The cryptocurrency market has witnessed a significant rise in the number of wallets that are hardware in recent years. Each claims that digital assets will be safe and secure. Its Ellipal wallet is the latest competitor in the field, and aims to stand out from the crowd by providing an unrivalled solution. As cryptocurrency usage becomes more mainstream, the need for safe security for digital asset storage becomes more crucial. It is the Ellipal wallet can be described as a device which keeps the private keys to digital assets offline to prevent hackers from taking their assets remotely.
Ellipal, the company behind the hardware wallet is a relatively young company on the market. The company raised $55K via the course of an Indiegogo campaign to finance its development. The company’s website as well as online reviews state they are completely safe, however it is important to note that the hardware wallets of rival firms such as TREZOR as well as Ledger are also designed in a way that no outside attacker can access your private keys. For example, even if the TREZOR is connected TREZOR to a compromised computer that is infected with viruses your private keys are still secure and safe.
The Ellipal wallet is distinctive in its design, it is completely isolated from any computer or network which means it does not have wireless or wired connections. Instead, it communicates through QR codes using a camera on the back of the. This makes it a very safe option since it blocks the possibility of hackers gaining an access point to your private keys by a network connection. It’s important to note that this could mean that the Ellipal wallet is not as convenient to use as other wallets that are hardware-based that can be linked to a computer to facilitate transactions.
The Ellipal wallet is priced at $149. It is relatively recent to market which implies that it’s not tested in battle yet. This is something that potential buyers should be aware of when purchasing the Ellipal wallet. As a comparison, both the top hardware wallet manufacturers of today (TREZOR as well as Ledger) have been around for longer and have a established track records of security.
In terms of coin support, the Ellipal wallet supports only a small number of coins that are supported, such as Bitcoin, Ethereum, Litecoin along with ERC20 tokens. This is fewer than the amount of coins that are supported by its rivals, TREZOR and Ledger, which may be a concern for some buyers. But, the company is working to provide more support for coins in the future.
In the end it is clear that the Ellipal wallet has been a fresh competitor in the market of hardware wallets, promising to be 100% secure due to its complete isolation from any network or computer. The company behind it is new and the product has not been tested in battle yet. The Ellipal wallet is currently compatible with the use of a small number of coins and its price of $149 is in line with other wallets. While the idea of a totally separated hardware wallet sounds appealing however, you should consider the security and track record measures of other hardware wallets before making a decision. Ultimately, the decision of whether the Ellipal product is worthwhile for the cost is up to the individual. It’s a safe option with an innovative design, however, it’s not as easy for use like other hardware wallets. Additionally, it’s an extremely new product available on the market.