The cryptocurrency market has seen an significant increase in the amount of wallets that are hardware on the market in recent years. Each promising that digital assets will be safe and secure. Ellipal is one of them. Ellipal wallet is a brand new entry into the market and aims to stand out from the crowd by providing an entirely separate solution. As cryptocurrency usage becomes more mainstream it is becoming more important to safe storage of digital assets becomes more essential. The Ellipal wallet is a tool that keeps the private key to digital assets indefinitely and prevents hackers from taking them remotely.
Ellipal, the company behind the hardware wallet is a relatively young company on the market. The company raised $55K via an Indiegogo campaign to help fund the development of their product. The company’s website as well as reviews online claim they are 100% secure, but it’s important to remember that hardware wallets of rival companies such as TREZOR and Ledger are made in a way that no one outside can view your private key. In the event that, for instance, you connect your TREZOR to a compromised computer that has been infected with viruses your private keys will remain secure and safe.
The Ellipal wallet is unique in its design, it is completely unconnected to any computer or network which means it does not have wireless or wired connectivity. Instead, it transmits QR codes via an image camera at the rear of the. This makes it a highly safe option since it blocks the possibility of a hacker having gain access to private information via an internet connection. It’s important to note that this could mean that the Ellipal wallet isn’t so user-friendly as other wallets that are hardware-based that connect to a computer for simple transactions.
The Ellipal wallet costs $149 and is relatively recent to market meaning that it isn’t combat-tested to date. This is something potential buyers must take into consideration when buying this Ellipal wallet. In comparison, both leading hardware wallet manufacturers of today (TREZOR and Ledger) have been in business for longer and have an established track record of security.
Regarding support for coins, the Ellipal wallet is currently able to support a limited number of coins which include Bitcoin, Ethereum, Litecoin as well as ERC20 tokens. This is less than the number of coins supported by its competitors, TREZOR and Ledger, which could be a problem for some buyers. The company is working to provide the support of more coins in the near future.
In conclusion, the Ellipal device is an fresh player in the market for hardware wallets and promises to be completely secure because of its complete isolation from any network or computer. The company behind it is new and the product hasn’t been tested in battle yet. The Ellipal wallet is currently compatible with only a few coins and its price of $149 is in line with its competitors. Although the idea of a totally isolated hardware wallet is intriguing, it’s important to consider the history and security features of other hardware wallets prior to making a decision. Ultimately, the decision of whether the Ellipal wallet is worth the cost is up to the individual. It’s an extremely secure choice that has a modern design however, it’s not as easy to use as other wallets, and it’s an extremely new product available on the market.