The world of cryptocurrency has witnessed a significant increase in the amount of wallets that are hardware in recent years. Each claims that digital assets will be secure and safe. Its Ellipal wallet is a brand new competitor in the field, and hopes to differentiate from its rivals by providing an unrivalled solution. As the use of cryptocurrency becomes more mainstream it is becoming more important to secure security for digital asset storage is becoming increasingly crucial. It is the Ellipal wallet can be described as a tool which keeps the private keys to digital assets indefinitely, preventing hackers from stealing them remotely.
Ellipal the company that developed the wallet’s hardware component is a relatively new competitor in the market. They raised $55K in the course of an Indiegogo campaign to finance its development. The company’s website as well as online reviews state the hardware wallet as 100% secure, but it’s important to note that the hardware wallets of competing companies like TREZOR and Ledger are constructed in a manner that no one outside can access your private keys. In the event that, for instance, the TREZOR is connected TREZOR to a compromised computer that is infected with viruses Your private keys remain secure and safe.
The Ellipal wallet is unique in its design. It is completely disconnected from any network or computer, meaning it has no wired or wireless connectivity. Instead, it communicates via QR codes via an image camera at the rear end. This makes it an extremely safe option since it blocks the possibility of a hacker having an access point to your private keys by a network connection. It’s important to note that this could mean that the Ellipal wallet isn’t so user-friendly like other wallets on hardware that connect to a computer for easy 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 prospective buyers must take into consideration when buying the Ellipal wallet. In comparison, both leading hardware wallet manufacturers of today (TREZOR and Ledger) are in business for longer and have a an established track record of security.
In terms of support for coin, the Ellipal wallet currently supports the following coins: a few that are supported, such as Bitcoin, Ethereum, Litecoin as well as ERC20 tokens. This is less than the coins that are supported by its rivals, TREZOR and Ledger, which might be a worry for some customers. But, the company is working to add support for more coins in the future.
In the end In conclusion, the Ellipal device is an brand new competitor in the hardware wallet market that claims to be completely secure because of its complete separation from any computer or network. Its creators are new, and the product has not been battle-tested yet. The Ellipal wallet is currently compatible with only a few coins and the price at $149 is comparable with other wallets. While the idea of a fully exclusive hardware wallet is appealing however, you should consider the track record and security measures of other wallets prior to making a choice. In the end, the decision on whether or not the Ellipal wallet is worth the cost is entirely up to the user. It’s a safe option with an innovative design, however, it’s not as easy for use like other hardware wallets. Additionally, it’s a relatively new product on the market.