The world of cryptocurrency has seen a significant increase in the number of hardware wallets available on the market in recent years, each claims that digital assets will be safe and secure. Its Ellipal wallet is the latest entrant in this field and is aiming to differentiate itself from the crowd by providing a completely isolated solution. As the use of cryptocurrency grows more commonplace it is becoming more important to secure security for digital asset storage becomes more important. Ellipal wallet Ellipal digital wallet gadget that stores the private key to digital assets offline and prevents hackers from taking their assets from a remote location.
Ellipal the company that developed the wallet’s hardware component is a relatively new company on the market. They raised $55K in an Indiegogo campaign to finance research and development for their products. The company’s website and reviews online claim they are 100% secure, however, it’s important to note that the hardware wallets of competing firms like TREZOR and Ledger are made in a way that no one outside can view your private key. For example, even if it is possible to connect your TREZOR with a compromised system that is infected with viruses Your private keys are still protected and safe.
The Ellipal wallet is unique in its design. It is completely disconnected from any network or computer which means it does not have wireless or wired connectivity. Instead, it communicates through QR codes using cameras on its rear end. This makes it a very secure choice as it removes the possibility of hackers gaining gain access to private information by the network. However, it’s worth noting that this means the Ellipal wallet isn’t as convenient to use as other hardware wallets, which can be connected to a computer to facilitate transactions.
The Ellipal wallet retails for $149. It is relatively recent to market meaning that it’s not combat-tested to date. This is something potential buyers need to take into consideration when purchasing the Ellipal wallet. Comparatively, both of the leading hardware wallet makers today (TREZOR and Ledger) have been in business for a longer time and have a established track records of security.
In terms of coin support, the Ellipal wallet is currently able to support the following coins: a few that are supported, such as Bitcoin, Ethereum, Litecoin, and ERC20 tokens. It is lower than the coins that are supported by its rivals, TREZOR and Ledger, which may be a concern for some buyers. However, the company is working to add support for more coins in the near future.
In the end, the Ellipal device is an new competitor in the hardware wallet market and promises that it is 100% secure due to its complete separation from any computer or network. Its creators are new and the product has not been tested in battle yet. The Ellipal wallet supports a limited number of coins and the price of $149 is in line with its competitors. Although the idea of a completely separated hardware wallet sounds appealing however, you should consider the security and track record measures of other wallets prior to making a choice. The final decision about whether or not the Ellipal wallet is worth the cost is up to the individual. It’s a very secure option with a unique design but it’s not as convenient in use as the other hardware wallets, and it’s an extremely new product that’s available.