The cryptocurrency market has seen an significant increase in the amount of hardware wallets in recent years. Each promises to keep digital assets secure and safe. The Ellipal wallet is a brand new entry into the market and hopes to differentiate from the crowd by providing an entirely separate solution. As the use of cryptocurrency is becoming more widespread and more commonplace, the need for safe storage of digital assets becomes more crucial. The Ellipal wallet can be described as a device that stores the private key to digital assets off-line and prevents hackers from taking them remotely.
Ellipal, the company behind the wallet’s hardware is a relatively new competitor in the market. They raised $55K in the course of an Indiegogo campaign to help fund the development of their product. The company’s website and online reviews claim the hardware wallet as 100% secure, however, it’s important to remember that hardware wallets from rival businesses like TREZOR as well as Ledger are also designed in a way that no attacker from outside is able to view your private key. In the event that, for instance, it is possible to connect your TREZOR on a compromised system that has been infected with viruses your private keys remain protected and safe.
Its Ellipal wallet is distinctive in its design, it is completely disconnected from any computer or network which means it does not have wireless or wired connections. Instead, it communicates through QR codes via an image camera at the rear end. This makes it a very secure option as it eliminates the possibility of a hacker having gain access to private information via the network. However, it’s worth noting that this also means that the Ellipal wallet is not as user-friendly as other hardware wallets that can be linked to a computer for simple transactions.
The Ellipal wallet is priced at $149. It is relatively recent to market which implies that it’s not combat-tested to date. This is something potential buyers must take into consideration when purchasing this Ellipal wallet. As a comparison, both the top hardware wallet makers today (TREZOR and Ledger) have been in business for longer and have a an established track record of security.
In terms of coin support, the Ellipal wallet is currently able to support the following coins: a few, including Bitcoin, Ethereum, Litecoin and ERC20 tokens. This is less than the number of coins that are supported by its rivals, TREZOR and Ledger, which may be a concern for some users. The company is working to provide the support of more coins in the future.
In the end it is clear that Ellipal wallet is a good choice. Ellipal wallet has been a brand new player in the market of hardware wallets, promising to be completely secure because of its complete separation from any computer or network. The company behind it is new, and the product hasn’t been battle-tested yet. The Ellipal wallet currently supports only a few coins and its price at $149 is comparable with its competitors. Although the concept of a fully separated hardware wallet sounds appealing however, you should consider the security and track record features of other hardware wallet options before making a decision. The final decision about whether the Ellipal device is well worth the cost is entirely up to the user. It’s a very secure option that has a modern design however, it’s not as easy to use as other wallets. It’s also an all-new product that’s available.