support of more coins in the near future.
In the end, it is clear that the Ellipal wallet is a fresh competitor in the hardware wallet market and promises to be 100% safe due to its total inaccessibility to any network or computer. Its creators are relatively new and the product hasn’t been battle-tested as of yet. The Ellipal wallet is currently compatible with a limited number of coins, and its price tag of $149 is on par with the other options. While the idea of a fully exclusive hardware wallet is appealing however, you should consider the track record and security measures of other hardware wallet options before making a decision. Ultimately, the decision of whether the Ellipal device is well worth the price 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, and it’s an extremely new product that’s available.