The cryptocurrency market has witnessed a significant increase in the amount of hardware wallets available on the market in recent years, each promises that digital assets will be safe and secure. The Ellipal wallet is a new entry into the market and hopes to differentiate from its competitors by offering a completely isolated solution. As cryptocurrency usage becomes more mainstream and more commonplace, the need for safe storage of digital assets becomes increasingly essential. The Ellipal wallet can be described as a tool that stores the private key to digital assets indefinitely and prevents hackers from taking the keys from a remote location.
Ellipal the company that developed the wallet’s hardware component, is a relatively new competitor in the market. The company raised $55K via the course of an Indiegogo campaign to finance research and development for their products. The company’s website and online reviews state the hardware wallet as 100% safe, however it is important to note that the hardware wallets of competing companies like TREZOR and Ledger are made in a way that no attacker from outside is able to view your private key. In the event that, for instance, you connect your TREZOR on a compromised device that has been infected with viruses Your private keys are still safe and secure.
Ellipal is a unique wallet. Ellipal wallet is unique in its design, it is completely isolated from any computer or network, meaning it has no wireless or wired connections. Instead, it communicates via QR codes using a camera on the rear end. This makes it a very safe option since it blocks the possibility of hackers having gain access to private information through an internet connection. It’s important to note that this means the Ellipal wallet isn’t as user-friendly as other wallets that are hardware-based that can be linked to a computer for easy transactions.
The Ellipal wallet retails for $149. It is relatively brand new in the marketplace, meaning that it has not been battle-tested yet. This is something potential buyers must be aware of when buying this Ellipal wallet. As a comparison, both the top hardware wallet manufacturers of today (TREZOR and Ledger) were in business for longer and have a an established track record of security.
In terms of coin support In terms of support for coins, the Ellipal wallet is currently able to support only a small number of coins, including Bitcoin, Ethereum, Litecoin, and ERC20 tokens. This is fewer than the amount of coins supported by its competitors, TREZOR and Ledger, which could be a problem for some customers. However, the company is currently working on adding more support for coins in the near future.
In the end, the Ellipal wallet has been a brand new competitor in the hardware wallet market, promising that it is 100% secure due to its complete separation from any network or computer. Its creators are relatively new, and the product has not been battle-tested as of yet. The Ellipal wallet currently supports a limited number of coins and its price of $149 is in line with its competitors. Although the idea of a completely separated hardware wallet sounds appealing however, you should consider the track record and security measures of other wallets prior to making a decision. The final decision about whether or not the Ellipal product is worthwhile for the price is up to the person who buys it. It’s an extremely secure choice with an innovative design, but it’s not as convenient in use as the other wallets. It’s also an all-new product available on the market.