The world of cryptocurrency has seen an significant increase in the amount of hardware wallets on the market in recent years, each promises that digital assets will be secure and safe. The Ellipal wallet is a brand new entrant in this field and aims to stand out from its competitors by offering a completely isolated solution. As cryptocurrency usage becomes more mainstream, the need for safe security for digital asset storage becomes increasingly essential. The Ellipal wallet can be described as a device that keeps the private key to digital assets offline, preventing hackers from stealing the keys from a remote location.
Ellipal, the company behind the wallet’s hardware is a relatively young player in the market. They raised $55K in an Indiegogo campaign to fund the development of their product. The website of the company and its reviews online claim they are completely secure, however, it’s important to note that the hardware wallets of competing businesses like TREZOR and Ledger are constructed in a manner that no attacker from outside is able to view your private key. For example, even if it is possible to connect your TREZOR to a compromised computer that is infected with viruses your private keys will remain safe and secure.
The Ellipal wallet is unique in its design, it is completely unconnected to any computer or network that is, it doesn’t have wireless or wired connectivity. Instead, it communicates through QR codes via a camera on the back of the. This makes it a highly safe option since it blocks the possibility of hackers gaining gain access to private information through an internet connection. It’s important to note that this means the Ellipal wallet is not as user-friendly 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 isn’t battle-tested yet. This is something prospective buyers need to be aware of when purchasing the Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers today (TREZOR and Ledger) have been on the market for longer and have proven track record of security.
Regarding support for coins In terms of support for coins, the Ellipal wallet currently supports the following coins: a few which include Bitcoin, Ethereum, Litecoin, and ERC20 tokens. It is lower than the coins that are supported by its rivals, TREZOR and Ledger, which might be a worry for some users. But, the company is working to add support for more coins in the near future.
In conclusion, the Ellipal wallet is a fresh competitor in the market of hardware wallets and promises to be 100% safe due to its total inaccessibility to any computer or network. The company behind it is relatively new and the product has not been tested in battle yet. The Ellipal wallet currently supports the use of a small number of coins and its price at $149 is comparable with its competitors. Although the concept of a completely isolated hardware wallet is intriguing, it’s important to consider the history and security measures of other wallets before making a choice. Ultimately, the decision of whether the Ellipal product is worthwhile for the cost is up to the person who buys it. It’s a very secure option that has a modern design however, it’s not as user-friendly to use as other wallets. It’s also a relatively new product on the market.