The cryptocurrency market has witnessed an significant increase in the amount of wallets that are hardware in recent years, each claims to keep digital assets secure and safe. 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 cryptocurrency usage grows more commonplace and more commonplace, the need for secure security for digital asset storage becomes increasingly important. The Ellipal digital wallet device which keeps the private keys to digital assets offline to prevent hackers from taking them from a remote location.
Ellipal, the company behind the wallet’s hardware component, is a relatively new company on the market. The company raised $55K via the course of an Indiegogo campaign to finance research and development for their products. The website of the company and its reviews online claim the hardware wallet as completely secure, but it’s important to keep in mind that hardware wallets of rival companies 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, it is possible to connect your TREZOR on a compromised device that is infected with viruses, your private keys remain protected and safe.
Its Ellipal wallet is unique 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 via QR codes via an image camera at the back of the. This makes it a very safe option since it blocks the possibility of a hacker gaining access to the private key by the network. However, it’s worth noting that this means the Ellipal wallet is not as user-friendly like other wallets on hardware that connect to a computer for simple transactions.
The Ellipal wallet retails for $149. It is relatively recent to market which implies that it’s not combat-tested to date. This is something that potential buyers must be aware of when buying this Ellipal wallet. In comparison, both leading hardware wallet manufacturers today (TREZOR as well as Ledger) have been on the market for a longer time and have a established track records of security.
Regarding support for coins in terms of coin support, Ellipal wallet supports a limited number of coins. Ellipal wallet supports a limited number of coins which include Bitcoin, Ethereum, Litecoin along with ERC20 tokens. It is lower than the amount of coins that are supported by its rivals, TREZOR and Ledger, which may be a concern for some users. But, the company is working to provide support for more coins in the near future.
In the end In conclusion, the Ellipal device is an new competitor in the market of hardware wallets, promising to be 100% safe due to its total inaccessibility to any computer or network. The company behind it is new, and the product has not been tested in battle yet. The Ellipal wallet supports only a few coins and the price at $149 is comparable with its competitors. Although the idea of a fully exclusive hardware wallet is appealing but it’s crucial to look at the history and security measures of other hardware wallets prior to making a decision. Ultimately, the decision of whether the Ellipal wallet is worth the cost is entirely up to the user. It’s an extremely secure choice with an innovative design, however, it’s not as user-friendly to use as other wallets. It’s also an all-new product that’s available.