The cryptocurrency market has seen an significant increase in the amount of hardware wallets in recent years. Each claims that digital assets will be safe and secure. Its Ellipal wallet is a new entry into the market and is aiming to differentiate itself from its competitors by offering an entirely separate solution. As the use of cryptocurrency is becoming more widespread and more commonplace, the need for secure storage of digital assets becomes more essential. Ellipal wallet Ellipal digital wallet device that stores the private key to digital assets offline and prevents hackers from taking their assets from a remote location.
Ellipal, the company behind the wallet’s hardware is a relatively young company on the market. The company raised $55K via an Indiegogo campaign to fund research and development for their products. The website of the company and its reviews online claim that their hardware wallet is 100% secure, however, it’s important to note that the hardware wallets of rival companies like TREZOR as well as Ledger are made in a way that no outside attacker can see your private keys. For instance, even if the TREZOR is connected TREZOR to a compromised computer that has been infected with viruses, your private keys are still secure and safe.
Its Ellipal wallet is distinctive in its design. It is completely isolated from any network or computer, meaning it has no wireless or wired connectivity. Instead, it communicates through QR codes through a camera on the rear of the. This makes it a highly secure choice as it removes the possibility of hackers gaining an access point to your private keys via an internet connection. However, it’s important to remember that this means the Ellipal wallet isn’t as convenient to use as other hardware wallets that can be linked to a computer for easy transactions.
The Ellipal wallet costs $149 and is relatively recent to market which means that it isn’t combat-tested to date. This is something potential buyers must be aware of when buying this Ellipal wallet. Comparatively, both of the leading hardware wallet makers today (TREZOR as well as Ledger) are around for longer and have a established track records of security.
In terms of support for coin in terms of coin support, Ellipal wallet supports a limited number of coins. Ellipal wallet currently supports a limited number of coins, including Bitcoin, Ethereum, Litecoin, and ERC20 tokens. It is lower than the amount of coins supported by its competitors, TREZOR and Ledger, which might be a worry for some customers. However, the company is currently working on adding the support of more coins in the future.
In the end In conclusion, it is clear that the Ellipal wallet is a fresh competitor in 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 relatively new, and the product has not been battle-tested as of yet. The Ellipal wallet supports only a few coins, and its price tag at $149 is comparable with other wallets. While the idea of a totally exclusive hardware wallet is 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 device is well worth the cost is entirely up to the user. It’s an extremely secure choice that has a modern design however, it’s not as user-friendly to use as other wallets. Additionally, it’s an extremely new product available on the market.