The cryptocurrency market has seen a significant increase in the amount of wallets that are hardware on the market in recent years. Each claims that digital assets will be secure and safe. Ellipal is one of them. Ellipal wallet is the latest entrant in this field and is aiming to differentiate itself from its rivals by providing an entirely separate solution. As cryptocurrency usage is becoming more widespread it is becoming more important to safe storage of digital assets becomes more important. It is the Ellipal digital wallet device which keeps the private keys to digital assets indefinitely, preventing hackers from stealing their assets from a remote location.
Ellipal, the company behind the hardware wallet is a relatively young competitor in the market. They raised $55K in the course of an Indiegogo campaign to finance the development of their product. The website of the company and its online reviews state the hardware wallet as 100% secure, but it’s important to keep in mind that hardware wallets from rival companies such as TREZOR and Ledger are constructed in a manner that no one outside can see your private keys. For instance, even if it is possible to connect your TREZOR on a compromised device that has been infected with viruses your private keys are still safe and secure.
Its Ellipal wallet is unique in its design, it is completely disconnected from any computer or network which means it does not have wireless or wired connectivity. Instead, it communicates through QR codes using an image camera at the rear end. This makes it a very safe option since it blocks the possibility of a hacker getting an access point to your private keys through the network. However, it’s important to remember that this means 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 costs $149 and is fairly brand new in the marketplace, meaning that it has not been battle-tested yet. This is something that potential buyers need to keep in mind when considering buying this Ellipal wallet. Comparatively, both of the leading hardware wallet manufacturers of today (TREZOR as well as Ledger) have been in business for a longer time and have a established track records of security.
Regarding support for coins In terms of support for coins, Ellipal wallet supports a limited number of coins. Ellipal wallet currently supports the following coins: a few that are supported, such as Bitcoin, Ethereum, Litecoin along with ERC20 tokens. This is less than the coins supported by its competitors, TREZOR and Ledger, which might be a worry for some customers. The company is currently working on adding support for more coins in the future.
In the end it is clear that Ellipal wallet is a good choice. Ellipal wallet is a new competitor in the market of hardware wallets that claims that it is 100% safe due to its total inaccessibility to any network or computer. Its creators are relatively new, and the product has not been battle-tested yet. The Ellipal wallet is currently compatible with the use of a small number of coins and the price of $149 is in line with other wallets. While the idea of a completely isolated hardware wallet is intriguing however, you should consider the history and security features of other hardware wallet options before making a decision. The final decision about whether or not the Ellipal product is worthwhile for the price is entirely up to the user. It’s a safe option with an innovative design, however, it’s not as user-friendly for use like other wallets. Additionally, it’s an all-new product available on the market.